All Forum Posts by: Pierre E.
Pierre E. has started 29 posts and replied 118 times.
Post: ADU / House Hacking in Annapolis, Maryland / Anne Arundel County
- Washington, DC
- Posts 118
- Votes 42
Quote from @Diane Dutt:
Here it is in black and white as stated by Aa county zoning.
“An Accessory Dwelling Unit (in-law suite) is allowed in all residential districts with the exception of the R22 District and is defined as a second dwelling unit in an owner-occupied, single-family detached dwelling that occupies the lesser of a maximum of 1,000 square feet of floor area or one-third of the floor area of the dwelling. An accessory dwelling unit shall be located in a principal dwelling unit that is located on a lot of at least 14,000 square feet. No more than one accessory dwelling unit is allowed. The accessory dwelling unit may not be separated from the principal dwelling by an attached garage or by a breezeway, open or enclosed.”
zoning code is typically not flexible when it comes to matters of density or minimum lot requirements.
I have a 4 bedroom home in Bowie and rent 3 of the furnished rooms to medium term rental tenants. 1100, 1200 & 1300… and do plan to rent my room when I move on to the next property.
I would love to pick your brain on more of how this has been working for you!
Post: Airbnb Arbitrage in Annapolis Neighborhood
- Washington, DC
- Posts 118
- Votes 42
would love an update! and what about the STR rules in Annapolis? Does it need to be owner occupied (Annapolis City specifically, anne Arundel county is different)
Post: 1031 exchange minimum value?
- Washington, DC
- Posts 118
- Votes 42
Interesting! Love the input. I am really excited to employ this strategy to scale in the next year or two.
Follow up question, What is the value of the relinquished property based on? List price? Appraisal value? Sale price?
Can I go under contract for the replacement property before the relinquished property is sold?
Post: Buying land for STR Build
- Washington, DC
- Posts 118
- Votes 42
Quote from @Mack Lengel:
Hey Christina! That's a really great question and it looks like the answers you have already gotten are good ones. As an agent who deals with building STRs quite frequently (Smokies), your agent should only be entitled to the commission being offered in the listing.
I list a good number of pre-construction cabins, where we have land, floor plans, furniture, and builder contract already lined up so the end buyer just has to come in with the construction loan like you are doing. It makes things more streamlined than piecing it all together, and we build the commission into the package for the buyer's agent. But that is for our packages, since you are putting it together on your own it shouldn't be an issue.
Hopefully I could provide some insight there! Keep me updated, I would love to see what you build... Asheville is a beautiful area!
how often are people doing this? are people getting reasonable equity after building for something like this? I am trying to find out typical LTV for a SFH property that you build with a construction loan but its not been easy trying to find.
Post: Land to Construction Build Out
- Washington, DC
- Posts 118
- Votes 42
any updates? looking to understand more about this process too. ROI on new build on land for a SFH that could be an STR
Post: New build Short Term Rental - Table Rock Lake
- Washington, DC
- Posts 118
- Votes 42
how did it go?
Post: 1031 Exchange Land Excess for Construction Not Boot?
- Washington, DC
- Posts 118
- Votes 42
Got it. Thinking of a little patch of land that I do not own but likely could purchase, and build on... but then if 1031 a currently owned property, purchase that land with intent to build with some type of build that can be done in less than 180 days, the land does not exceed the value of the relinquished property... thats the challenge. thanks again!
Post: 1031 Exchange Land Excess for Construction Not Boot?
- Washington, DC
- Posts 118
- Votes 42
I know from searches that you can take a property, and 1031X it and purchase land for investment purposes.
What if I want to take a SFH property that I have, lets say its worth 500k, and 1031 exchange it to purchase land worth 100k and build immediately for something that will cost 550k to build ... is that do able in any possible way?
I am thinking its not, and also thinking a reverse 1031 might not work either since building on it would mean you already own it... But it would be a lot easier to
Post: If you COULD start over again... What would you do?
- Washington, DC
- Posts 118
- Votes 42
in real estate I would have taken advantage of the STR loophole, and also gotten more mentorship for someone that understood the market I was in instead of using general advice. woulda been less headache more revenue.
Post: Looking for Help for Cost Segregation Study in DC
- Washington, DC
- Posts 118
- Votes 42
Anyone known any contacts that could perform a cost segregation study in the DC Virginia Maryland area?
Any advice for someone going through it for the first time? Things to watch out for, things to expect, things to avoid? Or things that could make it go as smooth as possible?
Did you do your CSS before or after renovation, or both?
Thank you in advance for the help!