All Forum Posts by: Kristine Eickman

Oh no, I have no intention of "hiding" profits. More just wondering where do I put it until I have enough to buy a new one. Do I take a draw and put it into an IRA...that kind of stuff. It is something I have never really had to deal with before so not sure how to move to the next rental while minimizing taxes.

Sorry if my question does not make sense, I am newer to this and this is the first time I will likely be making a significant amount and I don't know what to do with it. Normally I just dump all my profits back into the house. 

Say you have a profit of $30K a year and you have invested into your home as much as you would like to, for now. So you don't want to just put the money back into the house.

What is the best way to pay yourself that 30K? Is there a way to put it into an IRA tax free to save it for retirement? I anticipate having this happen in the next year and I want to be prepared for it. I want to take the income with the least amount of tax implications.

Thank you so much in advance for your responses!

Looking for a CPA that specializes in STR and real estate professional status. Need someone that is extremely knowledgeable in this area.

Can anyone recommend an interior designer in the Kissimmee/Orlando area? If you have links to their work, that would be fantastic! 

 This is 100% correct and the reason we would never purchase in there. If you are spending over a million dollars I would think you would want some control over YOUR home.

I have not moved forward with anything because of the insane rapid price increases in WH. When we started looking in December of last year the single family 6 bedroom’s were in the high 300K range. They are going for 200K+ more in just a short few months.  And these are homes where the mechanicals, roofs, carpet....are all 15+ years old! Comps are all over the place making it really hard to get a deal done. We have made several very fair offers in line with comps and sellers are non-responsive. Lots of greed out there right now.

We truly think waiting is the best option in this community because there are tons of new owners who bought, renovated and have no idea what they have gotten themselves into. We think those homes will hit the market in the next year. So we will likely wait for one of those. I do believe the ceiling has been hit with buyers in there as the homes on the market are sitting for long periods of time because nobody is willing to pay the crazy current listing prices.

Townhomes are a different storey in WH and are continuing to rise, simply because they are still in that price point sweet spot and people still find them somewhat reasonable. Low 300’s is still a lower price to pay for a vacation home. But they were 100K less 8 months ago.

We decided for the time being Storey Lake is not for us. The rentals prices just don’t make sense with the purchase prices.

I would open the furniture boxes and make sure nothing is damaged. Ordered furniture a few times from Wayfair and many items were damaged beyond repair. These were for our STR we were setting up on a tight schedule. Wayfair could not ship replacements in time so we had to go and try to find replacements at the furniture store and try to get them quickly. It was very stressful. Worth taking a look at the stuff if you already have it, just in case.

I live in MN and summer is when you would be able to rent your home. I would bet you would not even break even if you rented during the off season. 

To add to the list, HOA fees and management fees as well.