#15 Frank Melville: Creative Real Estate Solutions and Family Partnerships
In Episode 15 of the REIA Radio Podcast, we introduce our first out-of-state guest, Frank Melville, an active real estate investor for nearly 4 years. Frank's journey began with a house hack he purchased with his son in 2017, setting the stage for his innovative approach to real estate investing.
A unique aspect of Frank's story emerges when he discusses his ownership of a hotel with 19 other partners, all family members. This dynamic often blurs the line between business and personal/family decisions. Originally built by his father in 1953 as a 12-room ski lodge in Aspen, Colorado, the hotel expanded over the years, eventually becoming a 59-room hotel and 4 apartments. Frank and his partners successfully sold the hotel in early 2021, navigating the complexities of an S-Corporation structure with 20 different owners.
Frank shares insights into creatively dissolving the S-Corporation and leveraging his share to purchase a 40-unit single-family portfolio, all while avoiding capital gains taxes using a particular IRS tax code. His failing forward experience includes launching a hotel technology company in 1987, which he sold twice, teaching him valuable lessons along the way.
Join us for Episode 15 of the REIA Radio Podcast as Frank delves into creative real estate solutions, family partnerships, and valuable lessons learned from his journey.
Frank Melville on Facebook https://www.facebook.com/frank.melville.18
LinkedIn https://www.linkedin.com/in/frank-melville-6b74332/
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