All Forum Posts by: Nicole Parnell

@David Maldonadoalfaro have you looked into FHA 203k?

Love this question.

For me it's timing. I purchased my first property in April using 203k for $86,400. Remodeled for $45k. Its now worth $172. With the 203k you must stay in home for at least 1 year. But I also learned from real estate agent you have to pay 25% in taxes on the gain if you sell under 2 years. I was going to take the profit to pay off some of my personal debt then reinvest in another property but as an investor only. My problem is that I also need a place to stay so I'll be renting while trying to start this buy and flip business. Rent is about $1k in my area. Do y'all think it's best to (1) stay in home 2 years, (2) stay in house only 1 year?

I've used 203k. It's only for owner occupants. You must live in home for at least a year. Purchased price $86,400. Remodeled at $45k. Real estate agent believes it can sell for $172k. Of course I'm selling then taking profits to reinvest in another property.

@William Lees, great post. I've used 203k. Yes it's only for owner occupants. You must live on property for at least 1 year before selling. Live on property for 2 years to not pay taxes on the gain.