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All Forum Posts by: Glenna Wood

Glenna Wood has started 0 posts and replied 294 times.

Half bath way more functional.

If you don't plan to live in it, it may be best to leave it in the SDIRA. I have been mulling over a similar situation but have a few years until RMDs start. If you keep the investment in your SDIRA, any impact to your heirs? I haven't seen anything about inheriting a checkbook LLC. And who knows we might all be undoing them in a few years if the laws change. Ugh.

If you have that house in a Roth, that's awesome and congrats!! If it's not in a Roth, it will be taxable as a traditional IRA distribution as if it were cash at your personal tax rate. And of course on either IRA type you'll have the appraisal and fees to your SDIRA custodian to liquidate the account, do the in kind distribution, and record the new deed. Best wishes!

Post: Tenant moves out and takes over and above.

Glenna WoodPosted
  • So MD
  • Posts 294
  • Votes 191

You didn't do a walk thru with this tenant at checkout? Was the security deposit handled correctly at closing? You don't know if the interior doors were present or not?  Don't know why you had to file an eviction on a month to month tenant? Did the tenant install that vanity or buy the range? It isn't clear what your question to BP is but if you are thinking of getting legal help to try to collect from this tenant, I wouldn't bother. No, they should not leave food in the frig. No, they should not leave personal property behind. Keep their security deposit and handle it according to your state's laws and replace, cleanup, and screen a new tenant. 

Post: AirBNB in Mount Dora question

Glenna WoodPosted
  • So MD
  • Posts 294
  • Votes 191

I love Mt Dora but haven't been there in years so I hope it hasn't changed too much. Speak with the town officials about their current rules on STRs. Read thru some city council or commission meeting minutes. Tedious but if neighbors are complaining or the town officials keeps bringing up issues about STRs that's a warning to you. 

2 BRs is small but doable. On a small 1930s house do a thorough check on how the house systems were updated, roof, drainage, electric, HVAC, plumbing, etc not just the viewable interior. I would lean to a house with a long time owner vs a recent flip. FL has it's share of shoddy construction work. 

FL lives on tourism. Check with the local Chamber of Commerce as they usually collect data on who visits and why. Mt Dora is close enough to Orlando for people who want a day two at the attractions there but also want to enjoy a day at the beach at Daytona, kayak or hike in the Ocala National Forest, or enjoy "Old Florida" history in the town. Plan to market your unit accordingly. Best wishes!

Don't think age of construction affects it at all. It's strictly up to the majority vote from the people in the HOA. If you buy with an HOA make sure you have an exit plan to sell if STRs get axed. If the entire development is new the builder likely still has control of the HOA until a certain % of units are sold. Of course they would say yes. If it's new units in an existing community then that's a better read on the HOA. Read the rules yourself and don't rely on a sales rep saying so. Best is follow John Underwood's advice. No HOA.

Don't buy the "nicest house in the neighborhood" for any reason.

Post: 10K Plus Dead Tree Removal post closing

Glenna WoodPosted
  • So MD
  • Posts 294
  • Votes 191

If you didn't see this dead tree when you inspected the property then how could you ever prove the sellers knew the tree was dead? You can't and gossipy neighbor talk means nothing. Is there a dead tree question on the seller's disclosure? Highly doubt it. Tree removal is very expensive. It's dangerous work and fraught with potential damage to existing property while the tree is taken down.

Little difference in the lot prep costs but what you might save in efficiency in the building process is often eaten up by transportation of the prebuilt structure to your lot. But in an area with not enough GC's you can get to a completed building faster. 

Post: Two single family homes on one lot

Glenna WoodPosted
  • So MD
  • Posts 294
  • Votes 191

Talk to your city and county planning,  zoning, and building depts. This is completely location dependent. Rules on grandfathering and transfer of that vary too. Also county and city can conflict. Had a situation in NC where the county said recorded as a legal duplex. City said oh h*** no and the city is the one that issues the building permits.