All Forum Posts by: Marc Shin

@Account Closed thanks for the response! For spending at least 100 hours in managing the business myself, can it be a combined 100 hours between my wife and myself or does it have to be 100 hours for myself and 100 hours for my wife? We are both listed on the LLC as members.

@Ashish Acharya  thanks for the response!  Can I offset my W2 income by using the Short Term Rental Tax loophole and reclassify the rental income as non-passive by having average duration of stays to be 7 days or less?  Or do I need to really spend 500 hours or more actively engaged in managing the property?  

I work a W2 job and pay a lot of taxes. If I purchase an investment property with an LLC can I still take advantage of the STR bonus depreciation? or do I need to purchase in my personal name in order to take advantage of the STR bonus depreciation?

Hello. I'm under contract for my first investment property. It's a duplex. The closing date is 10/04. My plan is to self-manage the property and rent out the duplex as an STR. Are there any books or articles that I can read on what next steps i need to take in being an STR property manager and also how to get the property rent ready? I will need to do some minor updates to the property (painting, updating bathroom tiling, updating trims, etc) in order to get the property rent ready. I have no idea where to start. Any suggestions would be appreciated!

Hello. I need to create an operating agreement for my rental property LLC. Anyone know where I can find a good template for a real estate opreating agreement? or can send me an example?

Hello,

I'm under contract for a duplex in Indianapolis. Can anyone recommend a good property management company or co-host for STR's in Indy? thanks!

Hello. Can anyone recommend a good accountant that specializes in STR tax strategies for W2 earners?

I found a duplex that is FSBO for $300K. It's been on market for about 180 days. I'm considering reaching out to the owner for a seller finance deal. Any recommendations on how I should structure the seller finance deal? I was thinking about putting down 10-20% in cash and then seller financing the rest at 5.0-6.0% interest rate over 30 years. Does this sound like it would be appealing to the owner? Or would I need to offer a higher interest rate on the seller financed debt?

New investor here.   

I made an offer on a duplex, it's been on market for about 10 days. The price is low, about $160K. I offered $140K, and now i'm being told that there's multiple offers on the property.

My gut is telling me that the seller's agent is lying, about whether there are actually multiple offers. Is it possible for seller agents to lie about receiving multiple offers?

I found a duplex that is a 1/1 on each side. The basements on both sides are unfinished. I can finish both basements and turn both sides into a 2/2, and that would increase the STR cashflow by $700 per side. But in order to do this, I'd need to take on an additional $70K in debt to finance the basement rehab effort. The additional debt for the basement rehab is about $300/month, and it would increase overall STR cashflow by $1400/month.

is this a good idea in your opinion?  This is my first time investing.  Should I just purchase the property, run it for a year, gain some experience and then finish the basements later on?  Do investors usually finish their basements in order to increase cashflow?