All Forum Posts by: Glenna Wood

You can roll it into a self directed ROTH IRA and then create a checkbook LLC for RE purchases. Wouldn't call that "cumbersome". You make offers, execute, and own as your LLC (owned by your IRA). IMHO buying an active rental in a SDIRA is more complex and loses too many of the tax benefits so I bought unimproved building lots. This avoids requiring a property manager and tenants. I wrote a check from the LLC bank account once a year for the property taxes and few to landscapers to cut weeds. I paid cash only to avoid UDFI. After 6 years I sold the lots (20-90% appreciation in the beach town I was in) rolled part of the SDIRA back to a non self directed IRA (I'm close to RMD age) and closed the LLC. My SDIRA still owns a note. Not sure what you mean by "losing the tax protection". My LLC paid no capital gains on the sales as it stayed sheltered in the IRA. Best wishes.

I did this as a tech worker. Setting up a self directed retirement plan for my single member LLC taxed as an S Corp allowed me to put enough into retirement that my tax bracket stayed the same while my income almost doubled. I used a payroll service to pay my salary, taxes, etc. If this talent agency is taking a cut and issuing the 1099s then be very cautious. You would be working for them w/o benefits. Check your health insurance situation carefully. I had no trouble getting a land loan from a credit union with proof of my 1099s, prior W2s, financial statements and 800+ credit. Since you are buying an owner occupied MF an FHA loan may be a good option. If you are going to be a tech hired gun make sure that you can deliver the goods. Your work situations with high pressure deadlines will change often. Companies often bring in outside help when a project is already floundering. Best wishes.

Couple key points to think through: 1) Will you be keeping the tiny homes on their axles or installing them on foundations? Will drive the permitting needed. 2) Infrastructure costs for raw land. Building access to an undeveloped parcel will cost about the same whether it's for a tiny home or a 10 BR cabin. Huge difference in absorbing the cost into the resulting income. Same with power and water. Might be an easier start up to find an old farm an redevelop that. 3) Design. Doing you own CAD design sounds like fun. It would let you draw from your contractor on the real costs and use their experience in the design phase. If it's going on a foundation, I would expect most jurisdictions to require stamped plans. I designed a spec house with a CAD guy. His software had the building code specs built in and he had an Architect colleague review and stamp the final. If you're designing a tiny house, your design process will duplicate what current tiny house firms have already figured out. Worth it? 3) Locations. Agree totally with the prior posters. What would draw people to the area? Either find lake property or be near/in a National or State Park, Forest Service, BLM, or Nature Conservancy land. Find an area with public equestrian trails, add decent living space, a paddock with a run in shed, enough room to park a horse trailer and you would have a very underserved market. Likewise check out other niche activities like white water rafting, birding, wine trails, etc. Many locations would work but you'll need enough of a basic plan to be able to discuss the local governments to feel out the best area to build. Congrats on thinking about your plans while you are in school. You're already ahead of the game. Best wishes!

Jeffery, "will you accept my first impression rose?" Looks great! Love the colors. You obviously thought carefully about details. Overall interior photos show off your place better than the outside. After reading your description, have questions and/or suggestions: 1) Use "Beds" not "Bed" in the title. If I'm looking for 2 couples we don't want to flip for the only king. Having two kings is very smart. 2) Describe what's on each level in your narrative. If you are scanning ads doing a quick look thru the pics your picture descriptions don't show. Baths up and down? All BRs up? Kitchen on lower level? Are there interior stairs? Second the prior poster who mentioned adding key bullets. The bath pics could be stronger. Can't see the floors.  3) Not clear how you access the back yard. Thru the French doors on the front? Needs a larger view of the back yard. Knowing it's a townhouse and neighbors are right next door, how private is it? There is a glimpse of a privacy fence in one pic. Is there a back door to that space? 4) You mention a "coffee bar". This sort of implies a separate one from the kitchen. Is there one? 5) Downstairs porch is plain. Needs a bench or small table and chairs for a place to plop groceries or bags. Would also be a rainy day outdoor spot. Second the idea above to add a little color with plants, house flag, house name sign, etc. 6) Move that grill from the porch corner. You don't want people grilling right next to your siding and folks on vacation may not bother to move it. Curious to place it there and not in the back yard by the picnic table? 7) That's a big expanse of bluestone in your main pic where most houses would have a front yard. Is that the most flattering angle? 8) You mention "marked parking spaces". Is that right by the house? If I had small kids I would wonder if the right hand neighbors have to drive by your side to get to theirs. 9) In your narrative it says "cubhouse" and a pic descriptions says "clubhouse"... OK I've put my fine tooth comb away. You're off to a great start and your first guests were happy! We used to camp at Deep Creek in the 60's. Don't think I would recognize the area now. Best wishes!

What a fabulous trip! As a former Alaskan, my best advice is get a copy of "The Milepost" now and start planning your trip now. So many options! If you can, take a month to take the ferry and drive the Alaska Highway as a big loop. The ferry will let you visit SE and plan segments to hit Juneau, Sitka, Ketchikan, Skagway. If you pick up the ferry in Prince Rupert you can take the Yellowhead Highway through BC.  Spectacular! If you have a week, fly to Anchorage or Fairbanks and do day trips to from there to rural towns like Seward, Denali in the interior. Should be a variety of unique AirBnbs. Have a great time! 

Sally Childs for Mexico Beach. 

Alright if the Queen is now renting her property on AirBnB, I am now royally spooked about the state of the world economy... 

I doubled the rent when I added a pool and hot tub to my semi oceanfront Nags Head house. Very worth it.

110+ years... More options you say? I doubt it. Those repeat clients have been cultivated over years. Doesn't make the management job easier other than your renters are already somewhat vetted. In 40 years if I didn't self manage, I hired a PM. Too many wannabees now to vet for a co-host from my view. My last STR is listed for sale now. Too complicated to leave to multiple heirs but stocks and bonds are easy to slice up. Best wishes.