All Forum Posts by: John Foley

Any update Desiree? Did you wind up going through with the deal? If so, how are you managing the renovation. Just curious!

@James J Canull can you share some of your rehab numbers? $100,000 seems really inexpensive for this level of a remodel. 

@Dan Schwartz, was the LLC you opened for real estate purposes?

Thank you! Appreciate the knowledge @Dan Schwartz

Thank you @Basit Siddiqi

Thank you @Phillip Cook. I definitely plan on that.

From browsing for information on sites like Investopedia, the IRS allows you to take tax credits for any amount of rental income tax paid to the foreign country, capped at the amount that is owed to the IRS. But yes, I will definitely consult with a tax professional in Ireland and the US. Thank you @Eamonn McElroy.
 

Hello all! Hope some of you can clear up a few questions I have. Here it goes:

My father owns a vacation home in Ireland that sits unoccupied for 345 days a year. I am proposing to him that he let me Airbnb out the home so that it generates some passive income.

I intend on taking out short-term rental insurance on the property to protect my father from any liability, but I want to take it a step further and set up an LLC so that his assets (including his vacation home) are completely protected in the event that a guest gets injured and tries to sue. I also want to be able to write off on my taxes any business expenses I will have.

My questions are:

1. Can I operate an Airbnb in Ireland with an LLC registered in the US? Is there any reason I might want to register the LLC in Ireland instead? Do I need to register the LLC in both the US and Ireland? My home state is New York.

2. Can I be the sole owner of the LLC if my father owns the property?

3. If I operate the property under an LLC, will my father, and his vacation home, in fact be protected from any liability being that the title to the property is in his name? Are there any situations he would not be protected?

I understand that the laws are different in every country and that I need to do some research into Ireland’s real estate and business laws, but any thoughts, advice, or ideas would be much appreciated.

Thanks ahead of time for all of your help! Roll BP Community!

Hello All! I am a newbie and I am conducting a CMA on a local property for sale and I am going to reach out to the agent responsible for the listing and ask if I can compare my numbers to hers.

Property taxes here on Long Island are upwards of 15-20K a year! I know that the higher the property taxes, the less the buyer will want to pay for the property, but how can I characterize this? How much less will the buyer being willing to pay? I know that the answer is largely dependent on the financing method the buyer chooses.... but does anyone have any advice?

Thank you in advance!