All Forum Posts by: Jeffery P.

Hello BP family, I am writing this post on behalf of my mother, in hopes of locating a CPA here in palm beach county area that may be able to help her. In summary she has been running a STR using her primary home with the thought of VRBO and AIrbnb handling the tax part of it. Well not the case obviously. So she needs to talk with someone who is knowledgeable about STR investments and tax obligations (all). Thank you in advance for any advice you can offer.

Jeff Poe

Thank you Tim for sharing your DD, I have been doing research as well and am still on the fence as well.  One thing I've learned is that if something looks too good to be true it probably is.  With that being said I also recognize my own fault in analysis/paralysis.  I will emphasize that Zach with R2R has been extremely responsive and that is key for me.

Jeff

Thank you for the replies.  Truth be known there are some special assessments that are in the thought process.  Couple of big items that could be more than I originally ran the numbers for.  The property was owned by a family member who needed cash quickly so the property was quick claim deeded over to my name.  I haven't even collected a rent check as of yet.  So with that info I am deciding to cut possible loss on this transaction.  I do not currently have nor have I ever done a 1031 exchange.  Still somewhat new to the investment game.

Originally a buy and hold (rental).  However, there was money in the buy so looking to trade up for a lot.

Good day my fellow investors. Would anyone have advice or insight on 1031 exchange policies? Scenario: Acquired a rental condominium 12/21. Placing it on the market 01/22. I would like to take the profits and purchase vacant land to be used eventually as Home/Airbnb. Is a 1031 exchange even possible in this scenario? If not what other creative options are there to not get crushed with STCG tax? Thanks!

She needs cash for another deal, and does not have the time to wait for getting a mortgage.

Hello BP, I will try to be short and concise.  I currently reside in a townhome with approximately 200k equity! 1st Lien Heloc of 300K

Goals: To acquire as much rental cash flow/assets as possible in the next 5 years prior to retirement for supplemental income, and purchase a new primary residence.

Deal #1: My mother owns an investment property that is currently tenant occupied thru June 2022 @2K/mo. She is wanting to sell/gift/IDEAS???, to me for about 50k under ACV because she needs cash quickly and she owns the property outright. Rental income with a traditional 30yr fixed shows about 440 NOI/mo with the equity I'm basically buying. Now obviously this is a no brainer, it is family, and I would do another 1st lien heloc on it so the NOI could be more. My question here is taxes, capital gains, etc. Is there a better way of helping my mom/and I out without a bill of sale (quick claim deed?) or IDK? Should I treat this as any other purchase? But now the second and third part to come.

Now remember I am retiring in a couple of years!  Not an option!

Currently reside in 3/3.5 townhome as stated above.  Rental comps for these are 3-3.5k/mo of which I owe less than 100K.

New primary residence I want to purchase $675K.  2.5 acres 3/2 with barn and 4 horse stalls (possible rental as well).

So #2 question: Financing?  Does anyone have better ideas on how to get all 3 objectives done and payoff the investment properties within the allotted 5-7 years.

Thank you for any advice on this matter.  Incidentally my wife is a RE agent so that helps too!

Jeff Poe

@Alice Horn Hello Ms Horn, I recently viewed a newer investment vacation rental called the Grove, which is actually in Orlando they said. I was curious if you had heard of it and had any feedback. Thanks

Jeff

Thank you all for your responses and encouragement, education is the key to anything and I truly appreciate and value those of you who shared your wisdom.

Thanks for replying Joe, the fear is simply I’m closer to retirement and a loss on an investment could prove costly. I see we share a common bond. Where did you vacation down here in Florida?