All Forum Posts by: Kayla V.

Main pros and cons I know of between the two is the accredited investor requirement and the ability to openly advertise your offering. With 506(b) you can have a certain number of non-accredited (sophisticated) investors but can't advertise the deal at all. Only people that you already know and have some sort of relationship with can be involved. For 506(c), you can advertise but everyone has to be accredited. 

@CJ M. I used to live in Akron and still invest there. The Akron Canton REIA is good as well. One of my biggest issues with being remote now is the difficulty networking and getting good contractor/PM/etc recommendations! Congrats on all your success - sounds like you're killing it so far.

Interesting thread- thanks for all the comments from both sides. I've been following Holton Wise for a while and am interested in their product. I've been focusing in Akron but am considering picking up a Cleveland multifamily. 

@James Wise Do you offer any discounts on your property management for larger multi-units? If I were to buy a ~20 unit apartment complex, is the fee structure the same? 

Awesome! What is your plan for the house? Will you live in it, rent it or flip it? 

No matter what, good job for taking the first step!

I've done this- I took a one year out of state work assignment and rented out my primary home while I was gone. Luckily, the tenants we found were looking for a one year lease before they bought a house of their own, but otherwise I would have just not renewed the lease. The amount of notice you need to give them will depend on your lease and state laws, but typically 30-60 days. 

Looking forward to my third straight year! As someone who is very slowly plodding along in real estate, this conference is always super inspiring. 

I'm kicking off a renovation on a single family home in an A- neighborhood in Akron, Ohio that I plan to BRRRRR. The layout of the main floor is below and I'm struggling with how to update the kitchen. There are five doorways into the kitchen- to the living room, to the dining room, to the basement stairs and driveway access, to the powder room and to the mudroom with backyard/deck access.

There is currently no fridge, a rolling (not plumbed) dishwasher that sits next to the stove and limited cabinets/counter space. 

How would you update this kitchen to rental grade? Tear down the wall between the kitchen and dining room? Reconfigure the powder room to open to the mudroom and somehow use that eat-in space? Other?

@Paul Allen Thanks for the reply! 

That's what I figured, but was hopeful there was a way around it. Seems like other than becoming active in real estate per IRS rules, we're just stuck paying the taxes. 

I've followed all the threads about to LLC or not to LLC and most focus on the liability aspect. Since I only have two properties, I've kept them in my personal name so far and added an umbrella insurance policy just to keep things simple.

I procrastinated on our 2016 taxes and just finished them last night. My husband and I both have strong W2s and make more than $150k per year combined. We were unable to deduct any of our passive real estate losses against our W2 incomes. 

However, we also have a small ecommerce business that we started last year that showed a loss due to startup costs. That is in an LLC and we WERE able to deduct those losses.

If we were to put our properties in an LLC, would we be able to deduct the passive losses, even though it's still real estate?

@Zach Zimmer Thanks! I'll give them a call.

@Antoine Martel I'm planning on getting a couple more quotes, just was wondering if anyone had recommendations of people they've used. I have a couple names from good old Google, but never hurts to ask BP.