All Forum Posts by: Aaron Zimmerman

Definitely a good conversation to have with a cpa and specifically one that handles short term rentals too!

Good deal but you're probably a little more negative cash flow than you think. The fact that you have $80k of equity and you're only cash flow negative with that low of a down payment is a good sign. Given you have a good job, you should be able to float any unexpected issues. It's also possible rents increase over time which will boost cash flow. Not sure if you factored that in.

Is there an opportunity to do light cosmetic rehab and increase rents?

I would look to explore a cash out refinance and if the property is still a good investment with this, then I'd say keep the property. If not, look into selling but at this point, you may not be able to maximize the sales price due to seasonality

Personal ownership is usually fine. I would be more focused on getting into your first property.

LLCs do come with some documentation requirements such as separate books and records, no commingling of personal vs business funds. 

Rentometer is relatively good. I'd look specifically on the reports for sf and look to see if the units have similar finishes to validate comps to the target property

How much of a gain do you have on the sale of the property? 

what you could do is sell the property, buy a property in the same year AND place the property in service and do a cost seg to minimize taxes. 

I'd listen to Bill Faeths podcast. He gives a lot of practical tips on there to boost income that could be applied to cohosting. I think that's a great side hustle. 

This is pretty nuanced and specific to each investor.

some things to consider:

1. How much equity would you like sitting in one LLC?
2. what's the purpose for doing this? What are you hoping to achieve?

3. Are there going to be any adverse tax consequences? 

This is a good first step. I'd recommend building your team in tandem and that way you can hit the ground running for your first property

I'd recommend going to local events to get to know people. Education is great but building your network with agents, lenders, tradespeople is going to set you up for success.