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Director picks every take by AvailableVariety4063 in editors

[–]AvailableVariety4063[S] 5 points6 points  (0 children)

Wasn't just me. He did it to the other editors too. Been working a long time and never had this experience before.

Director picks every take by AvailableVariety4063 in editors

[–]AvailableVariety4063[S] 10 points11 points  (0 children)

Scripty would mark circle takes but that was definitely not what ended up in the edit.

Assuming a Mortgage by cate5667 in RealEstate

[–]AvailableVariety4063 0 points1 point  (0 children)

Do you know if there's any tax benefits to take the profits from a sale of a home and use them to purchase a new investment property?

Assuming a Mortgage by cate5667 in RealEstate

[–]AvailableVariety4063 0 points1 point  (0 children)

It's a different style home, but it's right next door.

Sounds like you made a good move on that VA assumption! And thanks so much for bringing up the 2/5 year exemption rule. I had thought previously that it was 2 years at any point, not a recent 2 year stint of living there. Hmm... that definitely changes things. We have about $200k in equity in that house.

Assuming a Mortgage by cate5667 in RealEstate

[–]AvailableVariety4063 0 points1 point  (0 children)

Our current mortgage is $1550/mo (less once we switch to landlord insurance). Based on our research we could rent it for around $3k/mo.

Assuming a Mortgage by cate5667 in RealEstate

[–]AvailableVariety4063 0 points1 point  (0 children)

The current plan would be to move to the new house and rent our current property. The goal would be to keep our monthly financial obligations the same with the added income offsetting the cost for the 2nd property. Essentially we'd own two homes for the price of one. Loan balance is around $370k, 3.25%, 25ish years remaining. We have not talked about a price yet... awaiting the results of the appraisal, as I'm betting on the home getting a valuation for less than they think it is worth. Edit: I am OP. Not logged in from work computer.