All Forum Posts by: Scott Donnelly

I agree regarding the benefits of 1031, and have explored a bit. Clearly there’s also some tax benefits there. But, we are in a relatively HCOL area, the market is a bit tapped, and for the same reasons a sale could be interesting, buying a new property locally would be $$$. We’re not totally ready to buy something remote and manage from afar, though this is a possibility. 

Strictly from selling standpoint - what am I missing and any opinions on the profit? So that we have all cards/info on table. Thanks!

Hi all, would love to crowdsource some opinions on making a decision here. 

Our situation: Purchased a rental property (condo) ~2.5 years ago. Lived there briefly, but not long enough to use home/primary exemption for sale. Invested ~41k for purchase, and very little otherwise. Now have the chance to sell for probably around ~35-40k profit after taxes/expenses. Some details; property is a bit of a PITA, we don't love the HOA and are having to be much more active in managing it than desired. Some capex expenses are coming; new roof via assessment, perhaps some other expenses inside the unit. And though it cash flows, it doesn't really hit the mark that we want. While a long term buy and hold is obvi a decent call, we also have a chance to simplify our lives and get some appreciation out.

The selling expenses I am aware of: LTCG tax, depreciation recapture, normal closing costs, etc. One downer for us is that we will have to pay some subsidy “claw back” costs because we are self-employed and use ACA insurance. Aside from the above, am I missing other expenses for sale of rental property? And, who has thoughts in regard to our final decision? TIA!

Hello all - I own a condo in NH that is rented to a responsible, quality tenant. I've been asked by the tenant to allow a short term roommate (new to the area) to occupy the 2nd bedroom for a single month before moving into a new residence.  I am inclined to allow it, although it is an explicit variance from the current lease.  What do I need to do to cover myself, and is there any advice out there for how to handle this in an ideal manner? Any form/document someone has used in the past to spell things out? Thanks all in advance.

Brief update on this; despite repeated attempts to contact and engage said President, we have been totally blanked. Repeated requests for the HOA books have been ignored, as have repeated requests for a special meeting to resolve the issues with the entire association. We've spent a great deal of time and effort attempting to fix this situation. Any recommendations regarding legal resources for this type of situation specifically? Is it time to go to this step? I am assuming it likely is....Appreciate any insight.

Hi - First time poster, but read quite a bit and listen to podcasts. Have a question for the experts. Strange situation here. We are relatively new owners in an HOA in NH. What we have recently realized via an examination of the HOA's finances is that one unit appears to not be paying any HOA fees, and have not for at least a year. The owners of this unit act at the President and Secretary of the HOA, and are essentially taking what they should owe in HOA fees as their payment. This arrangement was not disclosed to any new owners, and was not mentioned during the first meeting of the HOA that included new members. The owners of this unit have also recently proposed a monthly fee increase to grow reserves, address repairs. While it is possible they inherited this arrangement, what does everyone think of this? In reviewing the condo bylaws, it specifically states that no member may take payment whatsoever for acting as an HOA officer. Thoughts? Ethics, etc?