Hey Fish - looking for some input on the following: I bought a beach rental property early on in the pandemic for 365k. In the current market, I could sell for 585-600 based on my agent and recent comps in the area. I initially bought as a long term hold but am considering cashing out for a quick buck. Otherwise I’m set to gross about $60k and net 30 this year through short term rentals. Anything I should be thinking about other than taxes and commissions?

like
Posting as :
works at
You are currently posting as works at

1031

like

Where is the property? How old it is? What type - condo / single family etc? How much monthly fixed cost excluding mortgage? What are rental $ per week and how many weeks rented in a year in a aerate? What will u do with the cash after sale? Let us know and we can provide some feedback. Also, can u afford it if it is not rented for let’s says a few months?

It is a tricky situation. U have great cash flow from the property, with this kind of return u can actually payoff this house in few years, and then have a great source passive income for long term. But it’s a good idea to sell it as well because the market is at all time high and u can simply your life by selling it, payoff loan and then dca in stock. U r young so think long term. If I were u, I would sell and invest cash / payoff loan, and try to buy something like this again in few years.

like

Sell - great IRR

Sell

1031 roll it into a multi family unit.

Personally I’d keep with good cash flow. I bought my beach property in 2019 and it’s already appreciated $550k. I’ll net $100k this year and plan to keep it. We use it a couple weeks a year and the cash flow is great.

C1 I can pretend that I’m real estate savvy but honestly I think there’s a bit of luck with timing. My first goal was finding a beachfront home my family and I would enjoy and then I researched what rentals were getting and felt confident I could cover the costs and make maybe $20k. Turned out it was more popular than expected plus Covid drove a desire for beachfront rentals and property.

like

Related Posts

Making the move to NYC to begin my career in Management Consulting (making $110k). Some friends of mine have suggested living in Manhattan (East Village, etc.) at least the first year, but I know rent is more expensive compared to areas further out. In your opinion, at what point does the $ difference matter?

like

Who has AIRBnBs? Is it a great investment and cash flow tool?

Anyone have AIRBnBs in beach areas like HI or the Caribbean?

like

Hi,

Kindly ping me if you need any help for filling up the ITR. I will help you to get maximum return.

Charges applicable.

Thank you

likefunny

Anyone selling 45k-50k united miles? I had a family emergency and have to get back home (not US) asap. Please DM me.

How do you strike the right balance between spending and saving? For example, if you’re looking to buy a car, do you wait until you can pay 50% in cash? 75% in cash? Full?

like

Hey everyone,
Can somebody please suggest some tax saving options?
I can't use rent and car as tax saving options. Please suggest others options.

Thanks🙂

You guys are focusing only on doge or other cryptos as well?

like

If CTC is 14lpa how much income tax I would need to pay under old tax regime. Please note that I've investment in ppf and nps as well.
Please let me know. Thanks

Any recommendations for life insurance product...typically the group insurance from employer doesn't appeal much as it's bind with them. What should one look for outside. Asset under consideration..350k home loan and 70k car

like
like

Anybody thinking about buying in this market? Haha Currently in NY and thinking of pulling the trigger given how high the rates are right now smh

like

Do you guys claim Home office expenses when doing taxes?

like

Can someone please help me to know which option i can choose for income tax declaration-
with exemption/deduction or without exemption/deductions.
till now my income was not under the tax slab income so haven't done it before.

like

Currently live in capitol hill- love the parks and beautiful streets and restaurants but want my kids to have a big backyard etc. Trying to decide where to buy a house — we love Frederick,MD but ...

like

Are there any similar apps to venmo which has less transactions fee ? I need send money to friend by using credit card

like

Debating between a few travel cards and need some opinions. Debating between Capital One Venture, Venture X and Amex Green card.

Live in a non major city with an international airport, but need to be flexible to different airlines. Which of those cards, or other cards out there, would be best

Traditional 401k or Roth 401k. I currently have a Roth IRA as well.

like

Highest paying city for realtors?

like

I’ve been seeing a lot of 🐠 post about buying homes lately. Is there a real estate trend that I’m missing out on?

like

I racked up about $20k in credit card debt due to a confluence of things happening at once (move, school expenses , etc ). I have a fair amount of paper assets but not a much free cash. Assets are down a decent amount with the current market cycle and I’d prefer not to sell them to cover the debt , although they easily could. Any suggestions how to handle the credit card debt without racking up tons of ongoing card interest?

like

More Posts

Derm nurse here- Please educate patients on the importance of doing head to toe skin checks
regularly. They even have free apps to help you track changes!

like

Whether there are enough gcp projects available in infy

like

Hi Fishes,
I have received offer from Icon International PLC as a Validation Specialist II

How's the role and benefits and work-life balance in this company

Your information is kindly needed

Happy Be Kind to Lawyers Day!

like

Can’t tell if 606 is inherently terrible or if clients just suck at implementing it

Does anyone know what agency did the Skip The Dishes rebrand?

like

Hello FAANG Fishes
Welcome to the bowl.

like

Hi fishes,
Please give your suggestion. I am little bit confused and worried too.
Few days back I gave interview for Qualcomm and got verbal confirmation from the HR that I am selected and will be receiving offer letter after 10 days.
Its been 7 days only but for one query I am trying to connect with HR, but he is not responding anymore.
So is this a sign that he has moved ahead with other candidate?

like

Anybody here have experience changing practice areas from patent litigation to technology transactions? If so, experiences, highlights, how you went about the transition, likes/dislikes would all be appreciated

like
like

Will any of the partners vote against the split.

like

Hey NYC renters, has anyone done minor / surface DIY landlord approved renovations? How was it received? Did it give you negotiating power when renewing?

like

Freelance comedy director recos? Non-union. Not looking for a prod co, just a director. Dialogue, quirky performance, not obnoxious or physical comedy. Ideally looking for someone with musical elements on their reel. Thanks!

like

What advice do you have for an M&A consultant looking to eventually get into venture capital? I graduated in May and just started my role so I don’t plan on exiting soon (not within next 2 years). But I’m looking to eventually work in VC and want any advice I can get. Can I exit directly or would I need to do something else before? Thanking about advice for things I can do now like networking, project work, industries, ect.

like

Who's hyped for impact day?

like

I think I've started to limit myself to the same few activities since the pandemic: study, eat, cook, watch tv, walk/run, abs. I'm starting to feel very stale. Can anyone suggest anything for me?

like

Anyone was being to portillo. Samana DR

like

Currently at MBB. Interested in moving to PE. I have a call coming up with an MD at a UMM/MF — we have a weak connection. How would you approach this call to help my chances for the specific firm? What are some questions to ask?

Maybe best to save the call for later when I know more about the firm?

like

What are people’s thoughts on the Boston-based firms?
Trinity, clearview, Hull associates, clarion, Boston Healthcare Associates, and Charles river, Syneos any others?

like

Additional Posts in The Real Estate Bowl

Has anyone gotten a real estate salesperson license (not broker license) to avoid paying the buyers agents commission? I read that a real estate salesperson has to work under a real estate broker, so I'm not sure I'd be able to avoid the commission even if I get a real estate salesperson license. I live in MA.

like

Who has AIRBnBs? Is it a great investment and cash flow tool?

Anyone have AIRBnBs in beach areas like HI or the Caribbean?

like

How do you know the limits of your DIY capacity? Started demo'ing a bathroom for a DIY remodel, but thinking there's a chance I'm in over my head and will need help, but not sure?

like

First time landlord with a house in an unattractive part of town. I’ve found I can rent to young professionals by the room for a total of $3200 or rent the whole house for around $2800. The problem is young professionals end up wanting flexible leases, and in the whole house rental market, I end up relying on vouchers. What’s the better strategy?

like
like

My rental property (Multifamily) was targeted in a shooting. No one was injured but the neighbors sent an anonymous letter to sue (unless I take action) for bringing their home value down / placing “annoying tenants”. Tenants were placed by my property manager. Am I liable? I have not been contacted by authorities about the incident but am working to get as much information as I can.

Any advice on how to proceed is appreciated. Don’t know who the target was, consider eviction moratorium (NY)

like

TX Property Help:
I have new tenants at 1 of our properties in TX who have placed official maintenance requests for every little thing wrong with the house. (all the way down to loose screw on the toilet paper holder, gap in the front door weather stripping etc.)
Their lease started Apr 9th, but they didn't send the Condition Move In Report back to me until May 17th.
Any recs on how to legally reject the requests? What items don't I need to fix, and how to deny them w/o pissing off tenants?

Post Photo
like

Can a non audit KPMG employee outbof the Charlotte office get an auto or home loan from Wells Fargo? Or is that restricted due to independence?

like

Fell in love with a house that hit the market a couple hours ago, touring it tomorrow afternoon (already booked with tours till then). It's listed about 30-40k below what comps have been selling for, so a bidding war is certain.

How do I reel in my emotional attachment that says "I HAVE to live in this house" to come up with a rational max to put in my escalation clause?

like

Thinking of buying my first home in 5-6 months. I also want to trade in my car and start leasing before it loses any more value. Would it be harder to buy a home if I get a car now?

like

I plan to buy a house next year but keep my current one.
Can the potential rent from my current home be used to qualify for a mortgage for the next house?

like

Am I the only person who wears a suit (no tie) on closing day?

like

Any banks doing jumbo cash out refi loans? I've got a duplex and looking to refi the loan to around 850k

like

Living in Chicago with SO. We both love our apt. a ton and has been a great experience. We both just started our first full time jobs. But I’ve been thinking a lot about the cost/benefit to finding a duplex/triplex and house hacking. I am paying $1050/mo. if you total rent, utilities and parking. To me it seems like house hacking I could cut my living expense very close to 0 if I do it right. To me it seems like a great move if I can handle the extra effort that comes with it? Crazy to do this?

like

Has anyone done a Master of Real Estate? Any thoughts of this degree?

like

Anyone selling an investment property in the northeast? New York, PA, NJ preferred. My family and I are looking for our 1st investment property so wanted to see if anyone had good deals that Zillow doesn’t normally offer

like

Thoughts on the future of the short term rental / Airbnb market? Versus longer term rentals

like