All Forum Posts by: Damian Baynes

Just joining the conversation. This sounds like a great conversion idea. Depending on how many long-term stay units you'll end up having I think you will need to account for some level of staffing. I used to work for an extended stay and there are some guests who like to have at least weekly maid service. Some even paid extra to have daily service. Also, an engineer (or will you have your own maintenance crew). Someone at reception. I know you said you're looking to get rid of the lobby but a front desk person can be a great asset, as these people are likely coming from out of town on business they will need quite a bit of assistance settling in and getting familiarized with the area, building amenities, etc. How do you plan on marketing your rooms and attract guests? Will you hire a sales person/team? Just giving you a few things to think about.

Hi all. Thanks for all of the responses. Sorry for the confusion. I don't think @Brian Eastman or @Eric Black have been misleading. The question I was asking about initially was what Brian answered about self-directed IRAs, which is slightly different from a traditional IRA.

@Brian Eastman Can you elaborate on the UDFI taxes? How is this tax amount determined?

Hi @Chris L. . I wish I had the good problem of deciding what to do with a 7 figure return. I have a question regarding your last response on new construction. You said there is extra taxation when doing new construction. What taxes are you talking about? If you did new construction do you have the option to do a tax abatement in your area to avoid paying taxes while construction is going on? I don't know much about new construction so I could be totally off-base.

@Dmitriy Fomichenko 

Ahhh ok. That makes sense. Thanks for the info!

Hello all,

I have a question about self-directed IRA's. I'm not looking to do this anytime soon but have just been doing research on it. My question is if I have enough in my IRA for a 20-25% down payment will the bank finance the rest or will I need to have cash to pay for the entire purchase (no financing)? Also, lets say I invest using a self-directed IRA for a few years, make a great return but decide I want to turn it back to a regular IRA, is that a possibility? Thanks in advance for the replies.

@Nathan J.  Did you end up choosing one of these companies? How is it working out?

Just a bump up for some suggestions.

@Andy C. North Philadelphia. Closer to the Temple area.

Hey all,

I'm looking for other insurance companies for rentals in Philadelphia and have been having a difficult time. I currently have Allstate and it seems like a lot of other companies either don't do landlord policies or they require me to have some other type of policy with them i.e car insurance, renter's insurance, etc. Does anyone have any suggestions?

Thanks.