Housing.....Sell High, buy High?

[460]

We are going for it... House is going on the market if we can't find what we want in a month we will pull it back off the market and wait till the baby is here and move next summer

Good luck man.

 

[boatpi]

Remember the 250k-500K tax exempt is for primary residence only, not income property.

If someone can have a qualified authorized vendor do a 1031 for $750, I need their contact. Generally it is 3G or so.

I passed in a 1031 last year since after all of my deductions it was less than 25k taxable add to that the 1031 agent has to pay all of the improvement contractors. So I have a deal where I was spending about 80K and managing the rehab myself and doing most of the material purchases. This precluded an easy way to pay me back, so I passed. In the end it was a wise decision as the yearly "repair" write offs were huge.

The 1031 has abvantages but as mentioned, it comes with detailed strict rules.

 

[Hammer]

what the hell are you talking about? This thread is politics only. I just logged and thought I would see whats happening here REGARDING houses. This place , Riverdaves, can turn a thong post into a political pile of shit in minutes.

LOL. So true! [emoji23]

 

[Faceaz]

Remember the 250k-500K tax exempt is for primary residence only, not income property.

If someone can have a qualified authorized vendor do a 1031 for $750, I need their contact. Generally it is 3G or so.

I passed in a 1031 last year since after all of my deductions it was less than 25k taxable add to that the 1031 agent has to pay all of the improvement contractors. So I have a deal where I was spending about 80K and managing the rehab myself and doing most of the material purchases. This precluded an easy way to pay me back, so I passed. In the end it was a wise decision as the yearly "repair" write offs were huge.

The 1031 has abvantages but as mentioned, it comes with detailed strict rules.

Asset Exchange Company out of San Francisco Ca.
http://www.ax1031.com/

Cost is: $750 (Phase 1 - home sale)
$200 (Phase 2 - home purchase) This is 200 per, we bought 3 so 600 + 750 = $1,350 total

 

[thetub]

Remember the 250k-500K tax exempt is for primary residence only, not income property.

If someone can have a qualified authorized vendor do a 1031 for $750, I need their contact. Generally it is 3G or so.

I passed in a 1031 last year since after all of my deductions it was less than 25k taxable add to that the 1031 agent has to pay all of the improvement contractors. So I have a deal where I was spending about 80K and managing the rehab myself and doing most of the material purchases. This precluded an easy way to pay me back, so I passed. In the end it was a wise decision as the yearly "repair" write offs were huge.

The 1031 has abvantages but as mentioned, it comes with detailed strict rules.

Phil Atwan Exchange Resources 213-479-8800 believe it was $800

or

Greg Burns 626-233-2773

 

[rivermobster]

We are going for it... House is going on the market if we can't find what we want in a month we will pull it back off the market and wait till the baby is here and move next summer

Atta boy Mike! And no hoa's this time! LoL

 

[Roaddawg]

Im pretty sure there is a $250,000 single and $500,000 couples exemption every 3 years or something on primary residence

Shintoooooo help

Yup Just sold our old house and bought a new one without paying taxes. As long as it was your primary residence and you lived in it 2 out of the last 3 years

 

[thetub]

Yup Just sold our old house and bought a new one without paying taxes. As long as it was your primary residence and you lived in it 2 out of the last 3 years

Also there is a one time way you can reuse your current Property Tax rate as a transfer if its a similar purchase in certain counties.

Basically your property tax will not go up.

 

[sirbob]

Some recent real numbers.

the charts are in the link they didn't cut and paste over...


http://la.curbed.com/2016/8/17/12520644/socal-home-sales-dropped-last-month


Los Angeles home prices continued to climb last month, but the number of sales dropped, according to a new report from CoreLogic.

The median sale price in July jumped to $531,500, an 8.5 percent increase compared to the same time last year and the largest gain of all the Southern California counties. But compared to the month prior, it was just a .3 percent increase. (The July median across Southern California was $465,000.)

The number of home sales fell 12.6 percent compared to the same time last year, down to 7,285. CoreLogic research analyst Andrew LePage suggests this drop might partly be attributed to a calendar "quirk": July 2016 had two fewer business days than June 2016 and July 2015—20 business days instead of 22. A similar drop in sales (about 12 percent) was also recorded the last time this calendar quirk occurred in July.

A chart of the total homes sold and the median price for SoCal counties included in the report, compared to the same time last year.
CoreLogic
The Orange County Register notes the, "Price drops and sales slowdowns also are typical this time of year as families take time off from house hunting for vacations and for getting kids ready for school." But LePage also chalks the market sluggishness up to daunting prices (a four-year high!), a lack of inventory, and "tight credit," says the newspaper.

Across the region, the median sale price has increased year-over-year for 52 months in a row, though, "the median's year-over-year gains have been single-digit for the last 26 consecutive months following nearly two years (22 consecutive months) of double-digit annual increases."

"The median price paid for a Southern California home in July held steady compared with June at a nine-year high," LePage said. "Although the June/July median is only about 8 percent below the all-time high recorded in the spring and summer of 2007, when adjusted for inflation it remains about 18 percent below its peak."

A chart of the total homes sold and the median price for SoCal counties included in the report, compared to last month
CoreLogic
Are LA home prices on the way down [Curbed LA]
Los Angeles is one of the worst cities for young homebuyers [Curbed LA]
Median price of a starter home in LA: $334,000 [Curbed LA]

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[jones performance]

i am putting my house in upland on the market in about 6 months i think (got stuff to do to it first). got notice of my companies intent to close facility last thursday. so im thinking this my opportunity to escape to arizona. cash i get from my house sale here will be used to buy a place in havasu, and severance check will cover my living expenses for a year at least.

 

[Hammer]

i am putting my house in upland on the market in about 6 months i think (got stuff to do to it first). got notice of my companies intent to close facility last thursday. so im thinking this my opportunity to escape to arizona. cash i get from my house sale here will be used to buy a place in havasu, and severance check will cover my living expenses for a year at least.

Smart man! Good luck. Call river diva, she will take care of you..[emoji1303][emoji41]

 

[boatpi]

The property tax transfer is doable but only once in your lifetime at the age of 55 or above in just certain counties that have approved it. with the house that you're purchasing can't be no more than 5% over the value of the house sold.

In addition you have to sell and close the house first and the next day or two days later, you cannot occupy the new house first .

Let me add this: if you sell your house and you're not buying another house, after the first year you can then buy your replacement house Valued at 10% over value of the house you sold as long as you close the deal two years after the sale from your residence. After two years you screwed yourself

 

[Mandelon]

Also there is a one time way you can reuse your current Property Tax rate as a transfer if its a similar purchase in certain counties.

Basically your property tax will not go up.

"Under Proposition 60, California homeowners 55 and older get a one-time chance to sell their primary residence and transfer its property-tax assessment to a new one, but the market value of the new home generally must be equal to or less than the market value of the old home.
Prop. 60 was designed to help longtime California homeowners who want to downsize but don't want to give up the low property-tax assessment they enjoy in their existing home.

Under Proposition 13, homes are reassessed for property-tax purposes when there is a change in ownership or new construction. In between ownership changes, the assessed value can go up by an inflation rate not to exceed 2 percent a year. (Homeowners can get temporary reductions when property values go down.)
Despite the recent decline in property values, many longtime homeowners would face a big property-tax increase even if they bought a smaller home.
Prop. 60 lets homeowners 55 or older transfer their base-year value from an existing primary residence to a new primary residence, but there are restrictions."

https://www.besmartee.com/blog/california-proposition-60-and-90-your-complete-guide

 

[Paul65k]

Yup Just sold our old house and bought a new one without paying taxes. As long as it was your primary residence and you lived in it 2 out of the last 3 years

Pretty sure it's 2 out of the previous 5 years with a few other conditions. There is a way to pro-rate if in the home less than 2 full years as long as the reason for selling is job related and requires you to more than a certain distance.......I think it's like 100 miles but don't quote me on that............Shintooo what say you??

 

[sirbob]

The property tax transfer is doable but only once in your lifetime at the age of 55 or above in just certain counties that have approved it. with the house that you're purchasing can't be no more than 5% over the value of the house sold.

In addition you have to sell and close the house first and the next day or two days later, you cannot occupy the new house first .

"Under Proposition 60, California homeowners 55 and older get a one-time chance to sell their primary residence and transfer its property-tax assessment to a new one, but the market value of the new home generally must be equal to or less than the market value of the old home.
Prop. 60 was designed to help longtime California homeowners who want to downsize but don't want to give up the low property-tax assessment they enjoy in their existing home.

Under Proposition 13, homes are reassessed for property-tax purposes when there is a change in ownership or new construction. In between ownership changes, the assessed value can go up by an inflation rate not to exceed 2 percent a year. (Homeowners can get temporary reductions when property values go down.)
Despite the recent decline in property values, many longtime homeowners would face a big property-tax increase even if they bought a smaller home.
Prop. 60 lets homeowners 55 or older transfer their base-year value from an existing primary residence to a new primary residence, but there are restrictions."

https://www.besmartee.com/blog/california-proposition-60-and-90-your-complete-guide

I have been thinking about this lately as I now qualify as of a month ago.

One question I have is the house we own now is in my wife's and my name - held jointly. She is not yet 55.

Is it possible to sell the current house, put the new one in my name only then "save" another tax transfer for after she turns 55 and put that one back In our name jointly or in a family trust?

Or looked at differently - can a trust avoid the tax if the assets after sale stays in the trust?

I know we have a few CPAs around here but don't know if they specialize in this area???

 

[thetub]

I have been thinking about this lately as I now qualify as of a month ago.

One question I have is the house we own now is in my wife's and my name - held jointly. She is not yet 55.

Is it possible to sell the current house, put the new one in my name only then "save" another tax transfer for after she turns 55 and put that one back In our name jointly or in a family trust?

Or looked at differently - can a trust avoid the tax if the assets after sale stays in the trust?

I know we have a few CPAs around here but don't know if they specialize in this area???

lots of info here...

http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm

#8 talks about trust

 

[sirbob]

lots of info here...

http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm

#8 talks about trust

Thanks!!

 

[boatpi]

Sirbob;

Always check with the county assessor and the recorder in the county where you're doing the deal they are the people you submit the application to and get it approved be guided by their direction but generally speaking only one person needs to be 55 years old . Remember this is a once in a life deal both of your names will go on there so make a wise decision . Are use myself an example my primary residence is worth well over $1 million and my property taxes are $3100 per year. By the way orange county where I live is one of those counties that permits this transfer.

And as far as a state taxes and less you get well into the seven figures most of it is not taxable

But since we are on property I'll mention this if your heirs, that means your children only, inherit your house the property tax base the matter how low it is remains with them for the rest of their life until they sell it !

And on the proposition 13 tax schedule the 2% per year o'clock never stops he keeps going forever. so if your property goes down in value when it goes up you could be hit with a 5% increase in one year as an example the clock never stops .

 

[Hammer]

Property tax is 1%

 

[Hammer]

Been on the market for a day. Will have an offer tonight.

 

[Paul65k]

Property tax is 1%

Make sure you dig a little on this one.......while it is always true that the base Property tax rate is 1% EVERYWHERE in CA almost no one pays 1%.......the lowest we had in San Clemente for example was 1.025% (but then there were also local and state bonds, and assessments, and some homes had Mello Roos (a way for builders to shift infrastructure costs to a buyer)...........with effective tax rates sometimes as high as 2.75% by the time all those things got added in.

The only way to know for sure what you effective rate is, is to pull last years tax bill and look at the total tax paid and divide by the current assessed Value of the property. In CA your tax rate is based on Purchase price and can not go up more than 2% a year which is why people who have owned homes since the 70's pay sometimes as little as 1 1/10 as much property tax as the guy who bought last week:eek

Don't just think that someone saying 1% is enough because every property in every city is different

 

[Hammer]

Make sure you dig a little on this one.......while it is always true that the base Property tax rate is 1% EVERYWHERE in CA almost no one pays 1%.......the lowest we had in San Clemente for example was 1.025% (but then there were also local and state bonds, and assessments, and some homes had Mello Roos (a way for builders to shift infrastructure costs to a buyer)...........with effective tax rates sometimes as high as 2.75% by the time all those things got added in.

The only way to know for sure what you effective rate is, is to pull last years tax bill and look at the total tax paid and divide by the current assessed Value of the property. In CA your tax rate is based on Purchase price and can not go up more than 2% a year which is why people who have owned homes since the 70's pay sometimes as little as 1 1/10 as much property tax as the guy who bought last week:eek

Don't just think that someone saying 1% is enough because every property in every city is different

Thanks Paul. [emoji1303] trying to stay away from mello Roos

 

[Paul65k]

Thanks Paul. [emoji1303] trying to stay away from mello Roos

Good idea but even without Mello Roos you can still push 1.5 in some area with school bonds etc..[emoji6]

 

[Singleton]

Been on the market for a day. Will have an offer tonight.

Congrats. Now time to find a house for that growing family!

 

[TCHB]

Huntington Beach was 1.25% on our old home 3 years ago.

 

[Hammer]

Congrats. Now time to find a house for that growing family!

Thanks. I never realized how much I would care about the neighboring houses. I scope those out more than the home we are looking at. I'd like to live next to people that take pride in their homes and its appearance as much as I do/will. That has been the hardest part, some people just don't care... [emoji107]

There is something to say about HOA's but I'd rather have neighbors that want to keep there home nice, not an association that forces you to.

 

[t&y]

Thanks. I never realized how much I would care about the neighboring houses. I scope those out more than the home we are looking at. I'd like to live next to people that take pride in their homes and its appearance as much as I do/will. That has been the hardest part, some people just don't care... [emoji107]

There is something to say about HOA's but I'd rather have neighbors that want to keep there home nice, not an association that forces you to.

Keep in mind hammer the front yards of many people have gone to shit as of late due to water restrictions. Ours used to be a nice dark green with plush landscaping and now is light shade of brown. I hate it, but me and every other person on the block are in the same boat.

 

[boatpi]

In HB they had water reduction, but it truly was all political and I believe no one was ever fined. The city pumps about 80% of its water from wells.

A few things to consider on buying is utility costs, tax rates (HB is low, Irvine very high), bonds, local food and all energy costs. Because of our climate, and city owned wells, water is maybe 2% a month with trash, and electricity $50-75, sometimes $35 with rebates. The yearly climate is a major factor. We regulate our house temperature from March through October by the opening and closing of windows.

 

[Singleton]

Best thing I can tell you is once you find a house you like walk over to the neighbors and have a conversation. I found out multiple issues about our house from the neighbors that we addressed during close. Best thing I ever did was have 4 different 15 minute conversations. Would of never know about these items prior to closing unless I did that. Some items were 10k (sewer line was full of tree roots and had to be lined to city main - house had big trees in front yard prior to owner I purchased from, etc) fixes that I would of had to fix after close and a few weeks.

 

[BHC Vic]

Best thing I can tell you is once you find a house you like walk over to the neighbors and have a conversation. I found out multiple issues about our house from the neighbors that we addressed during close. Best thing I ever did was have 4 different 15 minute conversations. Would of never know about these items prior to closing unless I did that. Some items were 10k (sewer line was full of tree roots and had to be lined to city main - house had big trees in front yard prior to owner I purchased from, etc) fixes that I would of had to fix after close and a few weeks.

That's great advice. I learned a lot from the neighbors but after I had already bought

 

[78Southwind]

Sirbob;

Always check with the county assessor and the recorder in the county where you're doing the deal they are the people you submit the application to and get it approved be guided by their direction but generally speaking only one person needs to be 55 years old . Remember this is a once in a life deal both of your names will go on there so make a wise decision . Are use myself an example my primary residence is worth well over $1 million and my property taxes are $3100 per year. By the way orange county where I live is one of those counties that permits this transfer.

And as far as a state taxes and less you get well into the seven figures most of it is not taxable

But since we are on property I'll mention this if your heirs, that means your children only, inherit your house the property tax base the matter how low it is remains with them for the rest of their life until they sell it !

And on the proposition 13 tax schedule the 2% per year o'clock never stops he keeps going forever. so if your property goes down in value when it goes up you could be hit with a 5% increase in one year as an example the clock never stops .

This is a pretty amazing deal. The property doesn't need to be inherited it can be transferred too. I had a friend of mine that his father inherited his fathers (my friends grandfather) house then the father sold it to his child (my friend). I can't imagine owning a 1.3 million dollar house and paying taxes as it's worth less than $200,000.

 

[rivermobster]

Keep in mind hammer the front yards of many people have gone to shit as of late due to water restrictions. Ours used to be a nice dark green with plush landscaping and now is light shade of brown. I hate it, but me and every other person on the block are in the same boat.

Yep. Same with me, but I really don't care. I don't spend much time out front anyway. 😉

 

[jones performance]

Best thing I can tell you is once you find a house you like walk over to the neighbors and have a conversation. I found out multiple issues about our house from the neighbors that we addressed during close. Best thing I ever did was have 4 different 15 minute conversations. Would of never know about these items prior to closing unless I did that. Some items were 10k (sewer line was full of tree roots and had to be lined to city main - house had big trees in front yard prior to owner I purchased from, etc) fixes that I would of had to fix after close and a few weeks.

hopefully the neighbors actually talked to one another.. until recently my neighbors were pretty antisocial. had a couple places sell and the new folks are actually a little more social.

 

[Bigbore500r]

I really want to buy a larger house with a pool, but I don't want to sell my current house. I want to keep the home I have as a rental. I would profit $400-500 a month on the rent and someone else paying the remaining mortgage down. But that would mean I would have to wrangle up 20% down for the new home to keep the payment manageable and get the best rate / no PMI etc. I want to sit down and out together a 3-4 year plan and see what we can do to get the down payment saved up. Might involve selling the boat and a few other toys ( would buy another boat after getting into the new house...of course ). But who knows what would happen to the market in 3 years. Will rates be as low? Will the market be lower or higher? If higher there's no way I'd buy. I'd buy now if it was a house we were going to stay in for 15 plus years, it's high but it's not 2006-2007 high.
No matter how you plan it's a gamble on what happens with the market. I guess worst case scenario I would stay out and have an extra 120k in the bank

 

[Hammer]

Fuckin' A.... Got a call from the first potential buyers who want to rent back to us as long as we need in order to find our next home. Obviously need to work out the details but that sounds like a good deal to me. We will have "cash in hand" so to speak to jump on the next house. [emoji41][emoji1303]. Crossing my fingers...

 

[Paul65k]

Make sure you work out a separate rent back agreement during your inspection period.......the standard contract language will likely have you making a payment based on the new Purchase price and not market rent.....see what the going rate would be in advance so you are prepared and then ask about the rentback.....if it was me I'd wait till they are through their inspection period before throwing that out as you will have better leverage in the negotiation......my .02

 

[LargeOrangeFont]

I really want to buy a larger house with a pool, but I don't want to sell my current house. I want to keep the home I have as a rental. I would profit $400-500 a month on the rent and someone else paying the remaining mortgage down. But that would mean I would have to wrangle up 20% down for the new home to keep the payment manageable and get the best rate / no PMI etc. I want to sit down and out together a 3-4 year plan and see what we can do to get the down payment saved up. Might involve selling the boat and a few other toys ( would buy another boat after getting into the new house...of course ). But who knows what would happen to the market in 3 years. Will rates be as low? Will the market be lower or higher? If higher there's no way I'd buy. I'd buy now if it was a house we were going to stay in for 15 plus years, it's high but it's not 2006-2007 high.
No matter how you plan it's a gamble on what happens with the market. I guess worst case scenario I would stay out and have an extra 120k in the bank

Save your money, eliminate all the debt you can and wait for the next dip in the economy that effects real estate. I am planning on doing the same thing in 4-5 years with my main residence. The mortgage and taxes are just too low to walk away from.

If there is a total collapse in the market like NGE is always talking about.. I'll just buy the house I want for half price and not worry about it.

 

[boatpi]

When considering on renting you current house and buying another, are you seeking an investment house or income property. generally you will not have income property if you keep a house that you have not owned for 15 years or less as the loan is still significant.

It is mainly about return on investment, or your cash although long term appreciation is a factor but it can take years. Usually you take that tax free money and purchase one or more lower priced properties. In addition higher monthly rented properties are more difficult to rent, so two might make sense at $1,500 a oppose to one at $3,000 given the area.

my rule is nothing lass than 10% return and you can include various factors into this number. I have a few returning 20%, but most are 10-14% not to mention all write off that you can figure in.

 

[LargeOrangeFont]

When considering on renting you current house and buying another, are you seeking an investment house or income property. generally you will not have income property if you keep a house that you have not owned for 15 years or less as the loan is still significant.

It is mainly about return on investment, or your cash although long term appreciation is a factor but it can take years. Usually you take that tax free money and purchase one or more lower priced properties. In addition higher monthly rented properties are more difficult to rent, so two might make sense at $1,500 a oppose to one at $3,000 given the area.

my rule is nothing lass than 10% return and you can include various factors into this number. I have a few returning 20%, but most are 10-14% not to mention all write off that you can figure in.

I'd be $1000 per month cash flow positive renting my current house, so it seems a no brainier if I can swing it.

When you say return, you are speaking of the yearly "return" on down payment for the property, correct? That is what I am doing my math on. I'm shooting for 10%, before any tax benefits.

 

[Bigbore500r]

When considering on renting you current house and buying another, are you seeking an investment house or income property. generally you will not have income property if you keep a house that you have not owned for 15 years or less as the loan is still significant.

It is mainly about return on investment, or your cash although long term appreciation is a factor but it can take years. Usually you take that tax free money and purchase one or more lower priced properties. In addition higher monthly rented properties are more difficult to rent, so two might make sense at $1,500 a oppose to one at $3,000 given the area.

my rule is nothing lass than 10% return and you can include various factors into this number. I have a few returning 20%, but most are 10-14% not to mention all write off that you can figure in.

If I rented the current house out, the rent would bring 20% above the total monthly cost of ownership (mortgage, taxes, insurance). Purchased in 2009 so the price was right. That's why I want to keep it as a rental instead of sell it. It's not gonna turn a huge monthly profit but somebody else can pay that mortgage off over the next 20 years if I rent it. When I'm retired it's either $2500 a month in income (est) or I could cash out then and sell it.

 

[BHC Vic]

So we are looking at a few houses but my goodness they are expensive. At 800k I would need a hefty down payment in order to make my monthly manageable. I don't want to sell the chino house so I would have to pull everything out of it which I'm not yet sure of that's a good idea or not. My parents are looking to retire so I'm looking for something w a back house. I like chino chino hills Phillips ranch diamond bar area. West Covina is cool I know there's some killer stuff there on certain parts but haven't really checked pricing. Seems like everything is back up, maybe not as high as ever but pretty close

 

[420HOA]

Mike, buy the home you want now on contingency that your house sells during the escrow. The bubbles not gonna burst for a while, prices seem high now but wait and they'll be higher, renting is wasting $$ you cant write off.
Just my two cents.

 

[Sbarry]

So we are looking at a few houses but my goodness they are expensive. At 800k I would need a hefty down payment in order to make my monthly manageable. I don't want to sell the chino house so I would have to pull everything out of it which I'm not yet sure of that's a good idea or not. My parents are looking to retire so I'm looking for something w a back house. I like chino chino hills Phillips ranch diamond bar area. West Covina is cool I know there's some killer stuff there on certain parts but haven't really checked pricing. Seems like everything is back up, maybe not as high as ever but pretty close

$800k you could be on the water, with a dock and pool in Canyon Lake... Just sayin'

 

[BHC Vic]

$800k you could be on the water, with a dock and pool in Canyon Lake... Just sayin'

Back house? It's a bit of a drive but I'm going to drive no matter what

 

[Sbarry]

Back house? It's a bit of a drive but I'm going to drive no matter what

I'd assume you could turn this space into a back house...
http://www.realtor.com/realestatean...t-Marina-Dr_Canyon-Lake_CA_92587_M26585-07784

 

[Bigbore500r]

So we are looking at a few houses but my goodness they are expensive. At 800k I would need a hefty down payment in order to make my monthly manageable. I don't want to sell the chino house so I would have to pull everything out of it which I'm not yet sure of that's a good idea or not. My parents are looking to retire so I'm looking for something w a back house. I like chino chino hills Phillips ranch diamond bar area. West Covina is cool I know there's some killer stuff there on certain parts but haven't really checked pricing. Seems like everything is back up, maybe not as high as ever but pretty close

Mortgaging up your home to the max at the current inflated home value levels, just to put 20% down on another home at inflated levels, then being tied to those 800k sales price property taxes sounds like a horrible idea.

If anything sell high and buy high, at least your moving the equity over and not just tying yourself to 2 massive loans

 

[BHC Vic]

Mortgaging up your home to the max at the current inflated home value levels, just to put 20% down on another home at inflated levels, then being tied to those 800k sales price property taxes sounds like a horrible idea.

If anything sell high and buy high, at least your moving the equity over and not just tying yourself to 2 massive loans

So my second option is save save save now. When the correction comes hope to pick up the 800k house at 600k

 

[Bigbore500r]

So my second option is save save save now. When the correction comes hope to pick up the 800k house at 600k

That's what I'd do.....get your credit scores pimped out, make your debt to income ratios as low as you can, and all your affairs in order. Make sure your tax filings aren't to skewed to where they really hurt your after tax income that you will need to show when buying next time. Wait for the market to have a hiccup and you'll be ready to jump with a wad of cash and easy finance

 

[OldSchoolBoats]

So my second option is save save save now. When the correction comes hope to pick up the 800k house at 600k

Sorry but that is never going to happen. Housing will not crash like it did before. Don't drink the doom and gloom Kool Aid.........

 

[Code3Havasu]

X2 on getting amazing houses on the water in Canyon Lake for that price point ! Will you be able to pass the Canyon Lake size regulations with the new 22 deck build ? If so great idea and so jealous of you guys being able to hit the water in CL and LHC at your pleasure.