Can I use the proceeds from my primary residence to buy investment property tax free?

[Matthew Ockwell]

I had some cash saved for investing in property, and then the perfect home came along. However, they won't wait for me to sell my current home to use as a down payment on the second home.

If I use the cash I've saved as the down payment on my new primary residence, can I take the proceeds from selling my current home and apply them to new construction or a mortgage on an investment property?

Thanks!