All Forum Posts by: Gregory Vajda

Thank You, I appreciate all the help.

I plan to keep the main property long term as a short term rental, but I was also thinking that I would have to keep the lot for a year or so, probably take that time to clear out some trees, try to see what kind of dock we could put on the property etc..

What would I make my cost basis if I were to sell in a year but still keep the main house?

Hi all,

We are about to close on our replacement property which happens to be a single family home with an adjoining piece of land (Separate Lot).  The price of the deal is 729K and I would think just the house and lot it is sitting on would appraise at that.  The adjoining lot is valued at around 200K, could I sell the land and do another 1031 or since it wasn't another "investment" would I simply have to pay capital gains tax on it? I've tried searching the internet but haven't had any luck in figuring out the best way to navigate this.  

I was mainly focused on the Corolla area but have been working with a realtor who has a search set for me all the way down to Nags Head.  

According to Air DNA the occupancy rates for all those locations are 60-70%.  I would assume there might be a heavier drop off in demand at the beach compared to elsewhere due to the huge amount of supply down there.  Please correct me if that is a flawed analysis.  How are you doing down there?

There are a ton of vacation markets around you. I live in Virginia Beach, and I have owned in Wintergreen since 2019, and have had good success using it as a STR. It stays rented basically year round and our family gets to take free vacations.

I am also in the same 1031 exchange situation (Closing 7/27) and looking to diversify into a different vacation market and have looked at the Lake Gaston area of NC, Outer Banks, and also the Northern Neck of VA. All seem to be STR friendly and have good occupancy rates, it just seems the prices for the houses are more inflated for OBX, a little less so in Lake Gaston, and the least inflated on the Northern Neck.

Good luck on your search and if you want to bounce ideas off eachother, feel free to reach out.