All Forum Posts by: Jessica Ramsey

@Dave Foster this is exactly the answer I was looking for! Thank you so much everyone

@Basit Siddiqi

Thanks Basit, that all makes sense to me. I’m more concerned with being able to have access to a portion of the funds to be able to pay off any mortgage that was taken out on the home that I can pay off post sell.

My husband and I are very familiar with investment properties- we own several rentals, but are looking to start flipping this year and hopefully make a career out of it. I’m trying to become more knowledgeable on Capitol Gains but don’t see a lot of specific detail so my question is:

If we purchase a home and take out a mortgage on it (putting down the required 15% or more + using cash for renovations) then renovate and flip, are we able to pay the mortgage off and reinvest the profit without getting hit with capitol gains?

Notes:

-the mortgage pay off would be less than property appraisal (not cut into profits made)

-the profits made would roll into a new investment property within 180 window