All Forum Posts by: Allen Magtibay

Hi Wyclif I agree with the others here that self management is the way to go if you want to maximize your profit. I'm getting ready to release a SF STR in ChampionsGate which is close to Solterra that I will manage remotely from Maryland. My team and I will manage the marketing, bookings and the majority of guests communication. I have a company that I'm using for my "boots on the ground" that will oversee the cleaning, pre and post inspection and any maintenance issues that arise. Rather than having to give up a percentage of revenue I'm playing a flat monthly fee any a fair hourly rate on any maintenance issues that they will work on. Feel free to DM here if you want their information. Also, let me know if you need an interior designer. The one I used did an amazing job on my house and highly recommend her services. Good luck.

Hi Wyclif I agree with the others here that self management is the way to go if you want to maximize your profit. I'm getting ready to release a SF STR in ChampionsGate which is close to Solterra that I will manage remotely from Maryland. My team and I will manage the marketing, bookings and the majority of guests communication. I have a company that I'm using for my "boots on the ground" that will oversee the cleaning, pre and post inspection and any maintenance issues that arise. Rather than having to give up a percentage of revenue I'm playing a flat monthly fee any a fair hourly rate on any maintenance issues that they will work on. Feel free to DM here if you want their information. Also, let me know if you need an interior designer. The one I used did an amazing job on my house and highly recommend her services. Good luck.

Thanks for the input everyone. @Jason Sampson yeah I'm definitely going to wait until after the April Council Meeting and what comes of that before I make any decisions. I would hate to purchase a property with plans to use it for STR and then be unable to. I agree when laws like this are being developed there are always some lobbying going on from specific groups trying and wanting to protect their best interests. @Krissie Cole I'm interested in Norfolk especially the OV area. My sister has a friend with a ST down there and says it does well. I actually have an offer on a duplex now and if I pick it up could possibly convert a unit from LT to ST. 

Great story. Congratulations on diving in and getting that first one done and having good success with it. More to follow I'm sure.

Grew up in the Virginia Beach area and currently have a beach house in Sandbridge that I rent out over the summer. I was planning on purchasing some additional homes to rent out as ST units in other parts of the city that are not necessarily by the Oceanfront. I've been doing some research on the market and see that the City Council is looking at tightening the ST laws in the city. https://www.wavy.com/news/loca...

Should I wait to see what happens before I make the plunge to buy another house to rent as ST? Do I focus on homes that are only in the Oceanfront area where even if these new laws are passed would still be allowed ST renting? Another option I was thinking was to look at Norfolk and Chesapeake which I believe still offer ST renting that are less restrictive than Virginia Beach. 

Looking for a good strategy on how best to proceed. Thanks.

I purchased a rental home in Towson, MD that I plan to rent to my college-aged son and three of his friends. He's a freshman now so I'll have dedicated tenants for the next few years for sure. I plan to manage it myself rather than hire a property manager. Couple of questions. 

1. Should I have the parents co-sign for college-aged tenant? I trust the tenants since they are friends of my son but obviously these are young adults who may not always make the best decisions.

2. Is it necessary to require the tenant to have rental insurance? Like most college students they don't really have anything valuable that they are bringing with them. My vote would be "yes" to having the insurance since I doubt it would cost much but wanted to see should I make it mandatory for them to carry? As for me, I have landlord insurance with a $1 million liability policy.

Any additional information that you can recommend to me would be awesome as this will be my first stab at being a landlord aside from my short-term summer vacation home that I do have a property manager handling for me.

Thanks in advance for your input. Really appreciate it.

@Dave Foster Thanks for your input. I was wondering if the fact that we are siblings and buying an existing property from our own LLC raise a flag. Would it be smarter and easier for me to just take the money I make in the Las Vegas sale and buy a different property? Still planning to buy the Texas house from the LLC but would just do the normal financing on that.

I'm looking to purchase a single family home in Cibolo, TX to rent out and are looking for recommendations for a good property management company. Also, what's the going rate for property management in this area? Thanks in advance for your input.

Hi I'm a novice real estate investor and wanted to pose a question to the RE veterans here on the strategy I should take regarding my situation. I'm in a LLC with 3 of my siblings and we are looking at closing the LLC to go our separate ways sometime this year. Right now we have 2 properties that we own on the LLC. A house in Texas that currently has a mortgage and is being rented out. We also have a house in Las Vegas that is paid off and being rented. My brother is proposing to buy the Las Vegas house from the LLC and I'm looking to do the same with the Texas house. Both houses are titled under our LLC.

My question is can we retitle the house in Las Vegas from LLC to me and my 3 siblings so that I can use the proceeds of the sale to do a 1031 exchange to buy the house in Texas? Is there a tax implication from retitling from LLC to siblings? Finally, is their a wait time for my brother to buy the Las Vegas house from us for me to do the 1031 exchange on the Texas house.

I apologize if this post is confusing. Thanks in advance for your input.