All Forum Posts by: Kimberly Gopp

It wasn't hard to jump to the wrong conclusions
I saw "Furnished Rental Specialist" which interests me, your business page is boosting over 9Mil in rental income on STR & MTR ... so yeah, in this market...New member, no last name, no area stated. embellishments and word salads. My Bad

But, with all due respect we are getting somewhere now. Hi @Freba A.
 You manage 1 property and are getting another one but your partner manages 4. 
Good luck in your ventures!

 @Freba A.
keeping it real here! Are you lead generating? 
This looks and sounds like the spam phone calls I get from individuals soliciting services to arbitrage one of our properties. Over promising, embellishing experience and knowledge coupled with their RE coach said they needed 30K to get started on a unit. 

Let's keep it real. Sign back up as just U. Lots of value offered here vice just using the forum as a lead generation. 

Hi Elvin, noticed your post. Lets connect. I am trading a sfr for a dr horton townhome. Being a townhome: Less taxes, less insurance no approaching cap x. Some of their communities have a 1 car garage. HOA cant raise too much over time amenties consit of lawn and retention pond maintenance. No pool or club house.

R u looking at the 2/2.5 units ? 
i'll use it as an invesment so i I am restricted to only purchasing a 3/2.5 and not going to get the rate perks sounds like you are getting. That is quite the buy down they are offering. 

whats the plan ? Convert to a rental later ? 

@Tyson Regier
  I agree with Megan, and would add to her list 

Annual fees associated with each llc to keep current/registered with State.
Annual Tax filings costs... To have your taxes prepared for EACH llc - and YES I strongly suggest you have a tax preparer for your taxes, one that specializes for Real Estate investors. 
Being a Teacher and self managing your investment home...  your w2 income tax burden will NOW be lowered. These properties are going to blow your mind on how you can reduce your w2 income TAX. 

I am saying "EACH" llc - because, perhaps setting up just ONE llc for the property management side for all properties. Then add a couple investment properties to be held in title by one LLC together. Some would disagree and say separate llc for each property. You are well on your way tho to wealth building. Thats gotta to feel great and stay the course.

As for funding in an LLC. It's easier than you think. Do some research on DSCR loans

Thank you for your service. Congrats on Retirement! We started late in life but it's pretty amazing to look back and see what we have created in a short period. 
1st stream of income Retirement pay ! CHECK
2nd Stream Putnam Property ! CHECK
3rd Stream Investment Property - Sounds like working on that now

Couple that with w2 income... You are ahead of most and on the right path. 

My husbands va loan has been a powerful for your investing. Getting in a VA then moving out later and converting it into an investment home. PM if you like. I can chat RE all day.

Happy to chat with you and your Wife. Flip flops on the ground here!
Otherwise known as thongs to ya'll...here in the south "thongs" have a totally different meaning. hahaha - I resided in North Co San Diego in my 20's and can absolutely tell you that you will miss that climate. But we will make that up with no state tax and every house has air conditioner/ Forced air :)

That VA loan is valuable and sounds as tho it's no longer a dream,,, it's happening. You're in the right place with BP. If it sounds like a commercial or paid ad, this is not.. Diving into BP for me provided a map to follow - that map takes you all over the place but its a solid map that you keep none the less thru this journey... In my experience sometimes those around you or extended family don't really "get it" nor do they wish to chat about something they feel like is un-obtainable and too risky. So this ( Bigger Pockets Community ) is the place where likeminded are gathered. So stay on this map!

DM me if you would like to chat about the market here. Its pretty vast and unsure of your strategy and your "WHYS". I would for sure like to discuss the pros and cons on getting that re license also.

Everything Ken said plus 

plaster walls, no insulation, higher electric bills, walls sweating when its humid in florida and the resident leaves front door open, damp smelly houses, Pealing paint, wood rot, old windows, crawl space under the home, bdrm and closet doors that don't close properly, electric locks that the old front door doesn't like as the door is not aligned correctly, Cyrstal knobs that fall off, old thermostats with 2 lines but my new thermostat needs 3 lines, critters in the fireplace.... OMG the list goes on. 

I think the charm of an historic home out weights these issues... NOT but the cash flow is great if you find the right deal. 

Keep it. Buy/Hold. take the loss - make it up on another investment 
There are Tax benefits here and potential Appreciation coupled with residents paying the debt. You probably got a great rate also in 2022.

You have an Asset the minute you move out ( it's a liability now) - Lenders like this and so will you on your balance sheet and tax return. Flash forward 5-7 years - Most likely you will be cash flowing and debt was paid by resident and you will also have a loss to carry over on your w2 income. So did you loose $ all said and done?  Yes, that loss carries over to your own federal taxes! 

Creative strategy -Monthly Pet fee?
Break the lease for a fee ( are residents in need for just 6 mths or under 1 year ?  - capturing that fee - does this cover your annual loss? 

Not sure you will look back in 5 years and say... SO glad we sold it! 

Is this your only investment? Experience also comes into play when looking for a DCR loan for future investments vice a loan from a big box bank or government backed loan.

I wish you luck and happy to help motivate you over the phone on why you should keep it! 

You also have the option of paying NO capital gains if you sell it within 5 years after move out. Thus if you do sell it in 3-4-5 yrs ... there is no tax on any profit. Build/Hold Ashley. 

I am not a tax professional just relaying what we have experienced ourselves :) 

I am only doing MTR but, No that info you got on STR is not accurate.
STR are allowed in Duval - Jacksonville. Atlantic beach is the only area I understand to have a min of 90 days for a STR. 
Correct me if I am wrong? Are there any STR owners that would like to chime in on being aware of any other area in Duval county restricting STR's ? 
An HOA's can restrict you if the home's neighborhood has one.

@Marc Shin

As for a MTR. I don’t believe anyone cares what it looks like on the exterior. Most exteriors front pic are not even shown when marketing a MTR.

The Interior and backyard pics are what will determine if they like it.

If you paint… as already mentioned. You are adding an extra expense every 5 yrs to repaint. It’s an investment home… Don’t over improve for MTR. An outdated home WILL rent as long as it’s clean and the interior is thoughtfully furnished with every day living in mind.

The value for the resident is generally more about location with relation to a commute, comfortable furnishings, an accommodating owner/landlord, a fenced yard if residents have pets and affordability.

No one cares about curb appeal. Your neighbor is not going to be your resident.

Less is more with regard to having maintenance of shrubs and landscaping. Keep it simple!

All in one ac units can save on space for new install and a bit cheaper. But really just means the air handler is outside- I believe these are the systems mostly used for trailer homes. We purchased a home that has this type of ac system for a 3/2 built in the 1950's

I agree with @Jake Baker on mini splits. We purchased a mr cool 3 head system. Couldn't be happier with it. We also have a Mitsubishi in a studio. Mr cool system was a DYI kit.