Quote:
Originally Posted by 96z28ss
Well I sold 2 house in an up market. Both I lived in for over 2 years which is tax free profit. no capital gains tax.
I bought in 1998 for $130k in 2004 sold it for $305k, in 2005 bought a house for $234k sold it in 2007 for $325k.
2 things I did wrong were from 2004 to 2007 was to not invest the money I had made and invest it. It sat in a saving account. 2nd mistake, In 2007 I bought a house that I was planing to do the same thing and dump it in 2 years. Took most of all the profits and put it down on the house, to keep the mortgage payment low. Economy stuck it to me good. Got to stay in this house longer than I thought, or just move on and buy cheap, start over.
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You did just what millions of other people did, and at least you've hung on and been okay. Many did not make it as you know.
The minute people like the secretary down the street and the metal bender starting "flipping houses" for six figure profits, I knew it was time to sell and rent. I told my friends and neighbors to do the same in 2005 and 2006. They wished they had listened because at Bay Area prices, many got their asses handed to them. I've been happy renting for 5 years and am getting back in now. This one will be for 10-12 years I reckon. I am not mobile and young and single anymore.
Hopefully if I read more of GW's stock posts and do what he says I can build an Ironworks pool down the road.
