retire to nature
Recycles dryer sheets
- Joined
- Aug 10, 2018
- Messages
- 383
I decide to sell my airbnb house. It is absolutely good profit house, but I am getting that moment why I quit my nursing job because I dont like interact with non sense people. Also, I kept for a while to know how I would do with my free time with quitting full time nursing job. Now, I dont feel good to go there to work or worry. I want to be free from the work. Also, my dogs got health issues with tumors 
My sister bought it in 2012 and renovated. She started renting from 2016. She passed away 2019. I used to live there and did airbnb, and now I moved out. The title was transferred to me in 2021 with step up basis value of $395k.
My sister was doing bank owned house job, so she knew all code thing pretty well, but she changed many stuffs and didnt updated to city record. Funny thing is the address have some special, so it was not required much regulation. I sold one house in the same special district didnt require municipal inspection. But I could anticipate some issues with violation, so I just kept renting not to bother myself.
I called an appraiser to get to know the value since my step up basis was by realtor cma. He said he has only residential license. Since I make good income( approx $7-10k/m, and property tax 2k/y), he wasnt sure if it can be residential with income plus the number of rooms (11 rooms). It was new to me I need to change the status since so many people doing airbnb
I called the city assessor office. The officer said, it is recorded as residential and it is assessed every 2 yrs and next assess time is Jan 2023. If it is making profit, it can be changed to commercial property. But if it is commercial, the tax will be doubled.
I called my realtor agent she think selling it as commercial property would be better profit. Then, I need to get a commercial appraiser.
I am planning to sell as is. So just need to get commercial appraiser and sell it? Do I need to know anything special? I was gonna sell as single family house residential with my primary residence since I lived there 2 yrs out of 5 yrs. Can I still apply even though I change it to commercial? Any pros and cons Residential vs commercial ??
Thank you in advance.
My sister bought it in 2012 and renovated. She started renting from 2016. She passed away 2019. I used to live there and did airbnb, and now I moved out. The title was transferred to me in 2021 with step up basis value of $395k.
My sister was doing bank owned house job, so she knew all code thing pretty well, but she changed many stuffs and didnt updated to city record. Funny thing is the address have some special, so it was not required much regulation. I sold one house in the same special district didnt require municipal inspection. But I could anticipate some issues with violation, so I just kept renting not to bother myself.
I called an appraiser to get to know the value since my step up basis was by realtor cma. He said he has only residential license. Since I make good income( approx $7-10k/m, and property tax 2k/y), he wasnt sure if it can be residential with income plus the number of rooms (11 rooms). It was new to me I need to change the status since so many people doing airbnb
I called the city assessor office. The officer said, it is recorded as residential and it is assessed every 2 yrs and next assess time is Jan 2023. If it is making profit, it can be changed to commercial property. But if it is commercial, the tax will be doubled.
I called my realtor agent she think selling it as commercial property would be better profit. Then, I need to get a commercial appraiser.
I am planning to sell as is. So just need to get commercial appraiser and sell it? Do I need to know anything special? I was gonna sell as single family house residential with my primary residence since I lived there 2 yrs out of 5 yrs. Can I still apply even though I change it to commercial? Any pros and cons Residential vs commercial ??
Thank you in advance.
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