All Forum Posts by: Cliff Benner
Cliff Benner has started 15 posts and replied 371 times.
Post: Anyone investing in boutique hotels?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Michael Baum:
What is your pricepoint? The Alpenhof is for sale. Teton Village area.
https://www.alpenhoflodge.com/
Seriously though, a quick search through Loopnet showed a few places for sale, but most are well over 1m and most are over 3m. Those are currently operating lodges/resorts/hotels.
Some are really cool like the Alpenhof, but crazy money at 50m.
Are you willing to relocated to run a bigger place? The SBA could be a plan for a loan if you want the whole thing up and running.
What type of SBA loan should one be looking for if they want to do this and live on site?
Post: I Bought A 130 Unit Hotel and Resort!!
- Accountant
- Denver, CO
- Posts 377
- Votes 175
@Blake Dailey That is amazing!!!
I am looking to get my first one in the mountains of Colorado here!
What kind of resources do you recommend for finding a good first choice?
Post: Hiring 3rd Party Management
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Really dig into all reviews, on both sides, tenants and owners.
I used David Green's book on OOS investing and used the questions he said to ask, then heard how they answered it and I asked them about situations and how it works.
I do recommend asking them to describe how they make a unit rent ready.
Take a listen to episode #610, when I talk about all the things that went wrong with my rental. My PM said they looked at the unit but with everything that went wrong I can tell they didn't look at it to get it ready.
Post: Are STRs as we know them dead in Colorado (and other places)?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @James Carlson:
Quote from @Andrew Steffens:
That is why Florida is great - state has handcuffed municipalities from changing existing laws or enacting new laws regarding STR's essentially freezing new legislation. Not sure I would invest in places without such protections as I see this on BP in a lot of places (i.e. Nashville, Dallas, etc etc)
Yeah, I know states like Florida and Arizona have prohibited local municipalities from restricting non-owner occupied STRs. That is comforting, if I'm an investor.
I still feel good about investing in Colorado locations if the area has a law on the books actively allowing Airbnb. (I distinguish this from towns where you can do Airbnb but only because there's no law whatsoever.) If a city or county has a law allowing for non-owner occupied short-term rentals, and then revokes that and doesn't grandfather in existing listings, they're going to have a lawsuit on their hands. There are already two lawsuits by Breckenridge and Summit County Airbnb owners here in Colorado. And a similar lawsuit by an STR owner in Austin was successful.
And in this way, the state of Florida is no different, right? They're a state that has said "Have at it with your STR" just like many cities in Colorado have (or had) done, but Florida could change that, too. At a certain point, you've got to make a decision based on the legislation before you.
@James Carlson what cities or counties are you seeing, in the more mountainous areas of CO an hour outside of Denver, that still allow STRs if you live on the land the cabin is on?
Post: RV Park development
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Mike H.:
Quote from @Cliff Benner:
Quote from @Mike H.:
I've designed and built several RV resorts South of Houston within the past few years. For sure one of the biggest hurdles is working with the utility provider (electrical). I'd be happy to look at your layout and offer some suggestions and tips.
What type of Zoning is best for something like this or what do you specifically do when it comes to Due Diligence for Zoning?
So far, all of the RV resorts we've completed were in Counties. I did have conversations regarding potential projects within City limits but we've concluded that the restrictions would add a substantial development cost increase. Given the nature of the rv parks, the outskirts of cities would be ideal along major freeways (or at least not too far from a major freeway)...of course there are different types of parks that cater to a variety of clientele which can range from seasonal workers, individuals who can't qualify for rental homes/apartments or purchase their own home.
Many variables come into play when it comes to zoning. I'd start with a generalized budget and determine what type of clientele one would be comfortable with working with.
So start with the end in mind and work backwards from there to find areas to get into, makes sense to me
Anything special to look for in Zoning laws when looking for developing short term cabins, that you can think of?
Thanks Mike!
Post: RV Park development
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Mike H.:
I've designed and built several RV resorts South of Houston within the past few years. For sure one of the biggest hurdles is working with the utility provider (electrical). I'd be happy to look at your layout and offer some suggestions and tips.
What type of Zoning is best for something like this or what do you specifically do when it comes to Due Diligence for Zoning?
Post: No Excuses! For not being able to invest in real estate
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Shawn Parsh:
Cliff,
I agree with your comment that the "why" has to be there. When I started out many years ago I was living in a basement apartment with no furniture. I was living pay check to pay check and was looking for options. For me real estate was it. Unlike many others I read how to books and then put what they said into action. I figured what do I have to lose. It's not like they are going to take away my stuff given that I didn't have anything. Thank you for your input.
I love stories like these! I came from a poor family and lived with little amounts, ramen noodles, etc. I watched my dad get laid off just so the companies could save money and watched my mom get excited for $.50 raises like it was a gift from God. My wife had a similar upbringing so we decided to push for ourselves to build businesses because, "why not" and so we would never have to feel the way they did in those situations. Oh no, maybe we cant buy organic whatever's or we live with what we have(10 year tvs and Xboxes) but then dump everything we can into building up to work for ourselves! We messed up on our first rental and got pushed back a few years but we took that lesson into our other businesses and now we are taking off with them! Love hearing this! You are the type of person we love seeing succeed, like most BPers!
I am a Bookkeeper if you are looking for one to Outsource your Books, feel free to message me!
Post: Small Surplus in Budget... Pay Down Principal or Put in Savings?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
@Bruce Woodruff sounds like you found out the "fun" way like I did!
Got some horror stories to real estate investors around the campfire??
I would agree with the Savings. Build it up for repairs or more acquisitions.
Post: Looking for any online REI meetups
- Accountant
- Denver, CO
- Posts 377
- Votes 175
I dont have an online meetup but more then happy to talk Shop!
Post: If you use a CPA or Tax Professional, how did you find him or her?
- Accountant
- Denver, CO
- Posts 377
- Votes 175
Quote from @Jeff Love:
Quote from @Cliff Benner:
Right now my real estate portfolio is not big enough to justify a Real Estate CPA or Tax Accountant yet.
Cliff, how would someone know if their portfolio is big enough to justify? Would you say your perception may be different from most people because of your accountant background? I only have a single rental (at the moment) and a simple W2 job. Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be?
I do outsource my Taxes, but I meant having a Real Estate Tax Accountant or a CPA who I chat with to help create me a long term strategy. My Real Estate plan is slow and long, I don't plan to live on the income so it may take me a few years to justify a $2k expense for a conversation or for a CPA to handle my returns. When I worked in Public Accounting, the firms charged way more than I think they are worth for a small portfolio. Yes, they have an Accountant whose job is it to know all Real Estate and Tax, but is me saving $1,500 a year with their strategy worth the $2k bill? That is what I meant, get the best bang for your buck. If you think hiring a CPA to discuss your plan, how you can do it, and all the roads you can take with that, than that is the best option for you! I like to think of it like the BP Money Podcast thinks of it, find the best value but if something is emotionally affecting you, than target that and do what it takes to get that solved and then you don't have to worry about it when you go to sleep.
For your situation, one rental and just W2 Income, I would suggest finding a Tax Accountant, CPA or not. Ask them all the Tax questions you could to get a basic understanding of it. Then as you build your portfolio look to hire a new Tax Accountant or CPA to match your growing needs. Again though, focus on what you think is best for your business and helps you sleep at night.