All Forum Posts by: Adrian Cartis

I'm selling my retirement/vacation 3BD 1.5BA home in Roscommon, MI.

Airbnb in 2023 & 2024.

Listed with Ken Carlson Realty

https://www.zillow.com/homedetails/109-Woodcrest-Dr-Roscommo...

Thank you for your reply, my main concern is the high cost of 1031 exchange providers. A tax liability of $9K let's say vs a 1031 exchange charge of $9500 let's say it's not worth it. This is why I was asking about taxes due on the scenario initially posted.

Sell is my first option; tired of having the property under contract(s) for an year now, just for the sale to fall through.
So I'm exploring refinancing with cash-out, keep the building a little longer. Decisions-decisions.
Thanks,
Adrian (630) 460-8305

Ok, I"ll call tomorrow morning, 9am CT if you're available.

I surely can use all the help I can get, especially if we can communicate after 5pm CT, when my workday is over. Phone call would be best.

Appreciate your assistance, and I wish it was that simple and straightforward. The thing is I have my eyes on a building lot, and plan on building a Modular House. STR for 12 months, sell it after 1 yr, 1031 again and so on. Not sure if it will work, if not, keep it as STR/Airbnb. And I should not have expensive repairs/improvements since it would be new "construction", with all kind of warranties, right? One more thing, I am in Chicagoland, the STR I'm selling is 6hrs away (Roscommon, Mi), I want to have the Modular House built closer to home. Still MI state, lake Michigan proximity for lake vacation attractions.

 That's good information you provided; just to make sure I understood correctly the tax liability, for a $70k gain on this transaction, I would pay $10,500 (15%) taxes? The 1031 facilitators I contacted charge about the same, if not more, and it puts pressure on me with the 180 days time frame. 

Thanks Christie, I have not gathered enough information about Indy market, but I would appreciate if you can provide some deals to get a flavor of your city.

 I think the financing sources need to be evaluated per each investor situation; specifically, in my case, just received my letter of discharge from Ch.13 Bankruptcy in July,2018 - most of the banks won't probably waste their time with me. That's fine, I can blame the system and wait 3 more years or so, or I can use hard money to finance 85% of the purchase price + use available funds from my 401k to cover the downpayment. At least that's what I plan to do. 
And if I get 24 months interest only payment on the private money loan, 2 years from now I should be able to refinance the loan into a conventional one, given that I'm getting a good deal on my property. That's where you come in with your listing, preferably multifamily properties in B areas - maybe we can get some deals for less then 100K later this year, I think late November-December can be a good time.

 Mark, thank you for your offer, yes, I'm going to need your help, as soon as I can find professional advice in regards to the financing process; I think my situation is a little more complicated, I'm still evaluating the situation myself, since my visits to local banks were not helpful.
I think there are some attractive opportunities in your area; there is hard money available, but since I'm looking for buy and hold properties, I think this option (1 year loan term) it way too risky for me.