Updated over 12 years ago on . Most recent reply
California - Prop 60 move
As many know, under Prop 60 in California (may not last long in broke CA) I can sell my home and buy a home of equal or lesser value and maintain my current property tax rate - a substantial savings for me as I've been in my home for 30 years.
I'm in a nice home on what has become a busy street over the past decade for various reasons. I want to move, but a house of equal quality in a nice area would cost more than I could get for my house so I'd lose my Prop 60 advantage.
I've flipped some houses in years past, but I'm very involved with running a private school currently and not interested in rehab. My thinking was to contact some flippers and tell them what I want. Someone finds a fixer and we work out what the fix-up cost will be and what their profit will be. Then I make two payments, one to buy the house (at a price less than what I can sell mine for, thus preserving my Prop 60 advantage) and a second payment to cover the rehab and profit of the flipper.
Does this seem like a workable idea or is it flawed. Better idea? Welcome any comments.