All Forum Posts by: Matthew McNeil
Matthew McNeil has started 31 posts and replied 686 times.
Post: Where to move in the US for investing for the beginner
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Three cities west of Boise which are all relatively connected. Specifically, Meridian, Nampa and Caldwell. Family friendly, high appreciation, landlord friendly, and targeted for significant growth. I've done very well in Meridian with SFHs. Nampa is the next area with Caldwell on its heels.
Post: LLC and CPA needed?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
If you decide to go the LLC option for Asset Protection then you need to transfer everything into the name of the LLC; bank account, lease agreements, insurance (put your name as "additionally insured"), county tax records (done by Quitclaim), etc. Nothing can be in your name, and you sign everything including checks as; your name, managing member, XYZ LLC.
Post: Seeking advice on structuring partnership agreement
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
You might try reaching out to @Marc Ramsay at Majura Investments Ltd. He has a solid Agreement that he uses.
Post: What are you doing with rental income?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
In a nutshell;
Have enough in reserves to handle a worst cast scenario.
Pay down the debt to get to at least 70% LTV.
Then...
Invest in another property.
Post: San Diego backyard shed for $1,050 a month!
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Danielle Wolter:
If you don't mind me asking; how much did you pay for your condo?
Post: San Diego backyard shed for $1,050 a month!
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Sean McDonnell:
They need to start calling this strategy "Shed Hacking".
You've coined a new REI strategy!
Post: San Diego backyard shed for $1,050 a month!
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Damaso Bautista:
With such a draw for people to live, work and visit So. Cal, it makes a lot of sense for having an ADU or small liviable space in your back yard. Rents are ridiculous right now. Especially where I own my homes. Financially it makes sense and with laws regarding this type of accessory dwelling being less restrictive now it really makes sense.
The debate is not regarding the numbers, for many people including my wife it comes down to sharing your personal space (backyard, driveway) basically playing nice in the sand box with someone else for the extra income.
At least that is the debate in my house.
I know the reason why I have been able to stay married for 25 years is because big decisions are always discussed with my better half and nothing is forced.
My take on it.
Well put. I've been married 28 years and a happy wife makes for a happy life as the saying goes. But.... sharing your backyard is a bit encroaching on personal space, as you put it. I think my wife might be willing though if we could get that kind of rent for a shed!
Post: San Diego backyard shed for $1,050 a month!
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Originally posted by @Justin R.:
@Matthew McNeil Small world. I just rented a 180sf former single car garage (it has a bathroom and small kitchen) 1 block south of this "shed" on the same street to someone for $1300/m. It's bonkers to people who have been around a while, but it's real.
Justin, I agree. My portfolio is in Idaho - Boise and renting a shed for $1000 is bonkers, but California has been known to come up with innovative ideas!
Post: To add property manager in your insurance or not?
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
Hi Vibhu. I just posted this question 3 days ago. Here's the link with several comments that may answer your questions;
Post: San Diego backyard shed for $1,050 a month!
- Rental Property Investor
- Boise/Portland
- Posts 709
- Votes 742
I’m investing in the WRONG asset class if people are paying $1000 rent to live in a shed!
Copied from news article; "Maybe it is high for what it is offered at, but the reality is that the square footage and the location is exactly what this market needs," Alan N., director of research at the Xpera group, reported.