All Forum Posts by: Frank DiGiorgio

"Nothing to do with the value of the future property.. the value of the future property is only useful in determining how much of the gain you are able to defer if you properly executed a 1031 exchange."

@Rahul Punj This differs from what my CPA told me.  That's the only reason I did not set up an intermediary. In my case...do you believe I could've utilized the 1031 as I've described above if I had set up an intermediary? 

@Basit Siddiqi I did! He's the one that told me a 1031 wasn't an option due to the drop in value. It sounds like @Dave Foster echoed that in another reply. I reached out to this forum because there are some very crafty pros on BP that I thought could offer some advise.

Just to be clear, once you fail to use a 1031 intermediary is there ANY way to utilize the exchange?

Hi All,

I recently sold a single family home in Orlando - Bought for $378k,  Financed $275k invested $100k, sold for $640k just over a year later.   Within one week I bought a condo for $275 in Tampa and paid cash.   

I was told I couldn't utilize a 1031 exchange because the second property had a lower value than the first, so I didn't bother with a 3rd party 1031 holding company.   Is there anything I can do at this point to lessen the tax burden for my profits on the Orlando home? 

Any help would be appreciated!  

Thanks @Serena Kim. I appreciate your input!

Thanks @Shawn McCormick! I thought of that, but i thought that may be above and beyond what I should fairly request from my realtor.

Do you guys (realtors) have access to filtered reports that would provide names/addresses of the current home owners even if the properties aren't for sale?

Hi All, Love the Forum!

I'm in the market for subject property and I'm currently working with a great realtor who knows the STR biz.

Just checking here...on the outside chance a BP investor may be ready to divest or knows of someone who may be. There are some decent homes in the MLS but I'm looking for off-market pricing if possible.

Thx in advance!

 Hi Keith, 

Great info!  I would love that Pro-Forma if you're willing to share!  Please message me. 

-Sorry to Hijack your post Jaclyn! :)

Thanks!

Thank you Keith!  Yes, we found that out during our research and concluded we would probably forego those memberships.  While we realize it would reduce our nightly rate, with some primo decorating and quality photos like @Joey Morea
and @Matt Nico recommended I was hoping we could make it work.    We were also considering Bella Piazza and possibly Windsor Hills.  Any thoughts on those?  

Thanks John!  Appreciate your input! 

Thanks For the reply Tyler!  For our first condo, our goal is to break even or even make a few bucks while staying in the unit ourselves Jan-Mar.  We would like a second unit after renting this one for 6 mos or so to show income/rental history.  Hopefully that can facilitate borrowing for condo #2 which would be available for short term or monthly rent all year.  

Its an exciting time for us, and I anticipate some mistakes along the way.  With help from experts like you, we'll get there...then eventually pay it forward.