So I purchased a home pre covid that was going to be a full rehab . Purchase price of 68k. Rehab costs 50k. Let’s call it 130k all in.
Just received an offer on my home for 260k. That’s 130k profit . Without including capital gains ... currently I’ve had it as an air bnb bringing in roughly 2k a month .
My question is , so I take the money and hunt for something it this crazy market or atleast hold for another year??
The money would be nice as my main job was working on the house . But I’m worried about taxes !!
What was your long term goal going in? If it was to flip I would sell it, if you were looking at building cashflow, then might be worth holding on. Each person has a different position in life and investing. Some need money yesterday, and some are willing to wait a decade.
In my opinion if you cant find something to bring in 2k with the gains from that property with equal work it wouldn't be worth selling.
So I purchased a home pre covid that was going to be a full rehab . Purchase price of 68k. Rehab costs 50k. Let’s call it 130k all in.
Just received an offer on my home for 260k. That’s 130k profit . Without including capital gains ... currently I’ve had it as an air bnb bringing in roughly 2k a month .
My question is , so I take the money and hunt for something it this crazy market or atleast hold for another year??
The money would be nice as my main job was working on the house . But I’m worried about taxes !!
You had it over a year correct, so wouldn’t that only be 10% minutes income tax for capital gains?
if you have some place to invest I would sell if not fix and sell or just keep air bnb