All Forum Posts by: Nancy Bachety

Tonight at 7:00 at the great South Bay  brewery in bay shore.

August Smart lock , August smart keypad and AugustConnect. All sold separately.  The connect piece is what allows us to program it from out of state. It links with Airbnb and generates its  own code and will text or email it to guest too. We like it. We choose to program it with guests phone number so they remember it ( less chanc3 if reaching out for it.) we also use to August doorbell cam which is hardwired.

Airbnb hires photographers to snap photos for hosts at no cost. You choose which ones, if any, to publish. You don’t own them.

@Jon D. Do you have, or know of, the corporate listing sites you’d prefer to use? 

@Paul Sandhu I wouldn’t want to top that!

We pay $175 for a 3000 sq ft. 4 br 3 ba to our cleaner. She is like our mgr and she had proven to be reliable and dependable. She does the Laundry and removes the garbage. 

@John Underwood good find! I’m confident you have a backup plan.

@Rick Baggenstoss are you buying off market and rehabbing your STR? Win win for you.

@Kimberly Gopp has great success with corporate rentals. It seems like a profitable option. You need to have it available to rent as a corporate rental in order to be listed on corporate rental sites. That’s my understanding.

And to add one more, we use August smart lock ( and nest thermostat) in our out of state house and kwikset in our primary.  read reviews then maybe look in person at Costco or Lowe’s to help you decide.

They examine purchase price and compare it with STR rents, to put it simply. To determine that yourself, determine a property you'd buy for STR then research on Airbnb or vrbo what the demand and rates and occupancy are in the same area. You will trust them if you buy the reports but you will end up verifying anyway.

Also consider: is the A area where you would even consider buying into? Would you be comfortable if the house was x miles away from you.

I would (and am) selecting where I would want to be, then finding listings on Airbnb, then finding properties, on market. If it makes sense, it makes sense. 

Let us know what you decide.

@Jeff Lulek 

The thing I don't understand is why is being a real estate professional so valuable? Is writing off my passive losses really that advantageous? I mean I want to get into rental real state to make a positive cash flow(and tax advantages) not a negative then write it off. That seems like it defeats the purpose in have a rental property. 

If I am reading your question correctly, I can see why you are confused about passive losses. You do no need to experience negative cash flow in your checkbook to be able to write off losses. You write off paper losses from depreciating your assets over time. Believe it or not, some people - even re investors - do not bother to do this or their family accountant isn't doing it for them. 

On top of that, if your are NOT being designated as a RE Professional (or your wife) you are limited from enjoying those losses sooner rather than deferring them until later if your have a high enough W2 income. You still do get passive losses though even if you are positively cash flowing.

@Chris B.

Thank you for clarifying. It is expected to generate a tax profit. 

And yes, I want to separate from service to be able to access those funds. When I do, if I understand this correctly, I would take income from my S corp (no employees) set up a Solo 401K plan, contribute $56K into it, then roll it into a Roth IRA (a pay taxes on that). Good stuff.

@Chris B. Given a choice of buying into a syndication with Roth IRA money or taxable acct money, I'd be inclined to think taxable was better for the better tax advantages of RE, even inside a syndication. Is that a correct assumption? Is that a good reason not to use funds in a Roth to invest in RE? Lastly, it sounds like heirs must take distributions (tax free) from a Roth IRA but when it's in RE, it can stay there and grow tax free?

You gave a great example of how to get $56k into a Roth IRA - wish I could get $ out of my 403b this way.