All Forum Posts by: Aaron T.

Originally posted by @Alexander Castro:

Puerto Rico will always be a tourist area to visit and whatever the situation they may encounter, the streets are full of tourist. In my opinion investing near or 10 minutes away from the Ocean is an A+. 

 That is the great thing about PR. you can invest 10-15 minutes from the beach and be in the mountain. IF you can find one with a great view, even better for monthly income.

the bad part is that monthly rentals means finding someone with a steady job to cover rent. Right now that is something residents are struggling with. This is why the BNB market is so big at the moment.

you will need to talk to the CRIM. They will help you; I use the term help loosely. when I say help, I mean you have to show up at sunrise and wait around several hours. 

 You will also have to pay for the title certification.

Originally posted by @James Carlson:

@Aaron T. 

Even if you got a variance, if you want to do a short-term rental/Airbnb rental, you need to make sure it's at least 500' from the other nearest non-owner occupied STR.

Now, if you live in the property, the city of Colorado Springs is okay with you doing Airbnb in it, no matter the zoning and no matter the density of other nearby STRs.

We already BNB half our house, but if we leave town with the military it will become a non-owner occupied. kind of a double edged sword. 

I need to go downtown and see If I can get a variance for my R1 and see if I can make it an R2. I dont expect much success, but its worth a shot.

Originally posted by @Michael Plaks:

Originally posted by @Aaron T.:

usually furniture expected to last more than a year will be a fixed asset in QB and depreciated over its life cycle (IRS Pub 527). all the other decorations will be regular expenses and usually written off the same year. 

Furniture can be setup as a fixed asset alright, but it can still be deducted in full immediately using one of the two depreciation provisions: Section 179 or bonus depreciation.

 I know 179 says for office furniture. are you guys using 179 for BNB furniture too?

Originally posted by @Scott Garber:

What is CRIM by the way.....I'm assuming it is obtaining abandoned properties inexpensively?

 The Centro de Recaudación de Ingresos Municipales (CRIM) is the office on the island that deals with real estate docs, assessments, taxes, etc... 

nothing ever happens fast at the CRIM. bring a lunch and your patients.

usually furniture expected to last more than a year will be a fixed asset in QB and depreciated over its life cycle (IRS Pub 527). all the other decorations will be regular expenses and usually written off the same year. 

Originally posted by @Franky Aikens:

@Aaron T. . Thanks for replying Aaron. How did you find this property and are you working with a real estate professional down there? I figured that transactions down there don't move as fast as they do on the mainland. Is this property you have under contract intended to be for STR?

@Franky, we found the property and are working through the builder. Bank financing is normally ready in 30 days, but it takes roughly another 30 days to get the city to stamp off all the other documentation.

I find those that require agreements are not good at their jobs. Then it makes it harder to fire them. For those that are going to get you want you want and need, they dont need an agreement, because they will deliver the goods. 

if you are from COS, check out the real estate meet up on Tuesdays at third space coffee. I believe they are on the 1st and 3rd Tuesdays.