All Forum Posts by: Jessica Chen

We have a 2nd home we bought in August 2015 for $600k. After purchase we put in about $100k in upgrades. Now the property is worth about $750k- $800k. We decide to sell our primary and 2nd home in order to purchase a bigger house. I thought both houses we have are qualified for tax exemption until I did a little search online.

We are going to list our house in MSL this coming week and I’d like to know how much capital gain that we may have to pay to adjust our selling price.

(1) can anyone tell me roughly how much percentage of profits are going to capital gain?

(2) we are also going to sell our primary right after 2nd home sold. We purchase our primary in 2014. Our primary price increases around $150k-$170k over these years. Are we excluded from paying capital gain for our primary?

*** we are married and file separately ***

*** me and my husband’s names are on both houses (not sure if it matters) ***

@Chris Mason i was told 20% down is mandatory because loan amount exceeds 625k cap

@Shaun Weekes Pasadena/ North San Gabriel

We have been looking for a bigger house than our current home and that should be at least 2750+ sqft. Most of the properties we came a crossed were either over our budgets or too small. Our budget is 1.4M with 400k cash. Houses for the size we want in the area cost 1.5M-1.8M. But houses that is smaller size and need renovation is probably 1-1.2M (1600-1800 sqft).

I saw some properties that with decent size lot, 1880 sqft for asking price at below 1.1M. if we add 1000 sqft to the house (budget is after additions and renovation the total price 1.4M with 400k cash) and it should worth 1.5M-1.7M So up front we need to come up with $520k cash for 20% down of 1.1M + 300k renovation. And I’m not even including rental that we need to pay with mortgage during the construction period which can drag to 10 months and maybe some unexpected expenses.

I wonder if there such a loan that fits our need?