All Forum Posts by: John M.

Thanks John, I would be interested in this get together. I live fairly close.

Quote from @Andrew Hogan:

@John M. STRs can be a great cash cow.

Finding one solid deal to 1031 into is tough enough... don't make yourself find THREE deals to satisfy a 1031. There are other strategies to achieve similar results...

I meant that I have to identify 3 properties and choose 1.

Quote from @James Alderman:

@John M. you'll need a management company that specializes in full-service STR management, which should include pricing strategies, guest communication, etc. There are some services like Evolve (https://evolve.com/real-estate...) that can help you find a home to purchase then manage it for you. 

I just looked at their site. Appears they help find a property, help find a lender, and manage the property. Isn’t that full service?

I would prefer a management company.

Quote from @James Alderman:

Would you be managing the STR yourself? Like communicating with guests and cleaners. Or would you be hiring a property management company?

Managing multiple STRs can be a 5-10 hour weekly job at minumum, and compared to my LTRs, there's more late-night emergency calls about where the toaster is. 

If you hire out the management of the STR, you might be paying them 25% of the revenue for that service. I would prefer a management company at this stage in m life.I can deal with 20%.

I love interacting directly with my guests (and the higher cash flow that come with it!). It's about your personal preference.

Quote from @Dave Stokley:

Quote from @John M.:

So I turned my residence into a rental about 20 yrs. Ago.  Did a 1031 exchange into a multi-family 6 yrs. Ago.  Current value is approximately 300k.(actually I have no idea what this market could bring) I like the fact that STRs produce more cash flow than a monthly rental. Loan debt is 74k.

I'm looking for some advice on strategy. I was thinking of south west Florida locations. Would you buy one property? Multiple properties? Maybe storage units? DST? With how fast real estate is moving is it even wise to try and identify 3 properties to satisfy 1031 requirements? Maybe sell…pay cap gains tax and get my wife the beach condo she would like? I value the opinions here on BP. Looked like a good place to start. Thank for reading.

Wow dude you are all over the place lol. Seems like maybe you need some clarity on where you’re going with all this

First, take a deep breath.
Ok.

Let’s start here: what are your goals?

 My goal is to use the 1031 exchange into rental or rentals to produce maximum cash flow.

That income will allow me to purchase a property ,probably in Fl. For personal use and rent out when I’m not using it. I can afford the second home without the rental income but still like the extra income.

So I turned my residence into a rental about 20 yrs. Ago.  Did a 1031 exchange into a multi-family 6 yrs. Ago.  Current value is approximately 300k.(actually I have no idea what this market could bring) I like the fact that STRs produce more cash flow than a monthly rental. Loan debt is 74k.

I'm looking for some advice on strategy. I was thinking of south west Florida locations. Would you buy one property? Multiple properties? Maybe storage units? DST? With how fast real estate is moving is it even wise to try and identify 3 properties to satisfy 1031 requirements? Maybe sell…pay cap gains tax and get my wife the beach condo she would like? I value the opinions here on BP. Looked like a good place to start. Thank for reading.

I recently purchased a 5 unit apartment bldg. I plan on keeping it indefinitely . Cost to put it into a LLC would be approx. $4k because of transfer tax & LLC fee. Liability is my main concern! Should I just increase my umbrella coverage limits or try to insulate my self also with an LLC?

Trying to decide whether to use some of my relinquished property funds to pay for repair work or finance a little more to cover the repair cost.

  The relinquished property funds can be used for repair if work is done before title transfer.

There would have to be an addendum to agreement of sale.Any idea on how  to word this?

Anyone have any experience with this scenario?