All Forum Posts by: Rob Bailey

Good to know. As it is, I decided to pass on the property with the potential AirBnB basement. It wasn't what it was advertised to be.

Thanks again.

Thanks for the great explanation. It all seems clear to me now. Unfortunately, I'm stopped at the valuation - my walk-out won't pass the valuation test. But now I know! Thanks again.

@Dave Foster So I may be making an offer on a place with an unfinished walk-out that could be refinished as AirBnB. I was planning on putting 5% down on the place ($370,000), so I could do a non-contingency offer. Then when I sell my primary recast the loan with a larger down payment. In the mean time I have this rental I wan't to sell in a 1031 exchange. I will have to move quick (next 24 hours) to get the new primary. What would my best steps be?

Interest idea! Thank you. Now if inventory weren’t so scarce ….

Thanks Dave!

I imagine that if I get a downstairs type rental (and I live upstairs), the valuation of the 1031 piece would have to go by square footage. If I found a place with enough property that I could build and ADU, can I somehow do that? Or does the exchange have to be for something already built?

The new primary was more than we were wanting to spend but thought about renting out the walk-out basement to cover the extra cost.

it doesn’t have to be same number of units, just like kind (investment) property of same or greater value. So I think I just answered my question in part. The value of the rental portion would have to be at least as much as the property I’m selling. Would it work then?

I'm going to sell my primary residence to buy another. I'm also going to sell my appreciated rental to my son with a 1031. I see a house where I could do a hack - living upstairs and using the downstairs for a LT or ST rental. Can I do a 1031 exchange into that somehow?

Good to know. Slow rolling my remodel is probably the only way I roll. LOL. 

I've been wondering what to do about mail though, not that we get much. Probably a PO Box will do. And I guess Amazon deliveries to the rental won't show up on records. And I guess there's no rush to change voter residence or DL either, so it sounds like a plan. Thank you.

Wow. Is that true even if I have no other primary residence? If so, that would make it a lot easier having a place to live for a few months while finding another primary. Thank you!