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Hi--this is great advice.

Just in case you feel like dispensing more advice, here's my scoop:

1. We built our primary residence about 8 years ago for $500K...we did the bare bones, so we re-fi'ed several times making improvements over the 8 years, ending up with the 600K balance.

2. In order to buy like property(like in both SFR and quality) we'd have to spend a min of $1.2mm.

3. I agree I need a good accountant...but they are so hard to find. Most want to plug numbers into a computer and get you out the door in 2 seconds. SO if you have any recommendation here in SF I would appreciate.

Again, thanks for the advice!

Hi, I have $1mm in equity in my residence. I owe about $600K and pay about $3400/mo in mortgage. Taxes are low since I have lived here for over 8 years. If I move to a like house, cost is about $1.2mm and then my property taxes are roughly $10K/year (compare to $4K/yr now). BUT I would only be fianancing $300K or so (closing costs etc.) Since I can take up to $500K on captial gains (I am married) I would be paying taxes on the balance? Not sure of how this works. Any advice would be appreciated. Any suggestions on what to do with my equity would also be appreciated.

Thanks,

Hi--I'm a new investor from Half Moon Bay, CA (near San Francisco). I formed a corporation about a year ago, purchased some raw land out in Amador County (Sutter Creek) and designed and built our first investment house. It was rocky--learned alot--and now it is finished and on the market. (Yea!) I'm looking for the next investment and am thinking of flipping a house here in the Bay area. Houses are still very expensive (average house is $604K). Anyone have any better ideas or locations? Building a house far away from my residence was very difficult. So I'd like to be closer--but if the "deal" is better somewhere else, I'm there! I need a stategy! Help!
Thanks,
Mscoilcraft of Half Moon Bay