All Forum Posts by: Rachel Kokosenski

@ Paul Sandhu - I agree this is an option, but a hassle to be sure to refund, check it got returned, etc....

@amanda ferguson - yes, I was thinking about the keypad idea. It appears to be the easiest option. Also, the inside of the house can not be reached through the garage.

Hello, all! We are purchasing an STR with a garage that comes with one remote. I'm concerned that a renter might accidentally take a remote home with them. Please share ideas on how to solve this issue. We are fine with allowing them to use the garage, but don't want to lose the remote....

@Dave Foster the property to be purchased will be at least $250k, so we are all set there!

Hi. I'm contemplating doing a 1031 exchange on an SFR and using the proceeds to buy a vacation condo that I will do STR's on for at least 3/4 of the year. I do intend to use the property for a few weeks of the year myself, but it is definitely an investment property. I need some help understanding how much money I am going to have from the proceeds of the sale of my SFR, in regard to depreciation. Here are the details:

Property was purchased in 2018 for $59,900.

Owe $44,000 on mortgage.

Realtor said it could sell for $80-85,000 right now.

(Had a Cost Seg Study done on the property, but I'm not sure what number(s) you need me to provide from it; please advise and I'll provide the information you need.)

I understand the rest of the 1031 Exchange process, but I'm confused about how to factor the depreciation in so that I have a better understanding of what amount I can use to purchase the vacation condo. Thanks!

I'm looking into purchasing a home in a 55+ community in one of the desert communities of Southern California; probably, Palm Desert or Rancho Mirage. My husband is 52 and I'm only 50, but we would like to eventually move into the home full-time. So, the question is - can we buy it as an investment property and rent it out 6 months of the year to snowbirds (over age 55) and use it ourselves the rest of the year?

Or, is it better to buy it as an investment property, put a long-term renter in there until my husband turns 55, and then do the above strategy? Thoughts??

@Stephanie Reinagel - my STR had a great 2020 as well. The key that I found was to change my cancellation policy to the most flexible option. It seems that people needed that peace of mind in order to feel comfortable booking. I've decided to leave it as "most flexible" because even though people can cancel easily, I've also gotten replacement bookings very quickly. Much of my summer is already booked and it's just the beginning of February.

Another trick that I do each year: in January, I send out an email to all my renters from the previous year and offer them 10% off to book again with me for this year. It's amazing how many people take you up on this offer! (I did have one guy write me a snarky email, but I just ignored him.) Best of luck to you with your property!

@Greg Moore - I have an STR in Western Michigan. It was a rough beginning to the season since we could not rent until June, but since then I've been having a great year! One key factor seems to be that I switched my cancellation policy from super strict to super flexible. This made me nervous at first, but even when someone cancels, I seem to get a replacement very quickly.

@JenniferWyman - great insights! Thanks. Much to consider....

@KevinMurphy - thanks for your thoughts. I was just thinking it would be simpler to just do the Snowbird only rentals, especially since we would want to use it ourselves in the summer. I was thinking the Snowbird monthly rentals could just about cover the whole mortgage payment for the year (on the right property, of course). 

We already have an STR in western Michigan, so I know how to manage one through AirBnb and VRBO. But, I also know it's a real time commitment too! ;)