All Forum Posts by: Dylan Baxter

My wife and I have lived in our current home since 12/15/2020. I bought the house before we were married, but she has lived with me since day one, which is documented on the insurance policy. She is a physical therapist, and starting in March, we are planning on beginning travel therapy. Travel therapy is where she will work with different travel agencies and accept 8-50 week contracts around the country, with the most common being 13 weeks. During this time, I will transition to a full-time online student. Additionally, we plan to change our primary residence to her parent's home, and she will work down there for her first contract to establish a new primary residence.

Based on the phrasing of publication 523, I think we should be eligible for partial exclusion from capital gains. We plan on selling the home to fund our purchase of an RV and potential tow vehicle, so we are not paying for Airbnb's around the country. As of the current market, we should sell the house for about 70k more than we purchased it for. Should we expect to have any issues being excluded from the capital gains?

For awareness, here is a timeline for my wife and me and a copy of the IRS website's verbiage.

• 12/15/20 - Purchased and moved into current property 
• 8/1/21 - Marred 
• 3/15/22 - List home for sale

From IRS website https://www.irs.gov/publicatio...

If you don't meet the Eligibility Test, you may still qualify for a partial exclusion of gain. You can meet the requirements for a partial exclusion if the main reason for your home sale was a change in workplace location, a health issue, or an unforeseeable event.

You meet the requirements for a partial exclusion if any of the following events occurred during your time of ownership and residence in the home.

• 1) You took or were transferred to a new job in a work location at least 50 miles farther from the home than your old work location. For example, your old work location was 15 miles from the home and your new work location is 65 miles from the home.
• 2) You had no previous work location and you began a new job at least 50 miles from the home.
• 3) Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence.

Hey Everybody!

My wife and I are looking to turn our current primary home into our first rental property. Our lender told us that we have to have a tenant's first-month rent and security deposit before getting approved for another loan in the price range we want. We are in the Atlanta, GA market, so not super expensive, but defiantly not cheap. With the market being as hot as it is, we are not confident that we can have a tenant sign a lease and find, close on, and move to a new house in that shorter window.

We have considered buying a fixer-upper, but the current market is oversaturated with true cash buyers (not investors using hardmoney), which has added some barriers to entry.

Our next course of action is to start speaking with credit unions to see if we can get a potential 90 day unsecured loan or portfolio loan. Does anyone else have some creative strategies that I am not aware of?

@Jeff Stephens Thanks for the quick reply! I did not know that title companies performed this function. I appreciate you sharing!

@Jeff Stephens How long has your title company been giving you the list? Where you able to build that relationship before closing multiple deals with them?

@Nicholas LaGatta Ideally we stay in Cobb/Cherokee county and we stay under a 150k purchase price. We are flexible on the location to a certain degree, but would not want to go south of the perimeter. 

Hey everyone! My financing and I are looking to do our first fix and flip in the Atlanta, GA metro area. We are hoping to get some recommendations on local hard money lenders and GC’s to reach out to while we get started. If anyone has any suggestions, we would appreciate it!