All Forum Posts by: Leor Fay

Thanks @Paul V. , that makes me feel a bit better before taxes 😅 & and thanks @Henry Clark

So it looks like I qualify for the 15% tax.

At what part of the equation should I deduct that? At the 59,300 or 132300 (if i add back the 73K)?

This is the first offer I received. I like that it’ll take the property off my hands quickly.

But I know neighboring unit sold for $160K or more. I was hoping for a better profit, even with having to pay capital gain taxes. 

Thanks Paul.

I’ve had the property since Aug 2021, so this would be long-term. Do you know the income brackets for determining whether it’ll be a 0, 15, or 20% tax?

Hey everyone, 

I listed a property at 168K
I got a cash offer for 140K w a 2 week closing.

Realtor Fees 4% (-$5600)

Closing Fees 1.5% (-$2100)

Remaining Mortgage ~ 73K (-$73000)

That leaves me at $59300

If i substract my Initial Investment ~38K (-$38000)

That leaves $21300. (If I get to keep this)

Where does the capital gains tax come into play in this math?! And how much will it be?!

Overall, I feel like this is not in my favor, but could use some tips.
Please advise, BP fam! Thanks! ✌️

Loving all the energy of your post and the group you’ve formed!!

If you are interested in growing your STR portfolio or anyone in your network is looking to invest in an STR, I'm actually selling my beachside condo in Daytona Beach (official STR zoning) to pursue new ventures on the west coast.

Can send you the listing in a private message .

Keep up the great work and that passionate, fire energy!!!

@Quinn Stewart

I actually am selling my beach side STR to pursue a new venture.

Daytona Beach has a lot of events that can make it a lucrative AirBnB if you market and price right!! So keep a close eye on the calendar of events in the area!!!

I found the Volusia county zoning office to be quite easy to get a hold of when I was searching for properties. The website is a great resource.

Daytona Beach Shores is actually easier to do STR than Daytona Beach, which can be strict. In Daytona Beach, Short term rentals require minimum of ~30days… so if you have a group that rents for just one week, you technically can't rent out again within that month. But in Daytona Beach Shores there is more leniency with less policing.

Condo-tels can be great. I have one of those! But you need to be careful with the HOA price, what amenities it includes, the daily rentals fees, managements rules, the cut the resort makes, etc.

And, If you’re in need of someone to run your future AirBnB, and/or cleaning, please let me know! 😀 

From my recent experience…

It depends on the zoning. You can call the zoning office to find out and they’ve been quite responsive!

You will most likely need a “tourist” zone to do short-term rentals. However, you could also consider multi-family residents. The minimum short term in these cases is one month. But if someone only wants to rent a week stay, technically you will not be allowed to rent it out for another 3 weeks after that. It has to last one month for records/tax purposes. Does everyone follow this rule? Probably not…but depends how risky you want to be.

Hey everyone! I wanted to share that I just closed on my very first real estate property!!! 

I signed up for BP Pro Membership in November 2020. I told myself I wanted to be a real estate investor within a year… and now I can officially say that I am one! :)

I purchased a strict investment property - a beach front condotel in Daytona Beach - that I will AirBnB. I’ve always wanted to be an airBnB host, and now I will get to be one!

I also always wanted to live in FL, and soon (end of August) I will be! 

Everything that I wanted is actually happening and though the process was quite long and stressful, especially being in NJ, I learned so much, and met the right people along the way.

Honestly, I already cannot wait for my next purchase, which will be a multi-family property.

If you believe, you can achieve!!
Wishing my fellow BP newbies much success in their real estate investment journeys!