All Forum Posts by: Robert Johnson

This is exactly the road I was going down, ABnB has the power to turn us off for any reason and host rights are often secondary.  Just curious if anyone has taken the multiple accounts approach as a firewall strategy - it does seem cumbersome and the risk we're talking about is probably the exception, not the norm.  (I should probably stay off of those FB AirBNB forums LOL)  FWIW - we've grown our VRBO and traffic - and are creating a direct booking site, both with the thought of curbing our AirBNB dependency.  However, it's still our bread and butter for bookings.

I wanted to get some feedback on the thought of separating Airbnb properties under different Airbnb profiles per property to protect oneself from the "worst case" scenario where Airbnb deems it necessary to freeze, suspend, or revoke a profile due to a situation.  End of day our business is very dependent on the Airbnb platform, so I see this as a potential risk.  

Does anyone do this or is this leaning toward overkill?

Does anyone have a recommended P&L format that they like and use?? I don’t mind paying for one if needed, I just need a better format than my DIY version in excel. Any advice is appreciated!!! Thanks!

Thanks all for the feedback, invaluable information. I’m leaning toward purchasing the second, smaller property. I am confirming financing before moving forward with another property and then securing a intermediary. What are the rules around selling a 1031’d purchased property? Can I sell after so long and do they treat taxes on that sale? My guess is the IRS will look back and tax any funds transferred as part of the original 1031. Same goes for refinancing? Any rules of the road there too? Many thanks!!!!

We have rented our (formerly primary residence) out for the last 7 years.  We did not intend to sell it, but recently found a nice duplex in the path of progress (lots of potential), and have decided to sell the single family and buy the duplex and potentially use a 1031.  The problem is the duplex purchase price is approximately $50k cheaper than the single family.  

Sales price on SFR: $185k after fees (originally purchased for $157k and has a cost basis after depreciation of $135K)

Purchase price on new duplex:  $135k

Boot:  $50k

If we choose an improvement 1031 exchange, I don't think I'd be able to legitimize the $50k expenditure on the $135k duplex.  It's move in ready and would be by far the best house on the block with improvements.   

Or we could purchase an additional house and combine the two to be greater than the $135k. There are small older SFR's around town under $100k.

Or we could pay the tax (I estimate $7500) and move on...   (we are in a 15% cap gains bracket).

Local 1031 firm wants to charge $1500 to set up the exchange.

Any thoughts or advice on the above situation?

Thanks all for your input.

C class property, 2 bed 2 bath ($650 mo) in Ohio. It's taken me a couple of months to get the apartment up to speed and now I'm running into holidays and dead of winter to find a tenant. Any advice or suggestions? I'm a bit tentative about the quality of the applicants id be getting this time of year? Thanks!!!!!

Hello! I am under contract for a 3 family unit, what are the pluses / minuses of paying my taxes and insurance via bank escrow? Thanks