All Forum Posts by: Salvatore Gaglio

Hey Dylan how has your unit been performing on Tybee Island? I’m looking to get into this market.

9 months later this post and a little over a year owning this property and I'm considering my options to spring me forward to the next deal. We love our Airbnb, it's profitable. However, we can see a cash return on the sale of the property that would take us 5 years to achieve if we keep with the STR strategy. So! Here I am at a point of do I sell, 1031 exchange into a duplex or multi family or do we keep our STR going, save more cash and look again in a few years!? I understand the tax deferral strategy of the 1031 but was curious if it allows you to avoid the capital gains tax aspect. I know I'll pay tax eventually if I sell and don't 1031 but would that be at a nominal tax % or does that cap gains tax follow me.

Looking forward to hearing what you all have to say. Any input is appreciated. All of your support and knowledge has helped me out tremendously so far. 

Thanks everyone!

@Chuck Boody yes, 10% down via vacation home loan offered by guaranteed rate mortgage.  

@Dmitriy Fomichenko thank you!!

@Chuck Boody   Thank you! & Yes we did a vacation home loan. Only requires 10% down. I used Guranteed rate but didn’t have the best experience. I will be looking into another lender for my next property. 

Thank you! I appreciate that. This is our first place as I mentioned in the post and we were really focusing on being as close to the beach as possible. So far it’s paying off. Are all of your locations walking distance to the beach as well? Or have you found yourself doing well inland closer to let’s say golf courses. Appreciate the response! Look forward to hearing back 👍 

Investment Info:

Condo other investment.

Purchase price: $285,000
Cash invested: $20,000

Lovely 2 bedroom 2 bathroom condo in the Ocean forest Villas.

We did a small cosmetic renovation which helped boost our appeal to the STR market. All self performed (sweat equity) my self and my partners all have construction and carpentry backgrounds.

https://abnb.me/wWRvnIzmJrb

I have now achieved super host status on Airbnb which was a major accomplishment for my team. We are hopeful to keep this STR strategy moving forward and acquire more properties.

What made you interested in investing in this type of deal?

STR space has been interesting to me for quite some time. As an avid air bnb user, and an aspiring real estate investor I wanted to enter the STR space and add it to my portfolio.

How did you finance this deal?

Cash 10% down

How did you add value to the deal?

Sweat equity cosmetic renovation

What was the outcome?

Beautifully renovated apartment for STR market

https://abnb.me/ihzeF4lnJrb

Lessons learned? Challenges?

Pricing! On going learning.

Investment Info:

Condo other investment.

Purchase price: $285,000
Cash invested: $20,000

Lovely 2 bedroom 2 bathroom condo in the Ocean forest Villas. Purchased with 2 partners. We created an LCC. Purchased with a vacation loan with the purpose of STR. So far we are doing great! I invite you all to check out the listing. I connected with a lot of fellow BP members to make this happen and couldn't have done it without the knowledge and expertise of the people from this community.

We did a small cosmetic renovation which helped boost our appeal to the STR market. All self performed (sweat equity) my self and my partners all have construction and carpentry backgrounds.

https://abnb.me/wWRvnIzmJrb

I have now achieved super host status on Airbnb which was a major accomplishment for my team. We are hopeful to keep this STR strategy moving forward and acquire more properties.

What made you interested in investing in this type of deal?

STR space has been interesting to me for quite some time. As an avid air bnb user, and an aspiring real estate investor I wanted to enter the STR space and add it to my portfolio.

How did you finance this deal?

Cash 10% down

How did you add value to the deal?

Sweat equity cosmetic renovation

What was the outcome?

Beautifully renovated apartment for STR market

https://abnb.me/ihzeF4lnJrb

Hey guys. Great info and stories, learning a lot from everyone’s input. Do any of you use any Airbnb management companies? Seems like most of the hosts here are dealing with their problems head on and managing fairly well. I’m also new to the Airbnb str market and was always curious if any one has used a managing service. 

I apologize if this is too off topic from your original post @Leon Lee!!