Again, thank you all for taking the time to post information relating to my circumstance. It’s a little intimidating not knowing all the rules and guidelines.
Dave - #3 is something I need to read on and become familiar with. I have no problem re-investing all the profits from the rental we sale here in Calif. My initial thoughts would be to purchase smaller properties in the area we are looking to move.
I purchased the rental to first live in. I paid off the house and used refinancing funds to put down on our primary residence now. (12 years ago)
We want to consider the 1031 for the rental, but I don’t think I’m up to purchasing $7-$800k in properties in Tennessee (selling price of rental).
As previously mentioned, I probably have $3-$350k equity, and would be fine purchasing 2, maybe 3 properties in the hopes of building on one in a FEW years.
If I can only deal in using my equity for the 1031 - that would be ideal. But, I don’t think it’s set up that way, is it. I can see “paying the band” to dance a little, but I don’t want to pay for the whole concert.
My original price of home was $310k, I think in 1998. Paid off once, sizable refinance once, a couple home equities taken out and paid off throughout the years. I have one now that I used to install solar in our primary residence 2 years ago. Not really a cash cow, but it has helped over the year -
not to mention family members getting the family discount when renting. (It’s a good thing they all dislike Tennessee).
I’ll be reading up on using the equity portion of the sale - if there is such criteria.
Thanks again!
