12/17/2023
C L O S E D (and coming soon!)
1311 Fort Manor Drive
$209,900
2 bedrooms 1 bath
Last month, I was watching instagram stories and saw Logan Bosiger show some footage of a renovation project he was working on. I immediately reached out and asked if I could come by and check it out for some out of state buyers. Jeff and Joni had found me on facebook and we had done a zoom call to drill down what exactly they were looking to buy here- which was an airbnb property. This was their first investment buy.
This was perfect for them and we got it under contract lickety split as Logan finished the renovation which included an incredible widened concrete driveway alongside the home. It was the talk of the neighborhood with all the was involved.
The buyers planned and bought and strategized and got into town last weekend. They were staying on an air mattress in the house was they spent 14 hours days setting it up. We weren't going to let that happen and we had one of our short term rentals opened so we gifted it to them for the week. That way they could relax at night.
They hired a handyman to put in fence panels for privacy along the driveway, we got them a tech guy for nest/security items, as well as someone to install wood blinds throughout the home, sent them cleaner recommendations (they interviewed several), sent Kellam over to wait for the internet to be installed and take several rounds of empty box pickups to be recycled. Jim's crew will go over and construct a door at the base of the stairs to the basement, and Logan even came by and took photos for their future airbnb (now that is a realtor going above and beyond!). We will install a sectional sofa where the delivery was delayed until this week then their airbnb listing will go live.
Here is the great news! They can benefit from BONUS DEPRECIATION, the juggernaut of STR Tax Savings. Bonus depreciation, a significant tax incentive, allows you to claim 80% of your accelerated depreciation (look this up) in the first year. It permits an immediate deduction of a large percentage of the purchase price rather than spreading it out over a traditional 39 year schedule. (Source - Intuit). I am not an accountant nor am I giving tax advice. But I do own STRs and know about this cool tax strategy? How do I know? A few years ago some EXP Realty guru's taught it to a bunch of us at one of our conventions. So when you look at all those buyers out there operating airbnbs, just know they are super savvy and the source of their airbnb income isnt the only thing that is saving them mightily in tax dollars.
I love a good story and this one is just that. And congrats to our new friends and cheers to helping them buy more short term rentals in Lynchburg !! And to Tony Goodman at First National for recommending the amazing 5/5 ARM product. It was a super deal!
