Home Selling in 98250>Question Details

John, Home Seller in 98250

how do I convert second home resident to investment property for sale?

Asked by John, 98250 Fri Nov 5, 2010

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Hello John. Do you have a rental history for your second home, either long-term rental or vacation rental? Your post states that you are in the 98250 zip code which includes San Juan Island. The San Juan Islands are a wonderful vacation destination (as well as a great place to live) and vacation rentals here can be a great way to add investment/income value to a property. There is a pretty good long-term rental market here on San Juan Island as well. Once you can establish that your home can provide an income flow, via either long-term or short-term rentals, it should be possible to market it as investment property. There are a couple of very good long-term and vacation rental management companies in Friday Harbor, including Windermere.
0 votes Thank Flag Link Sun Jan 29, 2012
Are you trying to your second home into an investment property before it sells? Maybe you're hoping that would be nice selling point? Hmm...I would thing that you'd need to prove good renter history and show that the rent you charge would compare closely to the buyer's monthly mortgage payment.
0 votes Thank Flag Link Sun Nov 21, 2010
It's not at all clear what exactly you're trying to accomplish. Assuming this is a tax question, you should consult a tax professional who can look at your entire situation, if necessary.
0 votes Thank Flag Link Sat Nov 6, 2010
J, I think this is an accounting/tax issue and you should seek advice on any filings or paperwork that needs drafted. Get a free 30 min consult to start with a tax advisor and if it is still unclear seek out the same with a tax attorney. Good luck.
0 votes Thank Flag Link Sat Nov 6, 2010
Hi John, We would need details of what you mean by convert? and if your selling it do you mean to spruce it up or renovate it to bring most value? Is it a single family or multi family ?

Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Fri Nov 5, 2010
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