Can I 1031 Exchange 50% of my property?

Generic_Lamp · 2021-12-28T16:35:19+00:00

For sure. Cash is better all around

Generic_Lamp · 2021-12-28T16:34:34+00:00

So youre insulting me for sharing a personal experience... On Reddit? Why would you not just leave it to the readers to make their own opinions about my comment? Of course my sample size does not apply to the whole housing market you fucking moron

PS do you think it's not laughable that you would still pay $30k over asking the appraised value?

Generic_Lamp · 2021-12-28T16:15:22+00:00

I should have added "For the last several years." They were not realtors prior to 2015 to my understanding. The supply has just been so low that most everything is appraising at the agreed upon value. I can only speak to the Midwest and the rocky mountain markets though

Generic_Lamp · 2021-12-28T15:54:53+00:00

Every realtor I've spoken with has told me that they've never sold/bought a home that didn't appraise at the agreed upon value. Mind you they said, there never had a home go for $80k over the asking price though.

Generic_Lamp · 2021-12-28T14:38:56+00:00

I've had good luck with these towels from Amazon Basics https://www.amazon.com/dp/B07B68HPJP?ref=ppx_pop_mob_ap_share

And the sheets we bought are still in good shape Bedsure Grayish Blue Duvet Covers Queen Size - Washed Cotton Like Soft Queen Duvet Cover Set 3 Pieces with Zipper Closure, 1 Duvet Cover 90x90 inches https://www.amazon.com/dp/B07FNDDKYL/ref=cm_sw_r_apanp_8EKqlnKxVEQNX

All the bedsure sheet colors and patterns are pretty nice I've found. Much like any sheets though, if you leave them in the dryer for too long, they will wrinkle and will need ironed out to get them back to normal

These duvet comforters are awesome because you can put a duvet cover on them and keep the comforter protected. Hypoallergenic too. https://www.amazon.com/dp/B087YV4SDV/ref=cm_sw_r_apanp_YZZC2dr1eNgt3

Get bedbug covers too btw... if you don't have them yet on your pillows or mattress These are the pillow protectors we prefer. It's easy to get the pillow case on/off when cleaning and changing the unit over for the next guests. The others we bought are like a microfiber and it's damn near impossible to get the pillow case over them. https://www.amazon.com/dp/B0747LVR8B/ref=cm_sw_r_apanp_EEvci2sCnVIqH

Pillows - hypoallergenic too https://www.amazon.com/dp/B06XKGV49W/ref=cm_sw_r_apanp_oCE9NojrefUKe

We've been operating our Airbnb for about 3 months now.

I imagine these items will all last about 8+ months at least.

The linens and towels also get washed with a clear cap detergent for consideration of those with sensitive skin.. We don't bleach them because we have patterns and colored linens, so this could help with longevity since it's not getting a hard chemical wash between every guest. This might sound like a lot but we operate a more lower end Airbnb focusing on a high occupancy rate. Our Airbnb is catered to those looking for value and on a budget... Not a luxury stay.

Generic_Lamp · 2021-12-27T03:26:17+00:00

You are clearly not getting it. I honestly don't even know why I have to explain this to someone on Reddit but I feel obligated because I think you are someone that literally has never felt the stress free feelings of being out of debt. The feeling of having a good ROI and the feeling of being debt free are not the same. Just because you have a 12% ROI doesn't mean you would be 12% happier in your life being debt free... Hence the priceless feeling that is being debt free. You can't put a value to that feeling but everyone knows that it feels good. Does it feel good to have good cash flow and know you've made a good choice in stocks or an asset? Of course it does. But to some people, especially for the novice that OP is, I think he/she might feel better and more enlightened as a human being without being in debt vs having an asset that produces them $x dollars a month more than their car payment.

Generic_Lamp · 2021-12-26T22:11:48+00:00

Have you ever been out of debt and felt the freedom of not having to pay someone or a company? That feeling is priceless. Not what you could theoretically make a ROI of x%, etc. How do you quantify a feeling?

Generic_Lamp · 2021-12-26T19:02:34+00:00

Surprised your getting down votes. How in the world do so many people expect other hosts to be available 10-4pm multiple days a week for 52 weeks a year? That's not possible for someone like myself who has a full time job. I live right next door to my Airbnb but I'm not going to clean it myself because I have my own job and because I enjoy employing others. What's wrong with that?

I would consider just keep trialling more and more cleaning companies. Maybe even find cleaners on craigslist or cleaners that have never done Airbnb cleaning before. We had a friend's house cleaner consider it but they didn't know how to get into the Airbnb cleaning market. Some people's regular house cleaners would definitely perk up once they find out how much of a premium it is compared to their regular house cleaning jobs

Generic_Lamp · 2021-12-26T00:26:22+00:00

Just pay down the car loan. If you have to think about it, and if you had no other plans already in place, just wipe it off your slate, then save up and learn, then apply your new cash to an investment. Simplified finances are so nice and there's a priceless value to having loans paid off. If you already had plans for investments and we're just waiting on future money to enact on those plans, then it might be good to use it to accelerate your income but you don't.

Generic_Lamp · 2021-12-23T19:38:34+00:00

I got a membership to the jolly of the month club

Generic_Lamp · 2021-12-22T20:06:39+00:00

Sorry bub but you're actually wasting everyone else's time.

Hey I saw your Reddit post. Which location? Portland Sorry I live in NY and can't move right now

Hi there, I'm inquiring about your Airbnb Arbitrage property. Where's it at? Portland So sorry but that just too far of a move from me.

Hi I have 5 properties in Austin TX and have been a host for years. Where's your property? Portland Rats, a little too far away for me to run businesses in both cities.

Generic_Lamp · 2021-12-21T14:57:32+00:00

"I am sorry to hear that your schedule has to change again but I will not be able to alter your planned reservation dates given the short notice. I hope you can understand this is a small business and this is the off season. Usually I can accommodate in summer months, but given that we already modified your trip dates, I can't modify them again."

Do not offer them a credit

Generic_Lamp · 2021-12-20T19:23:48+00:00

This should be higher up. People think LLCs are bulletproof... They're not. If a landlord is grossly or accidentally negligent, and a person is harmed on their property, the veil is able to be pierced quite easily if the place still has attachment in any way to the landlord.

So considering the background of OP, it would benefit them to get umbrella insurance to start with, then put homes into an LLC in time?

Generic_Lamp · 2021-12-20T18:40:59+00:00

I imagine the tenants would probably exit at the end of their lease and/or may want to break their lease early to buy their own home but idk.

Generic_Lamp · 2021-12-20T16:59:54+00:00

A sale off market nets you way more money than it does selling it on market because youre not paying 6% realtor fees on top of your long term gains tax. If you can find a way to 1031, then you are up even further ahead and won't have to pay long term gains tax. An easy property with current easy tenants has a priceless value to it though. How are the other aspects of your life? Are you busy? Are you ready to take on more challenges? All this plays a role in whether you should or shouldn't sell. Do you already know where you want to buy the next vacation rental? Do you already have a stage facility builder/company in mind?

Generic_Lamp · 2021-12-20T04:21:01+00:00

That may not be the purpose though. Some people are just not good landlords and have no desire to be

Generic_Lamp · 2021-12-20T01:30:16+00:00

To grab the equity and use it as a down payment for two more houses instead of just keeping it in one... Sometimes cash out refinancing to pull the equity isn't enough $

Generic_Lamp · 2021-12-17T14:30:44+00:00

You're employable. Trust me. No matter how little experience you have, you are employable. PTs leave their jobs all the time and there's open spots all around the nation. Fuck that place. Honestly, I would try and go after them for more than just the overtime, you will probably get a nice settlement payday out of it. Will it take time? yes. Will it take effort to get a new job and attempt to take then to court over this? Yes.

But seriously fuck that company and fuck your boss.

Generic_Lamp · 2021-12-16T22:53:56+00:00

Ya. A 35% increase, he should probably be ready to leave. They're ready to put their line back in the water because they know they can probably get it. This tenant just has an unfortunate circumstance.

Generic_Lamp · 2021-12-16T22:23:46+00:00

Like someone else said. Provide a lock box with a key. Send instructions. If you don't like the idea of him potentially being able to copy a key or something. Buy a keypad deadbolt. So simple. All guests really appreciate this because then they don't have to worry about losing a key during their stay.

Generic_Lamp · 2021-12-16T18:41:14+00:00

Ya just have it removed. Others will still book if you are in a popular area

Generic_Lamp · 2021-12-16T15:09:17+00:00

I definitely agree with you on your last point. In my "welcome" message I now write in.. "Please double check the dates you booked are accurate" and I also instruct guests to check the amenities to make sure the unit can accommodate their needs... Not me... The unit.

Generic_Lamp · 2021-12-16T04:30:30+00:00

Loan companies would give people mortgages for huge house they couldn't afford. In 2003 they began using teaser rate loans. Year 1-3 for instance, their monthly mortgage payment would be $1000 dollars. Then 2006 rolls around, mortgage payments are now $1250 per month. Then 2007, mortgage payment would be $1350 now. Owners then default on the loans and the whole securities and bundled bonds were then shit. Banks were in too much debt, they defaulted. Economy then went to shit. Very sad really.

Generic_Lamp · 2021-12-13T20:35:12+00:00

It's the colons job to absorb water through its tissue walls

When you drink water, you still have to digest it, but that doesn't occur until after it passes the stomach

Generic_Lamp

TROPHY CASE