Suburban NYC real estate profit

I'm not sure I'd invest in real estate as a short term play unless I was flipping houses and I knew exactly what I was doing.

What were your goals going in? Costs are going to eat up some of that gain.

10% gain in appraisal. I'm not looking to get out within 2 years unless it gets absurdly large. Closing costs/relocation were funded from my employer. I just want some advice on when to know that the market has plateaued.

My goals going in were 5% gain in value a year. It is far exceeding my expectations.

quote:

---

You'll also have to pay some fairly large taxes on that gain if you only hold the property for 5 months..

---

If he declares it his personal residence before selling, there is a capital gains loophole. That is a can of worms though

quote:

---

If he declares it his personal residence before selling, there is a capital gains loophole.

---

He'd have to live there for around two years (pretty sure it's two years)