Selling Primary Residence - What to do next?

Question

Hey everyone!I am about to sell my house in the Preston Hollow area. I got a good deal on a property by Preston/Royal and our neighbors have been selling for $80 per sq ft more than how much I paid which is around $176k more than how much I paid. The great thing is that I have the flexibility right now to move around (no family, no kids). However, I would like to stay in the North Dallas (A little north of 635 and below) or East Dallas (Lakewood area).

Since I have the flexibility, I was going to find a room on airbnb to rent and find a distressed property (after the sale). Use a hard money lender to fix up and refinance out (30 year fixed) and pull the money out that I put into the rehab.

Is this a viable option? I want to get your thoughts and see if anyone has done something like this?

Neil Aggarwal · Answer

If you have that level of flexibility, I think you should move into a distressed house and fix it up while you live there.  Then, sell it for a profit and repeat.  The IRS helps you by allowing you to take tax free gains on your primary residence every 2 years.

Theresa Harris · Answer

@Michael H.  Flipping can be risky.  Why not look for a rental like a duplex where you can live in half and rent out the other half?

Michael H. · Answer

Hi Theresa. I thought about a duplex but do not like the idea especially duplex in North Dallas or Lower Greenville area will cost $450k+