Is anyone selling their primary place and deciding to rent? Not me I don’t have the guts even though I think it is a good idea. Just curious!
This ties into my economic question of how much longer can we go without a recession?
Anyone know how many non-prime mortgages there are out there? Just heard this term last week and it brought back memories.
I’m not selling my small condo because I need a place to live. However, if I had a big house, I would consider selling…. but not yet. There is still room for appreciation.
There will be a start of a recession within 2 years. It’s been delayed because of the tax cut boosting the economy.
I would love the deficit hawks to extrapolate their dire warnings of the past. Perhaps they would advise us to sell our dollar assets and buy gold.
I cant remember living anywhere else. it has no roaches and I have a little room of my own to hang out in now that kids are leaving. I’ll stay until I can’t climb up the stairs.
If we didn’t love our house, which we consider our “forever” home, we would be very tempted to sell right now. I think the market is absolutely insane.
We bought in Jan 2016 using the profit from our 2009 purchase, and I fully expected it to tank in value immediately after signing the loan docs, because that’s how I roll. No selling this one any time soon, it’s where the kids will grow up. Then it will be time for a single level golf course home in our 70’s.
IMO selling Primary is very risky unless you are planning on moving anyway (up/down size, location etc…), I also think this still has a few years to run yet.
IMO it is very unlikely the next recession will be a housing led recession like the last one so it would be unlikely to be a big enough profit to make it worth it unless you were planning on moving anyway.
[quote=moneymaker]Yes I can probably make more money from the comfort of my living room by day trading the market on my days off, especially with the VIX where it is.[/quote]
probably not after taxes….
There’s the alternative….I think… Still looking into the details…1031 exchange rental properties into your next “move up” primary home… Rent your move up home for 1-2 years….Sell your primary home take that $250/500k cap gains tax free. move into your “move up” rental that is now primary home… Live there for a long long time wait for one of two things to happen
1. You die, and your kids get a step up on the cost basis, so whatever you’ve accumulated in terms of depreciation recap and appreciation essentially gets wiped clean for your kids
2. If you do sell the place before you die, I believe it gets prorated based on percentage of time used as rental versus percentage of time used as a primary… If the later is large relative to the former, taxes owned on the former is a minor hit…
Scenario #2 is one of many scenarios I am considering….. ditching one or two rentals that seen hopefully 100+% appreciation exchanging it for a would be primary home…eventually…. Maybe I can finally put a lift in my next home’s garage for hopefully a not so distant retirement. heh heh.
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