How to build wealth by moving from your home 🏠

If you’re thinking of moving, here are 2 wealth building options with your primary home 📈

1️⃣ You can sell your home when moving to another, but make sure you live in it for 2 out of the past 5 years.

In this way, you can take advantage of Section 121 and deduct up to $500K of our capital gains if married (and $250k if single).

2️⃣ My favorite option is to rent out your old home.

If the numbers work, it can cash flow and continue to appreciate in value!

You can also hire a property manager to help manage it so you don’t have to do as much.

👉 With this knowledge we decided to use it to our advantage!

We moved from the Bay Area to Dallas and are now traveling the world. With each home we bought, we rented it out afterwards to cash flow while we continued to move.

This required careful planning prior to buying our new primary homes because we had to make sure these could rent at a profit! 📈

And now these assets have appreciated a ton in value 🙏

These alone have truly changed our lives and granted us a lot of freedom

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While all attempts are made to present correct information, it may not be appropriate for your specific circumstances and information may become outdated. Sharon Tseung is not a financial advisor and does not provide tax, legal or accounting advice. This video, and the ideas presented in it, are for entertainment / educational purposes only and should not be construed as financial advice. Please consult with a certified professional before making any financial decisions.

[Tidalwave]

Yea .. in a perfect world where nothing goes wrong, sure great idea! 👍🏾

[ChaseCache]

yeah your starter home went up $500k in 2 years? im calling bs

[Ava-kmtl]

Why rent out a starter home instead of selling? In this economy that’s just screwing other people over so you can get ahead :^(

[ishaanvasudeva]

I guess the only issue with 121 is that is solely on capital gains if I’m not wrong that would not include your original purchasing price and to rent it out you would have to have the excess cash for a down payment

That said rental properties are a great way to generate safe and reliable cash flow and these are great tips

[themadplotter]

Spend any money on acting classes cos this was fucking BRUTAL

[neycongjuico]

Most people who buy a home don’t see equity in their homes until 5-7 years.

[justinlarsen]

It’s all fun and games until you get a left leaning renter