Brook Walsh Real Estate Blog - Real Estate Investing

Things To Know About 1031 Exchanges For Vacation Homes

Before you sell, consider swapping your aging income property for a vacation home in a like-kind real estate exchange.

Put simply, a 1031 exchange is IRS-speak for swapping one income property for another. It’s a unique tax benefit—with some specific requirements—that’s becoming more common in real estate deals as property owners increasingly look to trade up for vacation homes.

In 1031 exchanges (or "swaps"), you’re changing your investment in the eyes of the IRS, transferring the gain from one property to another while allowing your investment to grow tax-deferred. If you qualify for a 1031 exchange, you’ll defer paying taxes on the sale until you sell many years later. And since there are currently no limits to how many times you can 1031…

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Keys to Buying A Vacation Home

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10 Vacation Rental Management Tips | Northern Michigan

Northern Michigan Escapes Ultimate Guide: 10 Strategies – Master short-term rental management with expert tips on pricing, marketing, and guest experience to maximize ROI.

Northern Michigan Escapes - We began with one home and one idea

Our Founder Brook Walsh and his wife, Rachel, realized they could provide better and more cost-effective services to homeowners than other property managers could, A LOT better.

Brook used his background as a Chief Information Officer, and a customer-first approach to business, to make vacation rentals easier and better for both guests and homeowners—that’s how Northern Michigan Escapes was born. 

Our Vacation Rental Management Program

Northern Michigan Escapes is all about creating seamless,…

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Don’t Miss Out On These Important Tax Savers For Home Owners

The tax filing deadline is quickly approaching. If you own a home, here are some important residential tax-saving incentives you should not miss:

Residential Energy Tax Credits

• Residential Energy Efficient Property Credit - Taxpayers may take a credit up to 30% of qualified solar, wind, geothermal and fuel cell property improvements. This includes labor costs to assemble, build, and connect the equipment. The credit is capped at $500 per one-half kilowatt of capacity purchased.
   
• Non-Business Energy Property Credit - Taxpayers may take credit for 10% of the qualifying costs to improve energy-efficiency for the non-business property. Qualified improvements include adding insulation, energy-efficient windows/doors, or…

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Financing Your Future Lifestyle Investment Property

A Guide for Getting Started

Vacation rental homes are spiking in popularity and for good reason. A 2016 HomeAway survey showed that 70% of vacation rental homeowners could pay at least half the mortgage on their vacation home from the rental income it generates. For owners who work with professional property managers, the cashflow benefits may be even greater.

Investing in a vacation home that’s also a vacation rental can create a best-of-both-worlds scenario: You get to enjoy downtime in one of your favorite locations while getting an income-generating property that helps pay for itself. Full-service vacation rental management companies like Northern Michigan Escapes make life even easier by booking and communicating with guests while also managing…

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5 Easy Ways To Improve Your Credit Score Fast!

With the rising cost of rent in Northern Michigan, you might be thinking this year is finally the year you’re going to buy a home. This is an exciting time for anyone, but there’s one big thing that stands between you and your dream of owning: a mortgage. (Click here to see Northern Michigan's finest collection of ski-in/ski-out vacation rentals)

While you might feel financially ready to take on a mortgage, it’s ultimately up to the lender to deem you responsible and financially stable. One of the ways they do that is to take a peek into your credit history. Maxing out your credit card in college or forgetting to pay a bill here and there might not seem like a big deal at the time, but it could come back to haunt you later in life when…

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Bought Your First Home Last Year? Here Are The Tax Breaks You Could Be Taking Advantage Of!

Buying a home is an exciting time in many people’s lives. It’s the point in your life when you stop paying rent and start building equity with a mortgage. While there are many practical benefits to owning a home, something many people don’t discuss is the tax breaks. (Click here to see all Northern Michigan Waterfront Lifestyle Homes for Sale)

As tax season is upon us, let’s take a look at some of the unique tax breaks that homeowners can take advantage of:

MORTGAGE INTEREST

For many first-time home buyers, one of the most pleasant surprises come tax season is the knowledge that your mortgage interest is tax-deductible. At the start of January, you should have received a notice from your lender letting you know how much mortgage interest…

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What Is Escrow? 3 Key Things to Know Before Buying a Home

The purchase of your first home can be an exciting and exhilarating process. Homeownership is something that many people dream of. Owning your own home means not being held accountable to a landlord. It means the freedom to paint, remodel, and redecorate your space how you like. It means creating the perfect space for you and your family to build a life together and create memories that will last a lifetime. (Click here to see Northern Michigan's finest collection of vacation rentals)

For most people, the purchase of a home is also the largest transaction they will make. This can be daunting. Few buyers have the resources to buy a home outright, and this can make the buying process even more complicated because lenders are involved too. One of…

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1031 Exchange Explained: Tax Benefits for Investors

In this post, you’ll learn how to do a 1031 exchange with real estate. Topics include 1031 exchange rules, types of exchanges, success stories, and more. Continue reading to learn how to use this powerful strategy!        

Introduction:

A 1031 Exchange, also called a Starker Exchange or Like-Kind Exchange is a powerful tax-deferment strategy used by some of the most financially successful investors. This is, perhaps, even more, true as we head into 2018. Why? Because in many U.S. cities' prices real estate has surpassed the “bubble levels” of a decade ago. Because of this, many investors think that today is the optimal time to exchange properties in expensive markets for cash-flowing properties across the country. (Click here to see all Lake…

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7 Practical Steps For Improving Your Credit Score

Proven Steps For Improving Your Credit Score Quickly and Effectively

Steps For Improving Your Credit Score—Boost your credit fast with these (now) 13 proven tips, expert strategies, and practical advice for long-term success.

Your credit score plays a powerful role in your financial life. It can be the difference between getting approved or denied for a loan, paying high or low interest, or even landing your dream apartment. Whether you're just starting out or trying to rebuild, there are actionable steps for improving your credit score—and you can start today.

Let’s explore these steps one by one so you can build a stronger, healthier financial future.

Understanding Your Credit Score

What is a Credit Score and Why Does It Matter?

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