All Forum Posts by: Joe Daniel
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Post: Need to buy STR by end of the year...
- Real Estate Agent
- united states
- Posts 41
- Votes 8
Quote from @Erica Morrison:
I received a lump sum of money this year from a small business I sold. I was told by my CPA that I should purchase an STR and do a cost segregation to offset the taxes I will pay on this money I received. I need to have it done by the end of the year and I am starting to stress! I am thinking about purchasing a property that is currently already an STR and am looking at Pinetop/Lakeside. My budget is around 650k. Is there anyone that is already in this market or that can provide any advice to my situation? Are there any realtors that might be willing to chat to discuss this area? We really like the idea of being in a mountain/cabin area, but I worry about being able to find vendors (cleaning, repairs, etc.) as there doesn't seem to be too many STR's in this area to compare to. Am I barking up the wrong tree? I live in CA. Thank you for any advice!
Hi Erica, congrats on the sale of your business. exciting next step! I am not local to Pinetop/Lakeside, but I do work with investors across different markets and STRs often come up. You will definitely want to connect with a local agent who knows the short-term rental rules and can recommend reliable vendors for cleaning/maintenance. Sometimes mountain/cabin markets can have great cash flow but higher seasonal challenges. I would say talk to a few local agents before committing, just to make sure the numbers work. Excited to see how it works out for you..