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Is this the Jersey Shore by chance? I think I saw the identical post on a STR Facebook forum. My suggestion is to watch Mark Kohler YouTube videos. We did the same (cost segregation, bonus depreciation, etc.) To offset the first year reduction of cash flow, but it turned out covid hit the next year and our first airbnb crushed it and stillndoea well. Just note the summer will be near 100% occupancy and fall/winter/early spring near zero.
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Yes this is. Ocean City, NJ. My wife posted on some of the forums she follows...I'm a Boglehead follower myself so I wanted to get input here.
Yes. Our plan is buy the property followed by cost segregation, meet material participation for STR loophole and then take bonus depreciation year one. Given highest marginal tax rate the year 1 tax savings would be substantial and help with cash flow as we get ourselves and our system established.
Yes. Anticipating 100% rentals June - August at 5k+/week. May/Sept/Oct will be decent occupancy but not crazy. November - April will be minimal/nothing other than the occasional holiday or off season festival. We'd use this time for property improvements, personal use, renting to friends/family who enjoy off season, etc...
Is this the Jersey Shore by chance? I think I saw the identical post on a STR Facebook forum. My suggestion is to watch Mark Kohler YouTube videos. We did the same (cost segregation, bonus depreciation, etc.) To offset the first year reduction of cash flow, but it turned out covid hit the next year and our first airbnb crushed it and stillndoea well. Just note the summer will be near 100% occupancy and fall/winter/early spring near zero.
[/quote]
Yes this is. Ocean City, NJ. My wife posted on some of the forums she follows...I'm a Boglehead follower myself so I wanted to get input here.
Yes. Our plan is buy the property followed by cost segregation, meet material participation for STR loophole and then take bonus depreciation year one. Given highest marginal tax rate the year 1 tax savings would be substantial and help with cash flow as we get ourselves and our system established.
Yes. Anticipating 100% rentals June - August at 5k+/week. May/Sept/Oct will be decent occupancy but not crazy. November - April will be minimal/nothing other than the occasional holiday or off season festival. We'd use this time for property improvements, personal use, renting to friends/family who enjoy off season, etc...
Statistics: Posted by jkushne1 — Thu Jul 11, 2024 10:42 am — Replies 11 — Views 409