Updated about 6 years ago on . Most recent reply
Should I Move into my Investment Property?
Hello Investors!
I own and reside in a one-bedroom condo in Long Beach, NY. I want to use the equity I have in this unit to purchase another, comparable condo unit (either in my building or nearby), as a rental property.
My question: Should I continue to live in my current unit as my primary residence, or should I move into the new unit and rent out my current unit? Assuming the rent for either unit will cover the respective mortgages, does it make a difference in terms of taxes, capital gains, etc.?
Thank you!
I own and reside in a one-bedroom condo in Long Beach, NY. I want to use the equity I have in this unit to purchase another, comparable condo unit (either in my building or nearby), as a rental property.
My question: Should I continue to live in my current unit as my primary residence, or should I move into the new unit and rent out my current unit? Assuming the rent for either unit will cover the respective mortgages, does it make a difference in terms of taxes, capital gains, etc.?
Thank you!