All Forum Posts by: Loyd Tomlinson

@Julio Gonzalez and @Bonnie Griffin Kaake I appreciate both of your responses! I may have screwed this up a little.. I bought a house hack str via a 203k in Bradenton, FL and have been renovating extensively over the past year while living in it.. i didn’t realize I was supposed to cost segregate before I started renovating or renting it out- permitting has been a nightmare so it won’t be finished for another month and I have been holding off on tax filing for exactly the reason Bonnie spoke about.. I’ve ended up spending an extra 100k on the renovation/furnishing outside of the 203k funds but I have a high w2 so I was planning on using those expenses to offset my w2 as I have spent the most time on the property out of each person involved. That’s a long winded explanation to say I may need your guidance and quotes when I get through this last section of renovations. Thank you so much for the info!

@Julio Gonzalez thanks for directing me to those posts! I’ll read up on them

@Chris Levarek I was actually reading a blog recently that was stating that if you spend over 100 hours AND more time than anyone else in your short term rental you can use the depreciation against your w2. 

That got me pretty excited since I only have one and I don’t have 500 hours to spend! It’s found in IRS Publication 925.

Also- thank you for the referral. @Yonah Weiss when is the best time to get the cost segregation done? Right after renovation but before renting it out? How long does the process take from the time you call to the time you can use the information?

Thanks!

I am following this- I am looking for this too for an str that’s in NWBradenton. 

6k does sound high- what company was that?

Thanks,

Loyd

@DOUG DEARTH I’m in the northwest Bradenton area and I have a bunch of different guys for different things.. who I pick depends on whether I need the work permitted through the city or not. 

Scott at Harvath roofing has done great work and is well priced.. Ryan at Griggs plumbing does great work and keeps cost low.

I have a guy that is a one man contractor and has done extensive amounts of rehab at one of my places.. takes a little longer but is very well priced.

Lol Idk how helpful it is but everyone has a skill level and I use the person based on what I need. Feel free to message me if you ever need to have something specific done and I can recommend the right guy..

John Stevens is great- good report and comprehensive.

(941) 932-0575. text him your name and email and property address and he will hit you with a date. 

I’m following along on this thread because I’m looking as well! Particularly someone that understands STRs in the West Bradenton area

@Keon Buckley welcome to BP! I'm also in the Bradenton area working on my first BRRR/str in 34205. Always looking to connect with other guys in the real estate realm!

Hey @Bob Lett! I just purchased a place in the west Bradenton area for a house hack/str and am going through renovations now.. I don't have much to offer in performance stats since the STR is not up and running yet but based on what I saw this past winter on Airbnb for properties in the area and airdna it definitely will at least pay for itself. I'm also a doctor in the area and have noticed an incredible uptick in the seasonal pressure and type of seasonal folks coming to the area- they used to be all Midwesterners that bought a house in 1985 for 40k but this past year it's been a lot of northeasterners that have the money for boca but liked the value in the Tampa bay region.

One thing I will say is stick to your numbers.. the house I just purchased was being sold at 345k and was not something I would live in. I went through the WHOLE process and found out what was wrong and paid for people (plumbers, electricians, contractors) to walk through and give me a real deal quote.. then I pulled comps of what the price/soft was for houses that are actually livable and nice and created an excel sheet outlining the cost to make this house work and we ended at 290k. It’s my first house so I may have been over the top butttt in this market sellers (and contractors) are throwing up a price and seeing what sticks.

all that to say- I think it’s a great market and if you ever want to connect or ask questions about west Bradenton feel free to pm me. Love to talk real estate and ideas and after this house I’ll have a bunch of recommendations on different trades (hopefully lol)

Hey Dennis- I recently purchased homeowners insurance through insurance time of Bradenton with Bridget Bancs for a home in the 34205 zip. Mine is a 203k loan so there was a lot of nuance but she was easy to work with. I would call them up and explain what you have and they will pull some quotes!