All Forum Posts by: Jerry W.

@Greg Moore, I am not an expert , but here is my advice.  If you are going to buy a vacation rental, then do it.  The market has been weird, but if you wait for things to be perfect you may wait forever.  I believe that VRs will only become more popular from the pandemic.  Several rules, actually care about your guests.  Deliver a good product for a fair price and you will always have clients.

@Lanesha Gerron, welcome to BP.  I am from Thermopolis WY.  Nice to meet you.  I have a handful of buy and holds mostly in WY, and a duplex I am using as a vacation rental.

@Timothy Bose, hey bud, be careful about any advertising except in Marketplace.  Good to see another person from Wyoming here.  Have you actually been finding any deals?  The recent surge in sales in my area has made buying anything at a reasonable price difficult.  I just got under contract on 2 mobile homes on their own lots, but we will see if the deal falls through.  It has some problems.

@Greg Moore, obviously business was dead during the shutdown, but since then business has been amazing.

To the best of my knowledge non of my guests have ever had anything stolen while stating with us.  I worked on one side for almost 3 years and never locked the door once and never had an issue with theft of anything.  I am sure that at least half of the neighbors do not lock their doors.

@David M., the point of asking in public is to let others also learn from my question.  What I was hoping is that the actual trade of properties would not require a 1 year wait in order do another 1031.  I have a property I am considering a 1031 on, but the offer to trade could increase what I might get for the 1031, unfortunately it resets the clock back to zero and start over.  I am not looking at flipping.  There is a high dollar property that I want to buy and hold.  It would be nice to sell an existing property and use it for the down payment, but I had another offer come up at the same time.

It is not uncommon to have to paint walls or even sometimes ceilings if the cat smell was really bad.  If the ceiling tiles were the cardboard type material they could also hold the smell.  However you can also paint the porous ceiling tiles with Kilz .  Unless damaged I see no reason to replace the sheetrock, it can simply be painted also.  Your bid looks pretty steep to me, but prices can vary from location to next.  It is worth getting 2 more bids.

Thanks @Dave Foster, unfortunately I can only vote for your post once.  Oddly enough what I want to do is sell and 1031 the second property as well, but I guessed the safe one year period would be best to follow.  I was looking at doing a 1031 on the property I have now, but I think the second one would sell for more with a little work.  I have never done a 1031 before and here I am wanting to a series of them.

@Juan Vasquez, you missed the point of @Nancy Bachety, if you have already listed it for a week in each of 3 months and are still undecided if you are going to do a vacation rental you are highly unethical.  You entered into a contract that you apparently have no intention of following through with.  This is not some lark.  Someone is going to plan an escape from the grind of work and the doom and gloom of the pandemic.  They will have saved up money and vacation time to go to the south and enjoy themselves, only to find out the reservation they made is yanked out from under them and they have to either pay a lot more and break their budget, or settle for a fleabag hotel, or maybe even worse sleep in their car.  You could easily ruin their entire vacation.  You are not cut out for a vacation rental.  You really need to care about people and them enjoying themselves to do well.  You obviously have no concern for their welfare.  Cancel all reservations now, return the money, and rent it long term.

This is a question for experts like @Dave Foster, I have someone interested in trading a property I have for another property straight across.  Mine is a nicer property but much smaller.  I suspect the difference in value would be as much as $40K,  in my favor, but if fixed up it's value would climb rapidly.  I believe I can do a straight trade and not trigger any taxable event, but then do I need to hold the property I just got, for another 1 year period before I can sell it and do a 1031 for cash?