All Forum Posts by: Katelyn S.

What a beautiful pond! 

We have outgrown our lot size more than the house size. I have a small homestead and raise chickens for eggs and have an extensive garden. I'd prefer to ethically raise animals for meat and grow 100% of our produce as well but don't have enough space. Plus, I have 4 large dogs. I breed golden retrievers and occasionally watch the dogs that I've produced when their owners go on vacations. I simply want to settle down in a place where I can invest myself into the property and not worry that I'll be uprooting in another year. 

Age: 30 and 32

Career: Engineer and Stay at home mom, hopefully returning to work next year

Family: 1 5 year old child and 4 dogs

Non REI: $800,000

Debt: 290k mortgage on duplex

My husband is incredibly risk averse which is why we paid off the mortgage on the SFH instead of purchasing another primary. I am much less so.

The duplex has potential to subdivide. We've lived there for 6 years.

I'm mostly curious to see what others would do and commiserate with anyone else in the same situation. My family and I currently own outright one SFH rental and house hack a duplex in the Pacific Northwest. We have outgrown the space in our duplex and I desperately want to purchase a reasonable SFH with acreage nearby. The dilemma has become that it will likely cost around 1 million. The SFH is worth approximately $420k, more than double what we paid in 2013. But of course, if we sold we'd have to pay capital gains. I'm kicking myself that I didn't buy back in 2019 as I'd have nearly 50% equity on some homes selling today.

What would you do? Continue to wait or jump in now?

Thank you very much for explaining! That is fantastic news. 

Thank you! The price of the mobile home park far exceeds the value of my SFH rental. I'd be looking to hold the property indefinitely and the value is in the property and lot rent, not in the mobile home units. I'll be speaking with a realtor and other professionals this week but a lot hinges on being able to scale the SFH.

I recently discovered a great opportunity to purchase a mobile home park with property, but I would need to 1031 exchange a single family home in order to purchase. I believe the exchange is possible, but eventually I'd like to live on part of the property myself. Would this ever be possible if 1031 exchange was used to purchase the land? Perhaps if we rented out the property for a year or more first?