All Forum Posts by: Mark Davidson

Good advice, thanks to everyone.  Interestingly, the B of A in my area would not allow me to open the account.  

Several other different banks wouldn't as well.

I worried about this topic as much as anyone. When one of the top attorneys in town was assisting me with another matter that was not a liability issue, I mentioned my LLC and he scoffed. He schooled me, and unfortunately, the gentleman above is correct, it's not a magic unicorn.

For those with a Solo 401 (k), what banks are you using? 

Any tips on funding or setting things up?

One of the biggest lessons I've learned is to almost never take advice on design from contractors. They're the ones recommending putting victorian oval window or craftsman doors on 50s ranch homes for instance - unnecessary ornamentation and completely the wrong era.

By the way, great choices on the white paint colors.  I'm not familiar with On the Rocks, but using SW Pure White on the exterior of my personal residence.  It has no weird undertones but is not stark.  Alabaster is very, very close to the BM white we use on the two projects I posted above.  Notice it works in a mid century modern or a cottage.

SW Alabaster is a warm color but goes with your tenants colors whether they're gray or beige and I'd only use latex so I wouldn't have to fool with oil.  It may be better, but not worth my trouble.  Its a personal decision.

I'd go with whatever sheen SW says is one or two levels up from flat on the walls and ceilings and one up from there on the trim, but all in Alabaster.  So maybe Eggshell with Satin or Pearl for instance.  Everyone has different names.  I wouldn't necessarily go with Semi Gloss on the trim, especially if you have those fake woodgrain six panel doors everyone loves.  Those in semi gloss look like what they are, poor quality knockoffs of the real thing.  

The original first picture (living room) was all eggshell yes except the trim which was one sheen higher.  Just remember the trade off, eggshell is easier to clean but shows more imperfections.  Let the condition of your walls and your ability to patch be your guide.

For both sheen and color, rental versus flipping requirements are different.  Subtle contrast is elegant.  Forget all that making it pop crap or shiny sheens leftover from ten years ago.  Subtle contrast is elegant. 

We used Benjamin Moore Matte on the bedroom walls and ceiling above.  It has a little reflection because it is one up from flat.  It is scrubbable, but I'd be hesitant to use it on a rental.  I'd go one level up on the sheen level and one level up (shinier) again on the trim.

Let me try again.  The first picture below has a ceiling paint on the ceiling that is different from the wall color that was done by a flipper.  The second picture (bedroom) is across the street from the first one and we did the ceiling and walls the same color and sheen.

The resolution of the photo was reduced so the contrast is not showing like it does in the original photos.  Its actually the same color and sheen on the ceiling and walls.  However, one would swear its two different paints.  That is because the light hits the ceiling at a totally different angle than the ceiling.  

We almost always use all white which is really hot right now - although we did this in 2012.  Also, we always use the same sheen and color. when using white  You can decide if it looks cheap.  We think it looks upscale and the market has responded with record prices per square for the neighborhoods we've been in.

We save a lot of time and expense not cutting in all those ceilings. 

Let me ask you ask a question first:  Do you notice the subtle difference in color and or sheen level here between the walls and ceilings?

Lots of people bringing up liability issues, but only one person brought up the fact that Airbnb provides liability insurance.  With Airbnb, your property is insured for liability to the tune of a million bucks.

As for homeowner's insurance, my policy did not allow STRs and I had to purchase a more expensive policy.