All Forum Posts by: Rene G.

Rene Guerrero I hear Joshua Becker is good. I currently listen to "The Minimalists" podcast. I'm a newbie so I'm sure I'll discover more! good luck!🍀

Thanks @Rene G. - I think selling sounds reasonable, especially if your house is better suited to be a homeowner's personal residence than as a rental property.  That's a factor that I don't think has been mentioned but really should be considered carefully.  The tax savings is another factor in your favor, but that shouldn't be the only deciding factor.  In some situations the rental income, future appreciation, equity available, or interest rates might outweigh the tax savings of selling now.  Have someone qualified look over the numbers with you if you are at all in doubt.

Another way to look at the situation: If you had no home, but a pile of cash equal to the value of your current home, would you use some of that money to buy the home you live in now and turn it into a rental? If you would, then keep it and borrow against it by refi or HELOC. If not, sell it and find yourself a new personal residence and more appropriate rental properties.

Well, you CAN take it later- you get it if you lived in the house for 2 out of the last 5 years. So you'd still get it if you keep the house now and sell after renting it out for the next 3 years.