All Forum Posts by: Chris Gottshall

In this situation, we're talking small numbers. We're talking about a maybe 30k capital gain and 35k in suspended losses for this individual property accumulated over the past 15+ years. They have a place they could potentially close on by the end of the year, but its new construction and the closing is subject to change based on the builder (and the area was just in the path of Beryl, so that timeline could have been impacted), so if that's the only thing they're thinking of exchanging into, I'm inclined to suggest they consider consuming the losses now for simplicity's sake, especially if the exchange timeline can't be guaranteed to work out. They have other suspended losses they will retain for the future.

Hey @Brandon Bruckman thanks for the response. It sounds like you're saying it could effectively be offset by that.*

*= Again, confirm with your CPA what your specific bill would be.

But, for rough math / estimation's sake, it sounds like a "probably" - is that a fair takeaway?

I'm asking this question on behalf of a client who is selling a property where the total capital gain looks like it will be less than the suspended losses they have accumulated on their tax return over the years of owning the property. The losses were suspended in the past due to W2 income and they are now self-employed, meaning their income tax rate is likely to be lower, if that makes a difference in the answer. I've encouraged them to contact a 1031 specialist, but this question has me curious so I wanted to bring it to this forum for consultation as well. At a glance, and as a non-expert, it sounds like it might not make sense to bother with an exchange if the losses are unlocked at sale. What do you think?

Quote from @Ryan Moyer:

Quote from @Brooklyn McCarty:

Most PMS’s offer a free trial period. Try them both out and see which one you like better. 

FWIW Hostaway doesn't.

This felt sketchy to me, but I actually hired someone who had first hand experience with most of the platforms (works in the industry but does some moonlighting) and he supported us giving Hostaway a try. I’m in week 1 of it but I’ll be happy to share my experiences with anyone who wants to know more. So far, id say the interface is cluttered or not well organized, but I have a background in technology so I’m able to figure it out pretty well. I asked the onboarding guide a question that she did not understand, but then later that evening we figured out an answer to it on our own. It is super simple to build out a direct booking site, if you’re ok with their template (which I am for now).

@Phil Wrigley We are just getting started trying out Hostaway. I’d be happy to connect and compare notes on how your experience compares. I’m starting with just 1 listing but plan to recruit neighbors in my beach market to list on my custom website tailored to our community / market so I hope to be at 10+ listings soon even though I only own & operate 1 right now.

Guesty’s pricing did not appear to be competitive and for someone starting with fewer than 4 units but planning to scale up behind that, Guesty does not offer a migration path from their “for hosts” product to their “for pros” version - it would have been a complete redo on setting everything up. That was a major turn off for us.

Hi @Subhosh Kiran Perikala this is definitely an area of interest for me. I’ll PM you my contact I do.

I’m interested in connecting with other investors who have property in the Twin Cities area. If you’re going to be at BPCON, I’d love to connect either on Saturday ahead of the conference or find each other during the event.

Topics of interest to me right now:

I’m considering either selling or converting some unit(s) to medium or short term rentals. Curious how others have done this successfully.

How are you managing against Saint Paul’s rent control?

Are you still buying in the Twin Cities? If so what’s your thinking about what lies ahead?

I’m arriving at the JW Marriott on Friday evening. Please HMU here if you’re interested in connecting. Cheers!

I came on here today to see if anyone was doing anything on Saturday, and here you are. I’ll plan to stop by the mixer event. Thanks for putting it out there.

@Alex F. I'm on the verge of making my first investment in Mexico, as well. I'm going to buy into Playa del Carmen. Where are you buying?

I am still looking for 1 ticket to BP CON (willing to buy multiple if that's what's available). I am traveling to San Diego *regardless* and I'm willing to purchase your ticket(s) through Sunday, 10/2, so if something comes up last minute and you can't use it, or you have to leave early, please reach out to me at 612-405-8087 and I'd love to work something out.

Thanks,
Chris