All Forum Posts by: Ian Boyd

@Pete Abilla

I don't know whey @Ian Stuart said that but Bozeman is a very fast growing college town. Very similar to what you described in bend. If you can find a cash flowing rental you will make out like a bandit with monthly income and great appreciation. There is little to no vacancy here as well. There is also great skiing an hour away at Big Sky. I have seen a lot of VRBO's popping up here and doing very well. The main problem is not enough inventory so properties move quickly. Anything that cash flows will generally go under contract next day. There is the opportunity to be creative and add ADU's etc. Feel free to reach out if you want to know more about Bozeman.

@Andrew Schrader

Personally I would just buy one or maybe two and leave them in the house permanently to protect my investment. Also it's a business expense for tax purposes. It's up to you though. In this case if you don't want to buy it you can probably get the tenant to buy it. I believe it's something most landlords should have in their units.

This one may not work for you because there is a base you have to have for this to work. I would still look into something similar to it.

@Andrew Schrader

Ring Alarm Flood and Freeze Sensor https://www.amazon.com/dp/B07M943G7L/ref=cm_sw_r_sms_apa_i_ex3lEbD8K376B

Notifies you of moisture or temperature drops.

@Basit Siddiqi

That's good to know! That kinda sucks but that's the cost of doing business I guess

Well if I own the property then want to give it to them you will likely pay taxes on the transaction because its to big to be a gift. If at the time of purchase it goes into their name then they will own it as their own. I plan on gifting each of my children an investment property, putting it on an 18 year loan to pay off when they graduate high school. I will not tell them they have a property. When they graduate I will explain it to them. They can sell it and blow the money, go to college or take the income from it to pay for college or life. If they want to waste it all that is up to them. I will tell them to never ask me for money in the future, especially if they waste the money. Obviously I will try to teach them how to manage money/assets but you can only lead a horse to water. 

2: I am not a lawyer or CPA. I am, however, a Realtor in Bozeman, MT. It is my understanding that when you setup an LLC you only pay the fees in the state it does business in. If the business is only making money/having assets in Montana, then I do not understand how California would be able to charge fees because the LLC is located and filing taxes in Montana. The Salary the LLC pays to the 2 residents of California would have to be filed on their Cali income taxes. There is a good chance I am wrong but that is my understanding.

For example: if I wanted to buy a property in Cali I would setup an LLC there and pay the $800 but Montana would not receive any fees for the LLC. Now as a Montana resident any money that the LLC pays me is taxable income in Montana. Once again I may be wrong.

3: Speak with a good lender in the area you want to invest. If its Bozeman, I have about 5 Lenders I do most of my business with and I would be happy to put you in touch. My father is also an agent in Billings and can advise you on lenders in that market. 

You need to talk to a Real Estate Attorney and have them structure the deal. LLC is a good way to shelter/protect assets. Also ask them about Tenancy in Common(TIC) and Right of First Refusal(ROFR). Basically TIC says any of the partners has the right to sell at any point but the ROFR says the remaining partners have first dibs on buying out the Selling partners Portion. The Contract also needs to specify what happens when a partner wants to sell, dies or many other things that is hard to anticipate in the future.

This feed has a lot of good advice:

https://www.biggerpockets.com/forums/311/topics/260825-investing-with-multiple-partners-under-an-llc

Feel free to PM me for any reason!

-Ian Boyd 

Keller Williams, Montana Realty

What if you are buying a property for your newly born child? Would you just record the deed in their name and when they are old enough they can take the reigns of the investment property?  If, for whatever reason, the property gets foreclosed on is the child going to have repercussions? 

If you haven't, shop around in Bozeman. I would imagine there is a lender in the valley that will lend for this. I have heard good things about First Interstate, Yellowstone Bank and Cornerstone. 

Hope that helps!

IB

Keyword alerts that allow you to toggle people in the results. I have Billings (the place) tagged but there are also several members with that name. 

@Steve B. She has spent 2 Winters and she's starting her third. Last winter was bad but also a good be test for her. Haha I wasn't sure if she'd make it.