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Hey everyone,
I was listening to Jack’s making money with no money audios. He talked about using section 121 to our full advantage. Is it still feasible to do the flip every 2 years tax free? I know it worked real well when prices were booming, but what about in a falling market? How could you make this work today? It makes sense to me if you could make 50k-100k every 2 years tax free, thats like making 2-4k every month with just that alone. Give me your thoughts and ideas. ThanksYes of course.
Buy @ 50 – 70 cents on the dollar and sell it 2 years later at 90% of retail market value. Rinse and repeat.
Buy a fixer, live in it while renovating. Sell in 2 years.
Don’t count on market appreciation, count on buying at a discount price that ensures a resale with a tidy profit.We did this successfully for years. Unfortunately, we built a house on a great lot that we got dirt cheap… after two years I was ready to sell, the wife fell in love with the house (and her gal pal neighbors) …. five years later, guess where I’m still living and wasting perfectly good tax-free equity capital?
Yes Section 121 is still a great way to make a living. As jack said, even if you just buy right, live in the house, then repeat every 2 years you’ll be WAY ahead.
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