billvon 2,400 #1 February 24, 2011 Finally. After months of mold remediation, lawyers, broken foundation tendons, arguing with some very odd people, and signing something like 45 agreements, addendums, amendments and acknowledgments - we are now the owners of a new (well, used) house. We're planning to rent out the one we're in now once we do some work on it. Now the real work starts. Painting first. The pain of carrying two mortgages for a few months - and of paying to renovate a house that we won't be living in - is somewhat counteracted by the fact that we don't have to make "the big move" until the basic work is done (painting, floor repairs etc) Quote Share this post Link to post Share on other sites
Cheach 0 #2 February 24, 2011 Very nice. dz.com house party? I woke up next to a blowup doll Ash....so what do you think? Quote Share this post Link to post Share on other sites
LongWayToFall 0 #3 February 24, 2011 Man. NICE PAD. Lots of room for carboys in that bad boy! Quote Share this post Link to post Share on other sites
VectorBoy 0 #4 February 24, 2011 Great it's already set up with solar and just waiting for water training. Congrats to you and Amy Quote Share this post Link to post Share on other sites
nanook 1 #5 February 24, 2011 If you want to make your present home a permanent rental, remember. Depreciate. In the end, 27 and a half years or so, you will reach zero basis in taxes. (you depreciate the structure, not the land, which may maintain it's value) Might as well start a depreciation schedule with the next tax season that you have tenants. Get back as much reduction in taxes as you can while you can. IRS Pub 527 is your friend.Welcome to the headache!! _____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
JohnMitchell 14 #6 February 24, 2011 As I understand it, once you depreciate to $0, when you sell the property the entire amount is subject to long term capital gains, right, regardless of what you paid for it? However, it's cheaper to pay that than to not depreciate and pay income tax on the rent received at your high marginal tax rate. At least, that's how I'm playing it. Quote Share this post Link to post Share on other sites
JohnMitchell 14 #7 February 24, 2011 It'll be really nice to do all the refurb stuff without having to work around furniture, etc. That's what Valinda and I plan on our next one. Nice place you got there, Bill. Quote Share this post Link to post Share on other sites
stitch 0 #8 February 24, 2011 If you're discrete you can probably find some pothead at the DZ to accidentally torch the other property. I never said this. I am not here."No cookies for you"- GFD "I don't think I like the sound of that" ~ MB65 Don't be a "Racer Hater" Quote Share this post Link to post Share on other sites
turtlespeed 212 #9 February 24, 2011 QuoteIf you're discrete you can probably find some pothead at the DZ to accidentally torch the other property. I never said this. I am not here. Next trip to Arizona you can pick up some illegals that will work for you.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
kallend 1,623 #10 February 24, 2011 Nice.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
piisfish 135 #11 February 24, 2011 you need an accuracy canopy to land in that garden Besides that it looks very nice. In my neck of the woods that would be a 2.5M$ house scissors beat paper, paper beat rock, rock beat wingsuit - KarlM Quote Share this post Link to post Share on other sites
popsjumper 2 #12 February 24, 2011 Got a spare room? I could be your personal assistant and Amy's cabana boy. 2 functions, 1 paycheck. House looks good. I would advise against a skydiver housewarming party, though. It'll cost more in repairs afterward. My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites
wayneflorida 0 #13 February 24, 2011 QuoteQuoteIf you're discrete you can probably find some pothead at the DZ to accidentally torch the other property. I never said this. I am not here. Next trip to Arizona you can pick up some illegals that will work for you. I think he can pick up plenty in San Diego. Quote Share this post Link to post Share on other sites
skymama 35 #14 February 24, 2011 Movin' on up, Bill, very nice! I'm going to be without housing soon, need a cabana girl? She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
airtwardo 6 #15 February 24, 2011 VERY Nice! ~ If you choke a Smurf, what color does it turn? ~ Quote Share this post Link to post Share on other sites
Remster 24 #16 February 24, 2011 Already has solar! Nice! And it looks about 2 1/2 times as big as your current one!Remster Quote Share this post Link to post Share on other sites
Remster 24 #17 February 24, 2011 By the way, is it close to the old one? Looks like similar type ravines...Remster Quote Share this post Link to post Share on other sites
billvon 2,400 #18 February 24, 2011 >By the way, is it close to the old one? About two miles. Will make the move a lot easier. Quote Share this post Link to post Share on other sites
BillyVance 34 #19 February 24, 2011 Quote >By the way, is it close to the old one? About two miles. Will make the move a lot easier. Yep, a pick up truck or open trailer will do. Fuck U-haul. "Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
billvon 2,400 #20 February 24, 2011 >Fuck U-haul. Well, there's a U-haul place between the two houses. I'm thinking a $19 pickup truck for a few hours should do it. (Unless I can talk Dave into letting me use his.) Quote Share this post Link to post Share on other sites
BillyVance 34 #21 February 24, 2011 Quote>Fuck U-haul. Well, there's a U-haul place between the two houses. I'm thinking a $19 pickup truck for a few hours should do it. (Unless I can talk Dave into letting me use his.) That's not bad. I think it would be all right for short trips, I just would not recommend U-Haul for long ones. If I lived closer, I'd lend mine to you, hell, even help you move."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
guppie01 0 #22 February 24, 2011 Nice digs Bill! CONGRATS!!! g "Let's do something romantic this Saturday... how bout we bust out the restraints?" Raddest Ho this side of Jersey #1 - MISS YOU OMG, is she okay? Quote Share this post Link to post Share on other sites
PiLFy 0 #23 February 24, 2011 Quote Finally. After months of mold remediation, lawyers, broken foundation tendons, arguing with some very odd people, and signing something like 45 agreements, addendums, amendments and acknowledgments - we are now the owners of a new (well, used) house. We're planning to rent out the one we're in now once we do some work on it. Now the real work starts. Painting first. The pain of carrying two mortgages for a few months - and of paying to renovate a house that we won't be living in - is somewhat counteracted by the fact that we don't have to make "the big move" until the basic work is done (painting, floor repairs etc) Congratulations, Bill. It's a beautiful castle Quote Share this post Link to post Share on other sites
CarrieByTheSea 0 #24 February 25, 2011 Congratulations! Near-perfect privacy. "Nature is cruel, but we don't have to be." ~ Temple Grandin Quote Share this post Link to post Share on other sites
nanook 1 #25 February 25, 2011 Yup. That's how I do it too._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites