All Forum Posts by: Seth O.

@Matt Devincenzo thanks for the clarification! I appreciate it!

@David Roe thanks so much! I’m going to talk with a few lenders about getting the renovation loans as well!

@Lynn M. Love this idea! Thank you very much. We have not been in our current location for 2 years yet, but I think we could hold both until we are at the 2 year mark, and then sell.

The guest house would be much quicker to fix up, so that could be a great option, so that we can get our current home on the market quickly!

@Wayne Brooks that makes sense, thanks for your reply, very helpful!

Thanks for your response @Ryan Ingram. I’ll check him out!

Hi BP, I need some help. I am looking to buy a new property as a primary residence and to house hack the property. 

Here is the info on the new property: it's a 3 bed, 2 Bath SFH listed for 240k. It also has 1bed 1 bath mother in law suite in the backyard that would rent for $1,000 a month once fixed up. It would take roughly 10 weeks and 60k to fix up the entire property.

I have about 30k that I could obtain once I sell my current home and an additional 10k saved up to put into the new home purchase. I was hoping to do a 1031 exchange to avoid capital gains tax and put it into the new property. However, my spouse is not willing to live in a work site for the 10 weeks during the renovation. (So I would need to buy the new property before I sell the current one).

Is there anyway I could purchase the new property now, do the renovations, then sell my current home after the renovations are done on the new home, put all of the gains towards my new property and not have to pay capital gains tax? 

Any advice would be greatly appreciated!