All Forum Posts by: Jeff Stanners

Hello Nehemiah and Emily,

We've had our place in Arrowbear just over 3 years now.  Things have been slow the last 2 years, but it's always good around Christmas so we're coming off a nice stretch.

I never have found a local handyman to use.  The only emergencies I've had have been plumbing and I have a plumber I'm happy with.  But if either of you have a local handy man to share, I'd love the contact info.  Thanks!

Jeff

@Lisa Mauricio  Yes, we ended up buying in Arrowbear.  We primarily looked in Arrowbear, Running Springs, and a little in the Lake Arrowhead area (Arrowhead Villas and Rim Forest).  Before we bought, we stayed in an Airbnb in GVL.  We got to know the area a lot better and realized GVL probably wasn't for us.  

We've been renting for a little over a year now, listed on Airbnb and Vrbo.  Things get real slow in the offseason, there are a lot of rentals in the area.  I'm guessing between Lake Arrowhead and Big Bear there are over 5000.  We covered all of our fixed expenses every month and do real well anytime there's snow.  We use it ourselves a fair amount also, but we're only 40 minutes away and we end up doing a lot of day trips up there.  We don't spend the night too often.

airbnb.com/h/arrowbearcozycabin

https://www.1031crowdfunding.c...

This was my backup option when I did my 1031.  I'm sure there are other options like it.  I remember the fees being a little high.  But it'd provide passive income and avoid the capital gains taxes.

Check the Running Springs Facebook group.

One thing to be aware of in Big Bear, and I don't know all the details, but they have more strict requirements with STRs.  One being that guest check-in must be in person.  So you either have to meet your guest, or hire a PM to check them in (check-in may be off site I believe).

Be careful with small places.  County has permit requirements for occupancy.  If a bedroom isn't at least 120sq ft, it'll only permit for 1 person.  So a 2 bedroom that's 600sq ft, you may only be able to get a permit for an occupancy of 2.  There are ways you can setup the living area with a bed and add to the occupancy, but it's something to be aware of when looking for a place.

Thank you for your replies.  This helped a lot and relieved some stress.

Another thought on this @Dave Foster.

Could I put the full $200k towards the new property, plus come up with $25k cash and make a cash purchase. Then keep the loan with my dad and keep paying him for another 3-6 months (or some length). Then refinance the new property under a traditional mortgage and pay him back at that point.  Would I avoid (legally defer) the capital gains taxes that way? 

Thank you @Dave Foster.  I figured I had a dilemma as I started getting deeper into this.  The loan is not recorded against the property.  We did keep good records and treated it just like a mortgage.  I guess I'm going to have to wait and see.  Thanks for your help on this.

I have a different situation to ask about.  Sorry to just add it on to this post from 4 years ago, but it seems to just keep going so I'll join in.

Selling property for $200k.

Buying new property for $225k.

Loan is 100k, but it's not a mortgage.  I borrowed it from my dad from his insurance policy.

Can I pay him back and take out a mortgage on the new property without paying capital gains taxes?

Thank you!