All Forum Posts by: Adam Pippert

I want to make sure I understand the nuances correctly before making this suggestion to to my better half, so hopefully BP can give me good advice about this and make sure I'm thinking through the repercussions correctly.

TL;DR My wife hates living in the South and wants out ASAP and our owned primary residence doesn't come anywhere remotely close to cashflow potential, so how do we leave before the 2 year mark while also avoiding a hefty inflation-induced capital gains tax bill?

If I understand this correctly, one way we COULD do this is sell our primary residence and move into a rental house back west (we moved to Richmond from Portland OR area last fall), and within 180 days of the sale do the following: a) start an LLC as a QOF with the both of us to invest in a property in an opportunity zone (we've already identified a potential area of investment and investment strategy), and b) purchase an investment house or condo in said opportunity zone. At that point, we're free to live wherever we choose to in the area, don't pay capital gains on the sale as long as we keep the investment property within the rules of the Opportunity Zone guidelines, and get to both gain equity and slow down the timeclock on finding a new property. Is it worth all this trouble (and potential fees to do a QOF right) to save 15-25k in taxes? Would like some perspective on whether this is even accurate, and if it is, has anyone out there done this?

https://developer.amazon.com/e...

I have a W-2 in tech, and I saw this pop up in conversation. Curious what the BP community thinks of having smart devices like this in higher end STR or long-term rentals? Do you think these devices are beneficial for customer retention or differentiation, and do they make a difference in managing units? My gut feeling is that something like this could be great to have in an attraction-dense area for a luxury STR, but it's usefulness would be diminished going outside of that specific use case.

@Mark Pedroza, that's a great place to start, thanks!  I'm going to call a few family law attorneys this afternoon as well, and see what they suggest.

I'm interested in finding out more about Virginia's probate process, to buy homes from this process to wholesale and eventually buy/hold. Does anyone know the particulars of how probate works here? The process seems very unusual compared to what I've heard about in the PNW, and I've been fortunate enough that my family hasn't had to deal with it here due to disciplined estate planning. There's no separate probate court, and all done through the county or independent city Clerk of Court, right? Any other distinct things to know about unique to VA? I'm looking specifically in Richmond Metro and Charlottesville Metro at the moment, but open to learning about the process in the Shenandoah Valley and Hampton Roads areas if it turns out those deals get me some valuable experience and a good network.

@Taylor L. I just got back from a Portland visit, so I likely won't be able to make this Hardywood event this time.  Is this a regular cadence?  Would love to come to the next one!

Also, I'm doing #75Hard (Brandon Turner did this at one point, I head about it from a BP Podcast), so I'll have to wait to grab beer until after Sept 3rd.  But I'm down to try it next month!

OK, so brand new to actually posting and not just surfing the forums to follow up on the podcast... Anyway, I'm stumbling through using the iPhone app and wanted to remove a mistake post (or at least edit it).  I know that if I'm on my laptop, I can click the 3 dots and edit an existing post, but I don't see a way to either edit from the mobile app or erase a bad post altogether.  If the policy is to never allow post erasure, why might that be?  I have never been to a forum that didn't allow deletion.  I'm fine with it as long as I understand why, it's just not super clear to me yet.

@Dmitriy Fomichenko thanks for the welcome!

@Anthoney Hanks 404 error: comment not found.

Just kidding, thanks for the warm welcome!

@Brandon Spurlock thanks so much! Let me know when that BP newbie thing pops up, and we should meet soon for coffee!

@Adam Pippert ok, that was a fail. Sorry, new to posting here and still don’t know much about editing on the iPhone app, etc.

I would imagine, as someone looking at that type of property to rent myself on Airbnb, that comps wouldn't necessarily be just local to the Columbia but also lake properties. The type of STR renter looking for that big boat dock isn't looking at locality as much as amenity.

Here's a great example. My wife's friends get together every year for an annual trip to a large house somewhere in OR or WA and they need a house to accommodate 12-16 people. That's a much more limited market than simply a traditional STR customer, and so they widen their search considerably to accommodate. Someone looking to take their larger boat to a house like your falls into the same category.