All Forum Posts by: Eric Stets

Thank you for the reply. I did check with the HOA and they match Irvine. So yeah the MTR or minimum 30 day stay is where it's at. I'll have to dig in deeper on the price point I can get. I do think 5K is reasonable, but there is a chance it could be higher. I see some 2 bed or 3 beds listed for 6+. But the key word there is listed. It'd be nice if there was a historical list you could see, even if it kept the addresses anonymous to see how the market is.

You're right about the furniture.  Beds aren't exactly cheap and you do need everything.  Kitchen supplies, sheets/towels, couch, some decorative stuff, everything you need to live.  There are some impressive listings out there.  Don't need to go overboard though.  

I don't think we would keep much of it.  I would be fine with it, but I think other family wouldn't want to keep used stuff used by multiple tenants.  

Hi All - Closing soon on a 3 bedroom, 2 bath townhouse in Irvine, CA. This will be our SFH that we will move in to eventually (next fall Maybe, could be as late as summer 2024.

I am looking to gauge if it's relatively painless to run an AIRBNB in Irvine and how the demand is (is there demand in november/february?  Sumer only?   I am thinking if the short-term can be upwards of 5K/month compared to a more well known # of roughly $3200/month on a long-term tenant that it would be worth it.  I'd have to buy everything needed (furniture, wifi, tvs, couch, beds, etc.).  

I do know Irvine has stricter regs on airbnb and the shortest you can go is 30 days, so that has to be kept in mind.  If anyone has any advice thank you in advance for chiming in!

Ok thanks.  Appreciate it! 

Thanks (to both above).   I thought this was odd, and a lot of running around and possibly getting things notarized unnecessarily.   Have you even heard of a suggestion like this or a situation where this does make sense?   I was scratching my head on it for sure.   

Hi All

Have a friend of a friend helping with taxes/accounting. We have a property in our personal names at closing, then afterwards we moved the deed to an LLC created some months later.

However the accountant is suggesting we create a mortgage note for the sale of the property from personal to LLC. The collateral mortgage back to us personally for wherever our personal capital gain appetite resides. It should be a note payable from the LLC to us and formalized with a filing at the county, etc. Does this make sense to others out there? On top of that even setting an interest rate in our favor.

A bit confused on this one..

 Hey Alex, sorry for the delay here.   Being out of town I have a PM running the week to week issues.  But, nothing major in the past year.   One delinquent tenant that finally paid just before eviction court.  That and a hot water tank just busted.  Other than that nothing major.   Shoot me a private message if you have any specific concerns or questions!

Eric

Hello Cian.   Do you need funding for the rehab or just cash out and put the house on a mortgage after an appraisal?  

Regardless, in Buffalo I had a cash deal in an LLC that I had re-financed after the reno was completed. It was through Tompkins Bank of Castile, ask for Mark Brooks. Perhaps they can help. Mine is on an 80% LTV on a 20 year note.

Hi Nick.  I am also long distance and I have a few properties in Buffalo and work with @Matthew Irish-Jones and his team at The Lodge Group.  Maybe shoot him a message or he might chime in here..

I only like Buffalo more because I grew up there, although I did go to R.I.T.   I know Buffalo much better as far as what neighborhoods are up and coming and which to avoid.  

IMO, you would probly want to run the multi-family calculator on BP and what can help you determine what kind of offer you would be comfortable with.   It might be a bit hard to cash flow while living in it, but being net neutral isn't bad either especially if the quality of living is in such a nice property!

You can definitely cash flow, but I am more keen on the Buffalo area. That being said, cash flowing in Buffalo while living in one bedroom/unit would of course be more difficult. 

As for this house, if you got the time you could still go to the open house.   There's always a price that makes sense, even if it's say 25K under asking.