Hi, My name is Camila. I am interested in getting my first rental property in the New Haven or West Haven area of CT. The goal is to rent it to out to college students or long term tenants. I would love to connect wit...

Taxes now, tax-free withdrawals later – it's a smooth move for the savvy investor.Contribution Rules: Don't Overstuff the TurkeyBe smart.

Leaving $25-75 a month on the table to avoid a $1,500 loss of occupancy and a $2,000 unit turn bill is a smart choice.Best of luck with your new tenant!

To help you plan your approach, clearly define your investing objectives and establish SMART targets.

But consulting your attorney is definitely a smart move.  

I host a monthly meetup, and there are several others in the area that would be smart to check out. 

So there are a few ways to look at this, the 1st question is are you sure your renovation’s will double the property value, most renovations on primary residences, your lucky to get 60-70% of the dollar cost back out upon sale, so really nail down your comps, than you have basically a math problem if your rate on your primary goes up how long if ever before that extra payment is more than 400k in taxes, that’s just a simple calculation to help you decide, but I suspect you actually have a different question here, from a purely financial perspective my guess is the best option is to do anything to avoid that tax hit, but one of the reasons to make money is to spend it on things that you enjoy, based on your overall financial picture and a subjective view of how much enjoyment you will get out of a renovated home, you should decide if you want to roll your profit into another deal or “cash-out” your winnings, I love cars and I’m willing to spend more than is fiscally smart on them because they bring me joy, there is nothing wrong with that, but i don’t think it’s a fiscally smart choice, without knowing your exact property id imagine a renovation would fall into that category, so that’s the terms I would use to decide.

They heard it's smart to invest in real estate, they have money to burn, so they plop it down.

This is a place where I will have many questions moving forward with how I would like to structure my plan and be able to move smartly. 

Hi Julia, Starting out in land flipping can indeed seem daunting, especially when you're facing high costs for educational resources and feeling the pressure to make smart investments without a solid foundation of knowledge.