Announcement

Collapse
No announcement yet.

It's all about timing - Morgage

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • It's all about timing - Morgage

    So here's the deal. I owned two properties. Property A was a house I have owned for 20+ years and Property B was a townhouse I bought in 2012. I had rented property A for 3 years (2014-2017) the renter left, we had to do some repairs and then moved back to the house (property A) and sold the townhouse (property B) with a good profit. Now we have to wait out the 2 year capital gains tax qualifications (2 years residency and 2 years since sale of the townhouse (property B). We are very much looking forward to moving from Property A to Property C (new place yet to be determined). What I would like to do is move sooner and settle into Property C before we sell Property A. Property A has no mortgage but I'm sure if I buy Property C before we sell Property A we'll get a mortgage for the short term period. I expect that I would want to get something with low closing costs and low interest. What strategies do you know about that might help us do this as soon as possible? One guy mentioned 1031 exchange but since this is residence not investment property, I don't think that will work.

    TIA

  • #2
    HELOC/Home equity loan on property A before you buy/sell???

    never remember the difference between Line of credit and loan
    Last edited by Jluke; 03-02-2019, 04:30 PM.

    Comment

    Working...
    X