All Forum Posts by: Pierre E.

@Chad Rakestraw I did a search myself. In case you or someone else doing a search still could use the information, this is what I got from searching the BP forums. The most commonly mentioned were Homestyler and Magic Plan, also Sketchup. I am sure whichever one works best for you will depend on what you need, hope this helps.

• - *Homestyler - https://www.homestyler.com/floorplan
  
• - *Magic Plan
• - *Sketchup free version
  
• - Floorplanner
• - Home Design 3D" as an app on... Galaxy Note 8
  
• - twinmotion
• - Revit
  
• - floorplan creator
• - BoxBrownie
• - A designer said they use SoftPlan, which is a professional cad program that draws in 2d, allowing me to make 3d renderings, but it runs $95/month.
• - chief architect and archicad, AutoCAD?

connection issue caused a duplicate post, apologies 

I did a search myself. In case you or someone else doing a search still could use the information, this is what I got from searching the BP forums.  The most commonly mentioned were Homestyler and Magic Plan, also Sketchup. I am sure whichever one works best for you will depend on what you need, hope this helps. 

•  - *Homestyler - https://www.homestyler.com/floorplan
  
•  - *Magic Plan 
•  - *Sketchup free version
  
•  - Floorplanner
•  - Home Design 3D" as an app on... Galaxy Note 8
  
•  - twinmotion
•  - Revit
  
•  - floorplan creator
•  - BoxBrownie
•  - A designer said they use SoftPlan, which is a professional cad program that draws in 2d, allowing me to make 3d renderings, but it runs $95/month.
•  - chief architect and archicad, AutoCAD?

Anyone have any information on when the material participation clock starts and hours you or others spend start counting? ( specifically for a property newly purchased mid tax year new to the investor — in this case using 100 hours more than anyone else for STR tax loophole)

Is it

a- it hours only once the property has been placed in service or

b- all hours of all people in the year it was placed in service?

c - all hours of all people are evaluated after date of ownership/closing in year property placed in service?

Thank your for your thoughts or pointing me in the right direction

If it helps i wrote two opposing scenarios:

——

Scenario 1: a property purchased in fall of the year, owner did DIY renovation's total 120 hours placed it in service as an STR, cleaner did 100 hours from service start date until end of year and owner did only 80 hours from service start date until end of year - (1st time ever placed in service was AFTER renovation only for stays averaging less than 7 days, no other prior uses under that owner). would owner meet criteria or no?

Scenario 2: a property was purchased in the beginning of a year and originally NOT intended for short term rental use but was never rented or marketed, and was renovated in a couple months by a contractor 350 hrs, and then the decision was made to turn it into a short term rental owner spent 400 hours in material participation after service start date others spent max 50 hours after service start date

Owner spent over 100 more than anyone once property was an STR, but if the contractor hours also count then they would not qualify?

The scenarios are hypothetical but made to help clarify the initial question with the a / b / c options.

If the desire is to also then use the

@Bob S. good points. I guess I just haven't yet come across a property manager that isnt trying to do the bare minimum... but definitely there is value in a PM that does what is needed. 

I like what @Brad  said and  @Amir Khan  great points and definitely better setup than I have seen!d

@Brad Larsen

 I have really seen mostly one PM style. They are very removed, and they coordinate people coming to your property, but they dont actually care for the property.  I would be willing to pay for someone to visit the property, make sure things are in order tenant wise and physical property wise, and maybe based on the amount of work needed charge me a quarterly fee but some charge a percent of whatever job they hire someone for... and some other formats... that I find bring less value but more cost.  Of course they should be paid just... I havent seen a situation or PM that would bring me the value in the areas I need it the most. I dont need them to charge me for for setting up the tenant portal... 

Hey Creative Finance Peeps out there!

Renovation costs! How do you handle this in a scalable way while using Seller/Owner financing or Sub-To?  It seems you have to use your own cash? You cant use a  private money or hard money lender???  (You would have to refinance out of your seller finance deal... which is ok... but also get money out of it to pay back lender, which is the hard part!)

What are ways around this?

What are some other pitfalls and downsides to seller finance and subject to?

Any work arounds?

Would love to dialogue on this!

@Theresa Harris -  how much are they charging for repairs?  My biggest issue is PM taking a cut for big and small maintenance requests... but I guess it also depends on the size of your portfolio.

*OPM to renovate a seller finance deal?*

Hey BP Family, would love your input.

With seller finance, do you need to come out of pocket for renovations? Or do you just avoid value add deals and go for minimal rehab?

If you buy on seller/owner finance terms, (or subt to?) because the seller isnt an actual bank, if you renovate from a value add standpoint you dont typically refinance do you? If you did, its not likely the seller would give you money back with which to pay off a private money lender… and in addition most seller finance deals (not as much with sub to) the purchase is more often over market and not a discounted, value add type of property right? Is it because I am only thinking small residential property?

How do you scale properties you need to renovate? How do you use private money lenders in the deal?

I hope I am not just missing something obvious! Thanks in advance for your wisdom and your time