Let's see some picz of your houses

[ChevyBoy]

but im wondering how ur goin to afford that being only 19?

[bibby>Chode]

the wifey and i both have good job man. No worries.

[andym85]

a helpful tax tip: if you and your wife live in it for at least 2 out of 5 years and then sell it, you can make $500,000 tax free (or $250,000 if you are single).

a lot of couples do this 4 or 5 times in order to purchase their "dream home." it may take longer than that given that the housing market is on a slow down...but that only means prices are gonna fall=cheap house...foreclosures are also expected to dramatically increase in 2007, which can be equally as profitable.

that house would easily go for $175,000 where i live...i would put a down payment on it, sell it for 150,000 within a month to avoid mortgage payments, and walk away with about $75,000 cash (but that would be taxed)

[bibby>Chode]

explain that to me a little bit better?

[andym85]

say u and your wife buy this house, live in it for 2 years, then sell it. well, the way housing prices have been skyrocketing, until recently, your house could have appreciated tens of thousands of dollars over that short time...and when time comes to sell the house you can pocket that profit, up to $500,000 if married, tax free. people just repeat the process.

move to a second house, live in it for 2 years, it would have appreciated dramically in that time...sell it and pocket the cash, tax free.

couples would do this several times to build up enough cash to purchase their "dream house" with cash, which means no mortgage payments. this is all legit, i have learned it in several of my finance classes and my tax accounting teacher is the one who informed us of this tax break last semester. the only catch is that each time you buy another house, it has to cost more than your previous house.

but like i said now that the housing market is slowing down, it may take many homes to build up enough cash, but it would be awsome to buy a sweet house with cash.