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All Forum Posts by: Mike Moran

Mike Moran has started 11 posts and replied 20 times.

Post: long term to short term

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

@Sean O'Keefe - thanks for this and for the insight.  I’ve seen a lot about using as a rental for 2 years and then converting to  primary residence. 

Here is my scenario:

Sell current LTR; 1031 into Lake STR; rent out for 2-5 years; use personally less than 14 days per year; convert the property to a secondary/vacation residence for my family. It's that last step that is tricky, or is it not? I don't plan on leaving my primary home for quite some Time.

Thanks!

Post: long term to short term

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi there - I have a long term single family rental that will be sold in the next 60 days ($200,000) as it doesn't make me much monthly.  I am interested in purchasing a seasonal short term rental as a replacement ($500,000). 

Any concerns with this?  At closing, and for the 2024 tax year, the replacement likely won't have any income/tenants because it's on a lake and more of a warm-weather rental.

Thanks so much.

Post: 15-18 month bridge

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

I can’t see how to connect haha! 

Post: 15-18 month bridge

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi there - I own and manage 120 units of several different varieties (SFH, Duplex, Quadplex, Multi). At the end of 2025, I will be refinancing two of my portfolios (roughly 80 of the units) and extending the amortization as rates are up. That said, I have an 18-unit that would be a great addition but I'd like to bridge it until the larger refinance and then include it as part of said refinance. Purchase price of $2-2.1M, willing to put $5-600k down. Looking for guidance on either private lenders, private investors, etc that may be interested. Thanks!

Post: Solo 401k for Real Estate Investor

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi there! I quit my banking job over a year ago and now do REI full time. I am also a RE Agent, mostly for my own deals and for family and friends. I'm interested in learning if my REI income (Sch E) could be shielded by contributing to a Solo 401k - or if I them open myself up to SE Tax; or if I should just focus on my Sch C RE agent income to make those contributions. Any advice would be helpful! And yes, I have a CPA, but There's always more than one way to skin a cat!

Post: Selling Land for a loss?

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi, this is probably common sense but I'm asking anyway!...I have a few LLCs that own rental properties; a mix of buy and hold and BRRRR. I just recently bought some land/acreage for $135,000. My question is hypothetical....if in say, 1 or 2 years my taxable rental income is $75,000...and I sold the land to a builder/developer for $60,000 (a $75,000 loss) that same year....would my net taxable income be $0? Or, if i sold it for $210,000, would my Sch E income now be $150,000? **I do not consider myself a real estate professional for tax purposes**

Post: Is this a Weird house hack?

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Thanks. I knew this seemed too good to be true; but had to ask !  Again, thank you @Eamonn McElroy!!!

Post: Is this a Weird house hack?

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi - so was toying with this scenario in my mind...My company (or a company of a distant relative, if necessary) - constructs a beautiful single family home for ~$750,000 and mortgage it as well. We then lease the property to a tenant, who then sub-lets it to me personally  

Probably illegal...but why? Looking for some guidance. 

Thoughts? 

Post: Flip sale 1031 exchange?

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Gentlemen- thank you kindly!  I’m going to hold it for a bit :). 

Post: Flip sale 1031 exchange?

Mike MoranPosted
  • Investor
  • Lancaster, NY
  • Posts 21
  • Votes 7

Hi!  I have a good understanding of the 1031 exchange but have this question. If I buy a property, rehab and sell it within a 3-6 month time frame, can i 1031 exchange that into a long term hold property?  The specific numbers would be:

Buy 75k

Rehab 40k

Sale 165k

Exchange into:

165k+ purchase

Rent out and refinance