If you have the knowledge and time, being your own contractor can save you thousands of dollars while constructing a home.

How to Make a Million Dollars, Income Tax Free!

Sound too good to be true? It isn't. Build a $500,000 home and act as your own contractor. You will save approximately 25% or $100,000 in the process. Occupy the home as your primary residence for just 24 months and when you sell it, you can exclude up to $250,000 of "capital gains" ($500,000 if Married Filing Jointly) from income tax.

Repeat this process ten times and you've made a million dollars, tax-free. Sounds too easy? Well it won't be easy, trust me. Acting as the General Contractor on any construction project is a lot of work and headaches. It will take all of your hobby time, so don't plan on having any other hobbies.

The key to success is really simple. There are two parts to this if you are married and only one part if you are single. First, if you're married, be sure that your spouse is willing to devote him or herself to the long term objective. Don't get bogged down in the details. Most married couples that have problems during the construction of a home are striving for perfection, thinking of the home as their last permanent residence.

So, what if an outside water faucet is the wrong color or not quite in the right place, you're going to start the next house very soon, and sell this one. By the time you build that fourth or fifth house you may actually have everything just the way you both really want it.

If you're not married, then the key to success is this. Find the best, most dependable, fair priced and insured subcontractors for each part of the process; footing and foundation, framing, roofing, electrical, plumbing, heating and air conditioning, drywall, painting and masonry.