All Forum Posts by: Kristine Ann

@Andre M. Did you mean to write that this guest booking covers  2/3 of your annual expenses?  

In that case, it seems great!  I would absolutely rent for three 1/2 months to one guest and take care of 2/3 of my annual expenses.  It's like getting a gift for Christmas.  Less housekeeping and less turnover is great.  You still have plenty of time make up the difference and turn a profit the rest of the year.

I completely agree with @Bill B..  The broker that is moving forward and getting things done is where I'd stay.  They will come up with similar options anyway.  (The only exception would be dealing directly with a credit union who may have slightly lower rates.)

Thanks @Heather Hall  It's the same painting...you just needed a different frame. I love coming up with brainstorms like that.

If you can make nice with those neighbors and let them know you'll send the STR guests to them to book an experience it's win-win. You could also make contacts with a local horseback riding place that offer lessons to see if you could refer guests for an experience. There might be other experiences you could market and refer your STR guests to, like rustic BBQ joints, a local brewery, and places with live country music.

There is actually an option on airbnb where people can search experiences.  I'm not sure how to use it yet but it might be useful in your situation.

I did find something interesting at https://ag.ny.gov/sites/default/files/source_of_income_discr...

"Most properties are included in the April

2019 amendments to the New York State

Human Rights Law. The only exceptions

are:

• One- or two-family homes occupied

by the owner;

• Room rentals in properties for individuals

of the same sex, such as college dormitories

or boarding houses where all residents are

of the same sex; and

• Housing intended for seniors."

I'm going to look into this further in NY because my plan is to set up a coliving arrangement, exactly what a boarding house would be.  I was under the impression we couldn't specify gender, but it looks maybe we can if it meets the definition of a boarding house?

Ah, I see what you mean @Shannon Strickland. You can't deny based on non paycheck income source.  I suppose in a round about way, putting nurses or other medical professionals in the description does omit groups who live off disability or social security. 

Is it a firing range that the public can use? If so, market the STR to shooting enthusiasts and hunters. Maybe set up a bow and arrow target in the backyard.

I think you about covered it all. 

BRRR and 3-5 unit multifamily are too intense for a newby, in my opinion. Some of these other options you listed are decisions based on how you want to live and how you feel about having strangers in your primary house and aren't something we can tell you to do. They also depend on what loans you qualify for and what homes are available in your area.

Whatever you do, as a first time homebuyer, make sure you buy a house you can afford and that your monthly payment is as low and affordable as possible.

I started two LLC's on my own and it was honestly kind of lonely. I craved comradery, meetings with peers, and complimentary strengths. I would have gotten significantly more done if I was being held accountable daily or weekly. The idea of 6 friends working together actually sounds really nice.

From what little you say, if you are low on capital but are willing to be the "finder of deals", you may play an important role of this team of 6.  I'm assuming within the 6 people, there's one with capital, one with construction knowledge, one math/accounting guy, and one real estate salesperson.  If so, sounds like a great team. If not, I'd be concerned that the needed skills aren't there.

My relative actually bought an old church and the two properties next it and fixed it all up.  Probably not the same situation.  Beautiful properties, central location, and great parking. 

If the church is active, you could consider airbnb for people coming in for weddings, baptisms and funerals. If it's commercial property, active churches support bakeries, cafes, restaurants and florists/gift shops.

The initial deposit doesn't need to be private. You're name will be associated to the account anyway because you'll be doing the banking as an agent of the company.  

You're going to need to sign checks coming out of the bank account. And the bank will need a contact person for security reasons. In your LLC, you've named yourself Regional Director or Account Manager or something similar and given yourself privileges to do the banking, right? How else are you going to cut a check?

Your registered agent can't write checks for you or log into your bank account, right?