Updated over 4 years ago on . Most recent reply
Help with what to do with equity property- avoid capital gains
I’m new here and am looking for ideas on what to do with our CA property. We are looking to leave the state but will be hit by capital gains. We own a property in Orange County with three units. We live in one (4/2), and two we rent out (1/1 and a 3/2). Our renters make almost all of our mortgage payment. We bought for 775,000 6 years ago and the property will likely sell for around 2 million
I’ve looked at 1031’s, CRT’s and monetized installments. We’ve also considered renting all three units, but are very concerned about the eviction moratorium and CA’s continued push toward renters vs landlord rights.
I’m wondering if anyone has any feedback as to what might be the best way to be able to get some equity out to buy a house in another state but continue to have income? Is it better to just take the capital gains hit and move along or use one of the avoidance strategies?