All Forum Posts by: Rich Barrett

@Frank Borzen Very helpful. Thank you! As a Floridian, I really laughed at your description of their vacation week. You nailed it!

1031 is definitely not what you're looking for. The only thing that would be close would be an Opportunity Zone investment. It is designed to defer capital gains taxes. I have no idea if it would work with an annuity. I doubt it would absolve you of the 10% penalty. 

@Chris McKenna I just saw Blue Ridge listed as one of the 10 best places for short-term rentals somewhere. We drive through there a couple times a year but have never stopped. It's a beautiful area, very hilly, and there's a lake there that I hear good things about but I've never been on it. It's pretty close to Atlanta so an easy weekend getaway spot for folks. 

@Frank Borzen Yes, that's exactly what I'm thinking. I'd either do it through BoatSetter.com or create a separate LLC and probably partner with the local marina (he's willing) to handle small repairs, etc. Either way it would be a completely separate rental agreement with separate insurance and liability waivers. The local marina only offers pontoon boats so offering anything one could ski behind would certainly be a differentiator.

While I'm partial to MasterCraft and Nautique (performance, reliability, and resale), I think something like a Yamaha jet boat would offer a better ROI and like you said, I'd be a lot less concerned about damage. What was the ROI on your Carolina Skiff?

@Sherjil Ahmed seems pretty hard to meet the 1% rule in many parts of the country right now. A huge influx in North Florida is driving purchase prices sky-high. In these situations, the appreciation side of the spreadsheet starts to weigh more. Do you agree or disagree?

Thanks for the feedback, guys. I think perhaps I wasn't clear on the parameters I'd put around the boat rental. If you've ever used BoatSetter.com, you know there are ways to protect yourself and to insure that the operator is experienced. I've owned and operated boats of all types for 35 years, so yeah, it could be a headache. All investments have varying degrees of risk and the question, of course, is whether the return justifies the risk. I currently operate a boat inside an LLC for a members-only club in Florida and have been doing that for 10 years, so I've got a little experience at protecting my backside.

I'd still love to hear from someone who's actually offered add-ons and what their real-world experience has been. 

We are considering a lakehouse as a STR. I'm curious if anyone has offered add-ons for their renters? Has anyone added a car (directly or though Turo) or a boat or anything like that?

I know it's done because as STR renters we've stayed at houses before where the boat was available for an extra fee. Obviously it's another moving part (liability insurance, repairs, etc.) but it seems that the potential for increasing revenue could be significant. Thoughts?