All Forum Posts by: Daniel Tisdale

@Nina Hayden, yes I closed on this yesterday. Thanks for the suggestion! I will reach out to her about this now.

@Nina Hayden any thoughts or ideas on how I can potentially resolve this situation?

Hi everyone,

I recently purchased the B unit of a two-unit condo association and it has a main house and a separate garage apartment. My plan was to cover most of the mortgage through Airbnbing out the garage apartment since it does not have a kitchen, but come to find out as I am closing there are restrictions on STRs in the HOA. The seller's agent communicated to my agent verbally that there would be no restrictions on short term rentals and that there was also not an HOA. They also did not include this in the MLS listing, but it was included in one of the seller's disclosure notices. I believe this is on myself and my realtor for not thoroughly reading the details before I signed everything, however I am wondering if there is anything that I can do. I have already talked to the owners of the front unit and they are ok with long-term renting, but not short-term. This puts me in a bit of a bind since there is no kitchen to the garage apartment unit, making it hard to rent long-term. I am considering putting a kitchen in the garage apartment, but need to know who to speak to if this is even allowed or not.

Any and all advice or resources for me to reach out to would be greatly appreciated!

Thanks,

Daniel

Hi,

I am in the process of converting my primary residence in 78745 into a rental property as I am purchasing a new primary residence. How important is it for me to protect this asset in an LLC? I want to grow this business in the coming years by acquiring more properties and want to set myself up for success from an asset protection perspective. I also understand that I will be able to deduct business expenses if I form an LLC for my rental business.

Any thoughts on if this is overkill or not?

Thanks,

Daniel

Hi,

I am in the process of converting my primary residence in 78745 into a rental property as I am purchasing a new primary residence. How important is it for me to protect this asset in an LLC? I want to grow this business in the coming years by acquiring more properties and want to set myself up for success from an asset protection perspective. I also understand that I will be able to deduct business expenses if I form an LLC for my rental business.

Any thoughts on if this is overkill or not?

Thanks,

Daniel

Hi,

I am in the process of converting my primary residence in 78745 into a rental property as I am purchasing a new primary residence. How important is it for me to protect this asset in an LLC? I want to grow this business in the coming years by acquiring more properties and want to set myself up for success from an asset protection perspective. I also understand that I will be able to deduct business expenses if I form an LLC for my rental business.

Any thoughts on if this is overkill or not?

Thanks,

Daniel

@Joe Scaparra thank you so much for the detailed answer! Just curious if you are an investor in the Austin area? It seems even hard for me to find something that would hit the 1% rule in Austin at this time, which is making me think that I should look elsewhere at this point in time.

@Joe Scaparra yes, I did make sure to take into account vacancy, maintenance, PM, capex and gave myself a buffer as well. Do you have any recommendations/thoughts on what might be a better approach to build wealth? Thanks!

Hi @Joe Scaparra I don't currently have 20% to put down on another property, which is why I was going to turn the current house into a rental and put down less than 20% on a new primary residence. I'm realizing that this current property might not be the best rental as I would be breaking even after all expenses.

Hi @Jordan Moorhead that's exactly what I'm considering right now is if it's worth it to take advantage of the no taxes on the capital gains. I'm starting to lean towards it's not worth it to hold onto the property as I'd ideally like to get into a prime neighborhood in Austin before it gets to be prohibitively expensive.