So my husband and I are about to sell our primary residence. We built the home, my son is a GC, and had a great bidding war and got $30K over asking price! We are looking to move out of small town Western NC, no workforce. We rent a property right now (motel, 7 units) that does about $14K per month. We have no one (but ourselves) to clean and do improvements. We can get out of our 7 yr lease by paying a $5K to the owner. We should net about $150K out of our home. However, since we did not reside in the home for 2 years, we have to deal with capital gains. My good friend told us that the govt gives us a one time "buy down" to invest a portion in our new primary residence and then use the rest to start our real estate dreams. We are wanting to head to FL. We are having a challenging time getting started. We are using the calculator and working deals and listening to the podcast to educate ourselves.
We are not sure what type of property we should be looking at, duplex, multi family, commercial... Oh an added bonus, we also just have one small credit card as debit, nothing else once we sell the home. My husband has a great W-2 job and has been there for over 15 years. Currently working from home and looks like he will have a lot of flexibility once this covid stuff is done.
Can anyone help point us in the right direction?!?!?! Help!
J&J from WNC