OfflineI am currently getting a deed on a tax lean foreclosure.
Keep in mind that my wife and I are in our mid 70s.
1. Should we flip and be subject to capital gains tax?
2. Hold for 1 year before selling to reduce the tax consequences?
3. Rent it out for about a year before selling and expose to damage etc. ( Really do not want to handle renter problems.)
Thank you for your time and considerations.
John
Old Dust
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john in this market i think you should rent it out. But make sure you are indeed cashflowing every month. Then when the market goes up sell it to make a profit.
You can also find a person whos willing to do lease option and lease it to them. This way you can make money in the beginning with the down paymetn and cashflow in the middle, you might be able to sell it for a little more.
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