Sell and invest or rent my home

[Melanie Collins]

Hi there.  

I have a house I have owned for 18 years. I have about 700k equity in the home in Lakewood, Colorado  and am trying to figure out the best decision to sell or buy.

I want to invest in flips and brrrs and think that selling would give me more opportunity to invest in multiple properties at a quicker pace.  I am not attached to the home and would be flexible once sold to live around the country and buy in other markets as well.  My other thought is to take the equity from the home and buy one place and start the process of investing but this would be at a slower pace.  

The rent now would be $3400 approx which 50% rule would leave us with a roi of 100$ a month. This is my primary residence and can deduct 500k and more with remodel costs for a low capital gain payment. I believe Colorado will continue to grow but not sure how much more. Bidding wars are common in my neighborhood with 100k over asking price is very common.  Which my 700 k could potentially be even higher.  

Thanks for the help

Melanie 

[Melanie Collins]

Hi guys, I guess I missed explaining one part of our plan. We do have a van we will live in and travel after selling. We are also interested in buying a piece a land and putting a tiny home on it for when we are not traveling international. We like to be gone from he country 6 months of the year and we do not plan on buying again in the Denver area unless it is a flip or multi-family, so we are not in the need of purchasing another home except as an investment.

I am now researching different loans instead of conventional ones as I am not working at the moment and my husband is nut it is not enough to qualify for a conventional loan.