All Forum Posts by: Jon Foley

Hi @Rob Hilton,

Great responses so far. My suggestion would be to keep it simple, modern, and clean, then get it listed! We spent so much time agonizing that our first STR wasn't perfect and due to time constraints & budget when we first started; we reluctantly listed anyway. It has been a huge success.

We're going to continue growing and expanding as much as possible. I live in Gulf Breeze, own a LTR triplex in Pensacola, and a STR in Navarre. My business partner and I are under contract on two more houses locally that I'll be managing as well. If I can help in any way, feel free to message me directly. My growth plan is to own numerous STR and manage more for others who'd prefer to be hands off. 

Good luck!
 

I'm still game for GB, wasn't sure where everyone was coming from. 

I actually live in Navarre, I wouldn't be opposed to meeting in Navarre. I've heard that wine bar is good. 

I’d also be interested if it was in Gulf Breeze. 🙋‍♂️

Thanks again, @Dave Foster!

@Dave Foster, you're awesome, always quick to provide 1031 answers on this forum. 

Following that logic, as long as the purchase price of 1-3 properties equals double the amount that's being deferred, I can go on title for 50%. 

For example, $300k from selling a property would allow us to buy 3 like-kind properties for $200k/ea (or more) in order for me to obtain 50% title. Am I understanding correctly?

I'm looking for some advice. A friend from out of state is in the process of doing a 1031 exchange, he already has an attorney handling the 1031. This friend reached out and said he'd like to invest in 1-3 properties together using his 1031 exchange capital. The idea is that I'll manage STRs in exchange for equity and a percentage of the bookings. 

I've never had an investment partner, I'm unsure how to structure the deal that is fair for both of us. On The Real Estate Agent’s Ultimate Guide on How to Work With Investors they gave the following formula:

• Partner puts in the cash required for the down payment and the closing costs
  We split the NET (profit or loss) 50/50.
• If we sell the property, we split the NET (profit or loss) 50/50.
• Equity is always split 50/50, including appreciation and any possible refinancing.
• I provide my investor with a statement and direct deposit every month.
• We both report the 50% income (or loss) on our personal taxes.
• Our partnership is legalized through a legally documented Partnership Agreement (no LLCs, etc.).

Has anyone found a partnership formula that works well for STRs? 

Does a 1031 prevent me from being on the deed or any adverse impact on a partnership? I know 1031 is just a way to delay capital gains, I wasn't sure if the tax is somehow attached to the new deed or if there is any random issue I should be aware of on my side of things. 

Thanks everyone! 

Investment Info:

Single-family residence buy & hold investment in Navarre.

Purchase price: $259,000

STR - coming soon

Investment Info:

Single-family residence buy & hold investment in Navarre.

Primary residence, still deciding how to add value to the property

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $220,000

Triplex investment, small cashflow, but it still makes money.