All Forum Posts by: Nancy Bachety

It should have been communicated between buyer and seller. 

Maybe, they were “phantom” bookings. 

Bookings do not transfer but there are workarounds already mentioned. 

Probably not a valid reason to break your contract. 

Yes. Must be pretty sweet refinance. Can't imagine what the current rate is for that but it's a great way to pull out probably a lot of equity.

@Michael Baum

There is always that risk. Out east, in the Hamptons and the North Fork, there have always been short term rentals. People have been vacating their homes and renting seasonally for decades. Of course, it has evolved since then into shorter stays. Yes, 100 steps to the bay and a few miles to the ocean. You should come on out to this part of NY sometime!

Probably early on. We do exceptionally well with one on the east end of LI now.

What are you thinking?

Time to roll our TN cabin into something bigger. We’re looking to upsize it and a couple of LTR’s into one property and use the equity for something on Long Island, NY. This has been our exit plan to transition to fewer doors. Poke holes or message me if interested. 

Be aware that most professionals (FA's) want to steer you towards a product they can make money off of - by managing or selling, like Bob pointed out. They are not likely the ones to turn to in this situation because they don't see the importance of tax planning in your situation.

I don't have a specific company in mind that works with 1031 funds but I bet a search on BP would steer you. I've worked with @Dave Foster for my 1031's into other property and I'm not sure he works with funds but he might direct you or comment on it. 

Can you do a cash out refi on properties in an IRT? This allows you to defer or eliminate the capital gains tax. 

Or you can sell and 1031 into a specific fund account used for this very reason: exit from property management but hold onto your tax advantaged status. I would look into this option. It pays out monthly until owners pass then the funds transfer to heirs. It isn’t a regular reit and requires a qualified handler. 

Sounds like a simpler option and that is what you need and your parents would probably benefit from too. 

Good luck. Hats off to you for doing what you’ve done for your parents and continuing to do.  

We do this. From NY, our "family" home is occupied by a family member and we sleep there sometimes. Our NY summer home is on the east end of LI where we have a AUD which more than covers our annual expenses for those two properties. Our winter home is in NE Florida St Augustine, which sees its greatest revenue in the 8 weeks of summer, and holiday winter weeks, when I don't want to be there. This also more than covers. Our "regular" cash flowing STR are in Smokey's and Amelia Island, which substantially pay for our lifestyle. That said, I love to travel so we rented the FL house out this February as we travel throughout Thailand. We're coming way ahead on that deal.
Make sure you don’t mind leaving your vacation when and if you want to take a vacation or travel.  
And consider just investing elsewhere and renting when you want to stay where it’s 75. 

Besides that^^^, a very good liability/umbrella policy.

Maybe his cleaner quit on him.  We know how much pleasure she gave him.