Quoted from alleycat-pinball:
Listen to this guy. Sell it and take the cash to use for down payment money on a small apartment building or multiple homes. You'll make a lot more in the long run.

I’d advise against this unless you’re doing a 1031 or capital gains will kill you.

Personally, I have no interest in owning a property outright. I own a few multi families in greater Boston and Boston proper. BRRRR method here, averaging an $800k-$1.2m property every two years. Leverage the equity, let renters pay down the mortgage, rinse, repeat, retire early.

If you do indeed plan to keep it and rent it out, research a good management company and pay for the peace of mind.

#30 3 years ago

M N

mrmark0673

Inactive member

Watertown, MA

10y 37,800 192 3

Quoted from Whysnow:
Like kind exchange is not needed when he is selling a property he has lived in. Cap gains are lifetime tax free (250k individual, 500k married couple).
He can sel his current home and pay zero tax. He can then take that money and do whatever he wishes.

Correct, I hadn’t thought that the property hadn’t appreciated past the $250/$500k threshold since purchase.

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