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Updated over 8 years ago on . Most recent reply
Sale or Rent Current Home
So I am wondering if I should sale my current home or rent it. I need some assistance, I tried using the calculator but it didn't work. The reason I am looking into renting is because my wife and I want to move with my brother and save some money and build a new home. So here are our current numbers.
We could rent for $1450
Mortgage is $1,006 (including taxes, insurance, and pmi no HOA)
We have updated most of the home so no work would need to be done really. Balance on loan is $118k, and we could sale in the area for $170-180k.
Do we make a profit now and then purchase some rentals with the profit? Looking for some guidance please.
Most Popular Reply
If you buy a home and sell within 2 years you have capital gains. if it was your primary residence at least 2 of the last 5 years you are tax exempt
- Robert Ellis