So, in a nutshell, we're gonna: 1) Sell our house & make a killing 2) Rent a much smaller house while we find a piece of property to build on 3) Purchase said property 4) Hang tough (still renting) until building material prices come back to earth 5) Build our next home Easy peasy. Right? Uhhhh.....the "Mr. Conservative" in me says I'm not so certain. Renting seems like throwing our money away. That said, my real estate aficionado wife tells me this is the way to go. And, as long as I've known her, she's been spot-on with real estate dealings. I'm along for the ride.
Here's a hint, look for a piece of property that is on the water but highly unlikely to flood. River, lake, ocean but make it on the water. The view will be outstanding and add to your joy in your later years.
Actually, 1031's are related to investment properties. This will be our primary home. I believe we can gain up to $500k on the sale without any tax implications. Also, I probably should have included that we are working on a 9 townhome development and are a bit cash short as we'll have to pay the land owners some upfront money. Hence, the selling of our residence.
buy land with water, power line and septic and an RV hookup...buy an RV....build your house later...then sell the RV....fuck renting...or lease with the option to buy....I thought you were a real estate agent...why would you hire a real estate agent? You just want to pay that commission to somebody else?
Sure, that's one approach. As mentioned, we're basically needing to sell now due to our townhomes development deal. This, while also wanting to remain nimble, cash heavy, and fully flexible.......for the time being, that is. Hence, renting. Meanwhile, we'll be keeping our eyes open for any land deals that materialize. Nashville is such a hot real estate destination, that's easier said than done.
In our area, I think were approaching the bubble. I see a correction towards this winter, into early next year. I see many folks (such as ourselves) scrambling a bit to get in on the wave. Hence, providing more inventory to the marketplace. Supply/demand then sets in. I'm still unsure on the interest rates. Thinking they'll increase a bit, but not terribly over this same time period. It's kinda funny, I was just chatting with my wife earlier this morning, and we're now going to investigate getting a HELOC to pay off the ladies (see townhomes project, above) and just staying put. Perhaps, even eventually adding on. We really do love living here. It's in the perfect spot in metro Nashville. As I mentioned in the OP, I'm along for the ride. The townhome project is entirely my wife's baby. I simply sign where told and say, "Yes, honey."
My home is not for sale ever...I could make a fortune on it if I sold to a developer but I actually love my land and could never replace it where I live for equal value...I'd have to downgrade to buy another home at the prices today. My home will go to my grandson one day when we're gone. My son would love for us to move closer to Eugene but I have no interest in living closer to more people ...it's peaceful where I live.
I do understand that. I love our place, too. Told my wife I could live here until the day I die. While she loves our home, too, she looks at "everything" as an investment. We've had at least a few fierce discussions on this same matter.
My wife is on the same page with me...we've developed a qtr acre garden...planted 60 fruit trees...grapes..berries...raise chickens...mountain full of chantrelle mushrooms...spring fed creek...all in my backyard...she's planted thousands of flowers and shrubs...let's just say we're attached to our home...when we visit the son he has a nice house in Eugene with a guest room but always opt to drive home and sleep in our own bed...life is good....spent all my youth searching for the right home and now I have had ours for over 20 years....to me that's real wealth
Ive considered the same and I know Nashville has been extra hot recently. Problem with selling is that you have to live somewhere and I don't like renting if I don't have too. We sold and bought on 2019, the buy fell through and we were going to push through with the sale and then just find a place to buy while we rented. Sure glad I didn't do that back then, we found another house and put in an above offer bid and won. Nervous at the time but glad we didn't miss out on the last few years of increases. If we get a good correction we will probably be looking at an investment or vacation property.
We do have a few places, and a cottage in Florida that is paid off, so I suppose we have that going for us. Nonetheless, home is "home" to me.
Dude, that's awesome. We don't have near the setup you do. Although, we do appreciate a couple acres of common area grass field the HOA kindly mows every week. It's enjoyable sitting on our back porch and deck taking in the nature views, deer, etc.
