Home owners, quick question about selling/buying

[doe moe]

I have a plan just need other opinions. (sell my home first, take that cash and buy another is what I'd like to do)

I own my current home outright, mortgage paid in full since 2016.

I'm 52, by the time I'm 55, I plan to buy a home I will retire in outside city of Charlotte limits.

Should I go with my plan of selling my house first, putting items in temporary storage while I stay at my girls place for a couple months until I find another house to buy and use the cash from my sold home to pay for new home then quickly pay off balance from new mortgage.

Second option is what most people typically do, put their current home on the market while trying to buy another home.

As always much appreciated for any and all input.

 

[A to Dah K]

I have a plan just need other opinions. (sell my home first, take that cash and buy another is what I'd like to do)

I own my current home outright, mortgage paid in full since 2016.

I'm 52, by the time I'm 55, I plan to buy a home I will retire in outside city of Charlotte limits.

Should I go with my plan of selling my house first, putting items in temporary storage while I stay at my girls place for a couple months until I find another house to buy and use the cash from my sold home to pay for new home then quickly pay off balance from new mortgage.

Second option is what most people typically do, put their current home on the market while trying to buy another home.

As always much appreciated for any and all input.

Capital gains taxes have entered the room

 

[lightbright]

I have a plan just need other opinions. (sell my home first, take that cash and buy another is what I'd like to do)

I own my current home outright, mortgage paid in full since 2016.

I'm 52, by the time I'm 55, I plan to buy a home I will retire in outside city of Charlotte limits.

Should I go with my plan of selling my house first, putting items in temporary storage while I stay at my girls place for a couple months until I find another house to buy and use the cash from my sold home to pay for new home then quickly pay off balance from new mortgage.

Second option is what most people typically do, put their current home on the market while trying to buy another home.

As always much appreciated for any and all input.

I'm no expert, but why not keep your crib and take equity from it to buy a new crib..... then rent your crib out to pay off the loan taken against it.... now you got two properties


.

 

[doe moe]

Capital gains taxes have entered the room

Yes Sir!

I know I'll have to pay capital gains taxes on the appreciation amount.

 

[Temujin]

If you want to avoid capital gains via a 1031 exchange you need to identify the new property within 45 days of selling the old property and close within 180 days,

 

[Temujin]

Yes Sir!

I know I'll have to pay capital gains taxes on the appreciation amount.

Only if you don't reinvest in a new property within the time limit.

 

[lightbright]

Capital gains taxes have entered the room

I'm selling my 6 family for $1,025,00.... gonna pay off my mortgage where I live at and just take the hit with the capital gains, around $150k.... don't wanna deal with multi-families no more.... shit is supposed to close on the 30th.... I only have a balance of $227k on it and $190K on my crib

.

 

[doe moe]

If you want to avoid capital gains via a 1031 exchange you need to identify the new property within 45 days of selling the old property and close within 180 days,

Oh yes, that is a target I plan to hit.

 

[BlackGoku]

I have a plan just need other opinions. (sell my home first, take that cash and buy another is what I'd like to do)

I own my current home outright, mortgage paid in full since 2016.

I'm 52, by the time I'm 55, I plan to buy a home I will retire in outside city of Charlotte limits.

Should I go with my plan of selling my house first, putting items in temporary storage while I stay at my girls place for a couple months until I find another house to buy and use the cash from my sold home to pay for new home then quickly pay off balance from new mortgage.

Second option is what most people typically do, put their current home on the market while trying to buy another home.

As always much appreciated for any and all input.

You ever thought about Renting it out. Since you dont have a mortgage..you can pocket it after utilities and maintenance

 

[Da Backshot Champ]

Capital gains taxes have entered the room

Not if you flip earnings and put it into your new down payment.

 

[southrue]

I have a plan just need other opinions. (sell my home first, take that cash and buy another is what I'd like to do)

I own my current home outright, mortgage paid in full since 2016.

I'm 52, by the time I'm 55, I plan to buy a home I will retire in outside city of Charlotte limits.

Should I go with my plan of selling my house first, putting items in temporary storage while I stay at my girls place for a couple months until I find another house to buy and use the cash from my sold home to pay for new home then quickly pay off balance from new mortgage.

Second option is what most people typically do, put their current home on the market while trying to buy another home.

As always much appreciated for any and all input.

1031 exchange the profit and you'll avoid taxes. I wouldn't move in with a girlfriend though, I'd short term rent or stay with family.

 

[doe moe]

You ever thought about Renting it out. Since you dont have a mortgage..you can pocket it after utilities and maintenance

I thought about it, but I have other plans cash wise.

 

[doe moe]

Not if you flip earnings and put it into your new down payment.

Yes, my goal is to put every penny from the sale into new home.