All Forum Posts by: Colin Williams

We live on Nantucket, close to the Vineyard, and I would agree with Scott. Short rental seasons here in the north. Would be better off going somewhere with nicer weather all year round. There are opportunities here to get $35k+ per week, but entry costs for that income will be North of $10M and for only 10 weeks through the summer, you might cover your mortgage. 

@Nathan G. Great advice. Thank you very much.

@Robert Belz thank you for the help. If I am too just increase the rent, would you do that in increments? Or would you just say, hey I purchased this place, I'm increasing rent from $625 to $825? If they decided to stay, would it be wise to keep them on month to month, or try to lock them in for a year?

Hello Bigger Pockets family. I've been presented with a deal to purchase a duplex with tenants on a month to month lease. At least that's what I've been told. I'm going to attempt to confirm this before making my final decision. They are currently paying almost $200 under fair market value for the property. It does need to be fixed up, which I plan on doing. I am wondering what is the best way to handle the situation? 

@Jason Crowe https://www.turbotenant.com/blog/emotional-support-animal-laws/

Thank you for posting this question. I hadn't thought of this situation before. I hope this article helps. Seems pretty informative.

@Jess Carr Depending on your budget, Nantucket Island is an interesting market. Difficult to find deals, but if you can, in the correct area of the island, you can generate a couple hundred thousand in 10 weeks with a SFR.

@Anish Tolia I'm not sure you can say it will have zero impact. Another proposal is to increase the capital gains tax to nearly 40%. With the removal of the 1031 and raising gains taxes to 40%, I think it could have a pretty significant impact.

Another proposal that keeps coming as well, paying taxes on unrealized gains. Never going to happen, but it's been brought up a few times by this administration.

@Kenton LeVay one great benefit of taking advantage of the 1031, is that at the end of your time, if you have children to take over the business, when you pass on their basis is stepped up to current market value. So technically, you may never pay gains taxes if they were to sell after you die. There was some discussion of getting rid of that as well.

@Jay Hinrichs I was actually going to say the same thing here. There are plenty of politicians on both sides that take advantage of many of the benefits of real estate. I can't see this actually happening.

@Wesley W. Can you install sub meters for each unit? This easy you can bill each unit directly for their usage. Also maybe try to educate new tenants when they move in about what they might hear when a flapper or ballcock guess bad. Make sure they understand how to turn the shut off to the toilet. It's pretty amazing how many people are out there that don't know these basic things. Many have probably never taken the lid off the tank.