Hi All. What are your thoughts on this? As a young couple, considering doing live-in flips every year in a new town and state to get involved in real estate investing, but also tour the country and move around every year or so to something new. Any thoughts?
That would be an amazing way to travel and see the country.
I personally hate moving and it took me a long time to get to know my city.
Also, to take advantage of the tax free personal residence exemption, I think it is a 2 year period.
@Deren Huang Thanks for the feedback! I don’t mind moving so much when I’m young. Any other tax benefits I should be aware of when dealing with yearly fix and flips?
Probably best to get with a CPA, but I know that 2 year rule is a good one to be tax free!
Interesting idea. Consider It may take some time to know a particular market, find a deal and move on it. Having moved a fair amount I would say travel light... Also consider moving from less expensive to more expensive markets if you are going to try for a two year primary residence. You might speak to some military people on this site, there are a few who have had experience similar to this that may have some insight.
Thanks for the feedback, Colleen! I definitely see the benefit to keeping the property at least 2 years for tax purposes. However I'm looking to move around every year since we're young and want to travel the country. Trying to avoid having to pay rent since it's just lost money. Any other thoughts on how to get involved with real estate if we'll be traveling for the next couple of years (unsure where we want to settle down for a longer period of time)?
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