All Forum Posts by: Lauren Lam

I have a home that i lived in from 2013 to 2020. We switched the mortgage to an investment mortgage and are renting it out ( December 2021 is one year as rental). If we were to sell the property what are the tax implications? Do we need to roll into 1031 exchange since it is now an investment mortgage? If we did this we could purchase a multifamily property or multiple single family properties as rentals but I don’t think they would cash flow as well as the current property.

Is there any amount of money that we could keep or invest for college for our kids (529 plan?) Or use to renovate our “new” property that is stuck in 1985 ? Or use to purchase a new main primary residence?

We have not decided to do this yet but I am wondering what the process would be from an income perspective. Thanks for any help you can provide.

@Andrew Postell thank you. I started to look and was realizing this was the situation but was just trying to make sure I wasn’t missing some information. Or there wasn’t a better way.

I am looking to secure a line of credit on my investment property. It has an investment mortgage ( notated on banking website). I do not know how that works since it is not my primary home. I know there has been a freeze at some banks on HELOCs. Currently over $200k in equity in the property and I would only look to secure $100k or less because of market right now. What are the options for this type of line of credit?