All Forum Posts by: Alyssa Magyar

Has anyone on here used GroundFloor for Real Estate investing? If so, do you recommend it? What is your recommended strategy? Any feedback is helpful!

https://invest.groundfloor.us/stable/?keyword=groundfloor&am...

I bought a home in 2021 and lived in it for 2 years. After the 2 years i moved and turned it into a long term rental. If I were to sell the home within 5 years, is the gain on the home still tax free? Or does it not apply since I rented out the home as well. Also if you know what tax code explains this that would be helpful as well. Thank you!

I am going to rent out my primary residence in VA when I move to AZ. Do i need a resident agent when I become a non-resident of VA? If so, who (ex. lawyer, friend, property management company) would make a good resident agent and what is their role? I did plan to self manage remotely from AZ.

Also, is a business license required in VA to be a landlord? Thanks!

For those of you who have furnished MTRs, what extra clauses do you include on the lease agreements in addition to those required by the state? Or any specific questions you include on the application? Thank you!

I may have the opportunity to rent out my furnished rental long term. What is the best landlord insurance and umbrella policy to use? Looking for specific companies and coverages that would best protect myself. thank you!

In the process of setting up my townhome as a STR. Called the local zoning office and they said they require a special use permit to operate legally. The first step is to write a narrative of why i am requesting the special use permit and other specifics about the request and about the home. I've heard they dont like STRs where the owner is not around a lot/ doesnt live there. I plan to manage the place myself and do regular checkups so i plan to include that information and anything that would show that i will be actively involved. Has anyone gone through this process that can provide tips to writing a good narrative for this? Any thoughts and advice is very appreciated! Thank you!

Thanks Alan! Does Avail integrate with Airbnb and other STR platforms?

Thank you Jason! That is very helpful. Would I also be able to set up the LLC to pay the mortgage from the LLC's checking account?

I am in the process of setting up my townhome as a STR and MTR. I'm trying to self manage and was wondering if you all used a property management software to manage the STR and MTR properties or if you use 2 separate softwares if any? I would use software like Guesty for STR and Avail for MTR if i were to do one or the other type of rental, but not sure what i should use to manage them if using the townhome as both STR and MTR. My other thought would be to use software for STR and direct booking website for MTR. Any advice would be very helpful!

I currently have the mortgage of my townhome i own in my name, and is currently my primary residence. I plan to turn this into a STR/MTR in March 2023 fulltime. My lender was not clear about what would happen if I transferred my mortgage to an LLC so i will not be doing that, also dont want to lose my low interest rate. An insurance provider mentioned briefly that some of his clients set up an LLC to manage the operations of the rental business but keep the home/ mortgage in their name. What are some of the benefits of this as far as asset protection goes? How would this look from a tax and financial management stand point? Any information would be helpful! thank you!