All Forum Posts by: Cody Hunter

@Account Closed Is correct that it sounds very possible with the addition of a header. Depending on the engineering, load bearing, etc. It's not a terribly difficult job and may increase the value. Chat with a local contractor-they should be able to provide sound guidance. 

Hi @David Meyer! I assume you are looking for passive income with investing. A LLC is a great base. When choosing a tax election, you need to evaluate what you're hoping to get out of the business. If it is just rentals, a LLC is all you need. You could choose S-corp. Structuring is a major component. But also deciding where and how, if needed, you want to show the income. Happy to provide further...

Welcome @James Moore! From wrenches to riches...

@Bernadette Andrews Absolutely fix the Sheetrock! It will erase any concern for your buyer and certainly provide a better return. 

@Jeff Cornelius Depending on your structure, Zelle can be a great option. However a customer facing portal is a plus like Rentredi. There fees are - ACH/Cash (via Chime deposit) payments are $1 per payment and -Card payments are 2.9% of the payment plus $0.30.

 Hi Dan,

I agree with @Benjamin Fritz. Because the dwelling is located on your property that gets tricky. However in regards to a LLC, you can absolutely write off any expenses related to the Air BnB. Now I'm not sure how the house would effect the ADU except for they share the same property. Insurance is a must. Lots of people who Air BnB on BP-we'll wait to hear what they say.

@Amanda Scheller Great work! Seems like an ok started. Am I allowed to ask what rents are? 

@Christina L. You're taking forward steps but not quite there. @JD Martin offered lots of ways to redo the existing area. Gravel is ok but can be unstable and spreads into the home and lawn. I can se a gravel driveway for a temporary fix (maybe to allow more cash to come in), but at least the walkway to the house should be something solid.

@Keaton Walkowiak You can become an authorized user on your parents card under 18. From 18-21 you must provide proof that you have enough independent income. Another option after 18 is starting with a secured credit card. Do you have a down payment or finances to purchase your first home? 

@Nirina Harper More free resources than ever before. Carefully evaluate any purchase including courses! It's easy to get sucked into promises, hopes and dreams.