All Forum Posts by: Art Webb
Art Webb has started 15 posts and replied 47 times.
Post: Real Estate Title Options w/ Trust Down Payment
- Posts 50
- Votes 7
I’m interested in giving my son a house downpayment via setting up a trust for him to use. How would the title be stated to keep the trust dollar downpayment investment protected from any future divorce settlement ? Assume the DP would be considered separate property. Thank for all comments. Art
Post: Real Estate Title Options w/ Trust Down Payment
- Posts 50
- Votes 7
I’m interested in giving my son a house downpayment via setting up a trust for him to use. How would the title be stated to keep the trust dollar downpayment investment protected from any future divorce settlement ? Assume the DP would be considered separate property. Thank for all comments. Art
Post: STR Lake Conroe, TX Good cash flow ?
- Posts 50
- Votes 7
Quote from @John Mausteller:
Where in OBX are you leaving? Have you sold your home there yet?
Corolla. Currently working with Realtor.
Post: STR Lake Conroe, TX Good cash flow ?
- Posts 50
- Votes 7
Quote from @Melissa Garcia:
You’re correct that Lake Conroe is more 2-3 night weekend stays, as well as seasonal. Thats not to say you cant be highly profitable. Dont cheap out when it comes to updates, decor/furniture & pictures. But of course make sure to do your research and see what other places that are realistic in comparison to yours are booking for. Out of curiosity, what neighborhood is it in? Make sure the HOAs allow it as well. Walden has some sections that do and some that don’t so that can be tricky. Make sure you’re working with a good realtor who knows what they are doing. If you need a recommendation I’d be happy to refer you to mine.
Post: STR Lake Conroe, TX Good cash flow ?
- Posts 50
- Votes 7
Hello all. Looking for some advice from several investors or agents on STR demand at Lake Conroe, TX. Currently looking at a 3 BR/2BA waterfront condo listed at $300K. HOA $409. 1780 sf. No boat docks included. Recent May 22 comp for 3BR same building was $280K. I would be buying as part of a 1031 exchange and probably investing $100k to $150k as DP. Same building has a 2BR/2BA for $230K HOA $315. 1188 sf.
What's your thoughts on pricing and potential rental income for the above ? I'm leaving an OBX North Carolina area where we only due 7 night rentals from May thru Sept each year and stay 100% occupied one block from beach. I'm worried that Lake Conroe may only be 2-3 night weekend rentals and rental income may fall short of PITI. Thanks for your comments !
Post: 1031 exchange: selling as individual, buying as LLC?
- Posts 50
- Votes 7
I'm considering selling my rental (in my name only) via 1031 exchange and buying my replacement property in a single member LLC for asset protection purposes. Can I do this ? Any hidden issues ? Upon death does my wife receive the LLC property at a stepped up basis as if it had not been placed into a LLC ? Thanks all ! Art
Post: Reasonable Number of Maintenance days on Vacation Rental?
- Posts 50
- Votes 7
If you are having a contractor install replacement windows while you and family are staying at the vacation rental can this be counted as a maintenance day ? Thanks
Post: Rental demand in Conroe Texas.
- Posts 50
- Votes 7
Are there any good waterfront condo communities that rent well at Lake Conroe ? Any Airbnb mgt companies ? I’ve heard about alligators there has that been a problem. Assume it takes a bite out of water skiing and paddle boarding . Thanks !
Post: 1031 Exchange to Rental to Personal to Sale. What is taxable ?
- Posts 50
- Votes 7
@Dave Foster. Thanks Dave…..just can’t get away from that Depreciation recapture tax…brrrr.
Post: 1031 Exchange to Rental to Personal to Sale. What is taxable ?
- Posts 50
- Votes 7
Hello, I’m looking to sell a rental property and exchange into another rental property in a future retirement city. After renting the replacement property for two years live in it as personal residence for 3-5 years and then sell it. What are my tax obligations upon sale after living in the new rental property ? With the Section 121 qualified vs nonqualified use provisions does my gain start with the replacement property’s net purchase price going forward or does it reach back to the prior relinquished property cost basis ? Thank you for all responses ! Art