All Forum Posts by: Lauren Johnson

I have a great one, but it won't let me post contact details here and he doesn't seem to be on this forum. 

@Alex

@Alex Bekeza thanks!

Did you end up finding anyone? I'm in the exact same boat in FL with a forclosure/eviction with a manufactured home. No luck so far. 

I just had to foreclose on a property that I held the real estate note on. Now I'm the proud owner of a 1991 manufactured home in Cocoa, FL. I'm having the worst time finding someone to insure it. My plan is to evict the people (unknown who) who currently live there and then get it on the market to sell. Does anyone know who does insurance for this type of investment there? For landlord insurance I'm being told it must be occupied within 30 days. What do you do if you are just planning to sell, but need it covered for the time that takes? 

I am in the process of selling two vacant residential lots that will result in a long term gain of about $120k total.

I do have a passive loss carryover from last year for a self storage investment. Can I use that loss to offset the capital gains on these lots?

I am familiar with the concept of the lazy 1031 exchange, but don’t know if that applies to vacant land held and sold for appreciation with no other cash flow.

@Zachary Harr

I have owned in the area for over four years now. Location, amenities and view all make a difference.

I have bought all of my properties using The Short Term Shop. If you plan to self manage, their training and private FB group is really invaluable.

I love this market and would not hesitate to invest here if the deal works.

@Bien Nguyen I live in CA and bought in TN. I have been self managing for 4 years now. If you have good cleaners and maintenance people it can be done.

@Rajendra Adhikari yes I have used Sense Financial since 2019 and have been very happy with them.

I have a lot that I recently purchased using 1031 exchange money from the sale of another property. I have the opportunity to sell it using seller financing, but I'm trying to figure out how I will be taxed and whether bonus depreciation on another property I will receive for 2022 will offset at least part of it. Yes, I'm going to talk to my CPA but just trying to make sure I'm thinking of everything.

Here are the details:

*Purchase price of lot $99,000 bought with 1031 exchange funds
*Sale price $175,000
*Held less than 1 year
*Doing seller financing with $25k down payment and 10% interest -accrues from day 1, but payments start after 12 months w/balloon for balance at completion of their project.
*Cannot 1031 exchange since I'm doing seller financing and therefore won't collect most of the money until next year.
*Will receive a K1 for 2022 with possibly $200k in bonus depreciation on another investment

Will this bonus depreciation offset the capital gains I would owe or no since it is taxed as ordinary income?
Will I also have to pay tax on the $99k that I used to purchase the lot since it was bought with 1031 funds?

Just not sure what the best way to handle this.... Thanks!

@Rohan Thakker

I have a 4 BR/5.5 BA that did 160k in 2021 in the Smokies. 15 years old with wooded view.