All Forum Posts by: Marc Andrew

Thanks @Dave Foster! I'll probably end up 1031ing the half. I was trying to find a way to just hold all of the money for a year or two before jumping back into another property, but the last thing I want is to get in hot water with the tax man. 

@Tanner Crawley

I am in the process of finding a property to 1031 into. I'd clear about 250k on the building, so if the above 2/5 years for both sides scenario works out, I'd have cash in hand and not pay tax on any of it. 

I have an interesting question: I've been thinking about selling a duplex I've owned for 6 years or so. I have moved in/out of it several times, and depending on which unit had a lease, I'd move into the vacant side. The question is; If I sold the property would I have to pay capital gains on the "investment" half since over the course of the last 5 years I've spent 2 years living on each side of the duplex? 

It's 4 in Salt lake. Call the city of each town and ask - the rules vary city to city

Print it on a bottle opener. I'd keep it no matter what it said. 

@Jeb Brilliant I do in Fort Lauderdale

I agree with John, it takes a while to go through the courts, they're clogged up. Same with calling the sheriff out. Could take 3-4 weeks just for that depending on the county and their back log. 

@Davon Lowery Doesn't it take 10 hours just to get out of LA? haha! 

Seriously though, SLC proper is 9.5 hours according to google maps. There's some canyons up this way that would fit the criteria. You would never want to buy anything up a canyon without water rights. If they dont come with the property, they're really hard to get and can cost up to 80k depending on the canyon. 

Depending on how remote you want - Millcreek canyon has some places up for sale in the 200's. Check the utahrealestate website for the Porter Fork area. It's very remote (I think only 50 cabins up there) and it has tons of hiking trails and a stream right out your front door. In the winter, the road is only accessible by snowmobile though (at least that's what I hear). but the main canyon road is accessible. They also turn the last 7 or so miles of the road into a snowtouring road (no cars) from Nov-June. So that's very cool. These cabins are on leased land from the national forest service though, so they have to be bought cash.

Aside from that, emigration canyon is nice, but you wont get a place for under 450k. Big & Little cottonwood canyons have the ski resorts up them, but expect to pay for that (again, around 450k bare min for a house). You may find a condo at solitude or snowbird for the mid 200s, but it's not going to be the remote cabin feel obviously. Will be very easy to rent out though. 

All of the above places are 30 minutes to downtown SLC, so having a property mgt company check on it shouldn't be an issue. 

Moab, UT may be another option. It's not really the mountains, but an awesome area. Dont have to deal with snow either. 

Hope this helps

Are you against northern Utah?

Kudos on the 4plex. That's an awesome area and for 415k, that's a steal. I see 4plexs in the area pulling in the same rent for 600-750k, not updated. It's insane. Anything under 250k is here and gone in less than a day. It's pricing so many people out. Housing got too expensive too fast and is due for a correction. It reminds me of the 06-08 days when people bought houses, painted them, and sold them for 50k more, especially in those areas. I know and keep hearing the deals are in WVC and the rose park, glendale, etc areas, just not my style over there. 

If you hear of anything similar to what you have in that area, please let me know!