All Forum Posts by: Michael Calvey

I would suggest using our Find a Lender service which is free for you to use in order to find a trusted and vetted hard money lender directly from BiggerPockets. 

It sounds like you've got a good handle on your property situation, but you're right to look for ways to minimize your tax hit from that nice appreciation you've seen.

Here are a couple of ideas that might help:

1031 Exchange: This is usually for investment properties, not your primary home. Since you used your property as a Short-Term Rental (STR) for two years, it might qualify. This lets you defer paying taxes on the profit if you buy another investment property with the money. But, since you're looking to buy a primary residence in California, this might not fit your plans right now.

Structured Installment Sale: This is a way to spread out your profit over several years by receiving the payment in installments. This can help keep you in a lower tax bracket each year, potentially reducing the total tax you pay. It's a bit like getting your sale proceeds as a series of smaller checks instead of one big one.

Cost Segregation: This is more about saving on taxes for the property you're buying next, rather than the one you're selling. It's a fancy way of breaking down your new property into parts and depreciating some of them faster. This can give you bigger tax deductions sooner, which might help balance out the tax you owe on your sale.

Capital Gains Exclusion: Since you lived in the property as your primary residence for at least two of the five years before selling, you might already know about the $250,000 (single) or $500,000 (married filing jointly) exclusion on capital gains. But since you switched to using it as an STR, make sure you've got all your dates and numbers lined up to take full advantage of this.

Remember, every situation is unique, so it's a great idea to chat with a tax professional or financial advisor. We actually have a great way for you to find a trusted one with our Tax Pro Finder Tool, under the Build Your Team Section. 

They can give you advice tailored exactly to your situation, making sure you're following the rules and saving as much as you can on taxes.

Good luck with your sale and the move to California!

Have you explored Steadily for insurance for your properties?

It could be Steadily who is great for affordable property management insurance. National Real Estate Insurance Group also has a lot of different products for real estate investors. 

If you are like me trying to remember a product or service that you heard about while on the go listening to a podcast is tough.

It's like trying to recall a grocery list you left at home while you're already in the store!

The bank you're remembering from the BiggerPockets podcast is called Relay. They have a handy feature where you can manage multiple accounts for each of your properties but only need to remember one login. This could simplify things a lot, right?

We just launched a feature to find a property manager for real estate investors yesterday. 

It’s designed to help real estate investors like yourself connect with reliable, vetted property managers who take care of everything for you. This could be a perfect fit for managing your single-family home rental.

As someone who manages short-term rentals, I've started using automation to help run things better. It's supposed to save a lot of time and make things less stressful.

Have any of you tried using automation in your rental business? If you have, how has it changed the way you work and how your guests feel?

I'm eager to know what parts of your business you've automated, which tools work best for you, and how it's made things better for your business.

Let's get into it:

1. What kind of automation have you used in your rentals?
2. How has automation made your business better and improved your guests' stays?
3. Do you have any advice for people who want to start using automation but don't know how to begin?

Managing a rental can be as tricky as a high-wire act, especially when it comes to picking the right tenant!

A friend of mine, who not only manages but also lives in his triplex, is about to face a vacancy.

He's considering a strategy that includes a 3x income-to-rent ratio, pricing the rent $100 below the market, and stringent background checks (no felonies or evictions in the past decade, and no pets).

What do you think? Is he on the right track, or is there more to the tenant screening equation?

What criteria do you rely on? Have you ever made exceptions to your usual screening process? How did that turn out?

Do you emphasize a positive and verifiable rental history, or are there other 'must-haves' or 'deal-breakers' you swear by in your screening process?

Dive into the details—I'm all ears for your screening strategies and stories!

@Dhaval Desai That's great to hear about your plans in Austin! Starting tomorrow, May 1st, 2024, we’re actually rolling out a new feature that might be just what you need. It’s designed to help real estate investors like yourself connect with reliable, vetted property managers who take care of everything for you. This could be a perfect fit for managing your single-family home rental.

@Sandesh Ghodke Great news! Starting tomorrow, May 1st, 2024, we're launching a new service that connects real estate investors with vetted and trustworthy property managers. It could be the perfect solution for your needs in San Antonio.