All Forum Posts by: Rick Trivedi

@David A. - Which part of CA is this in? Would you mind sharing your contractor/architect information? Sent you a PM as well.

@Gabriele Uberti Welcome and happy to connect. Recently invested in both those areas.

I think it’s mostly because of lack of w2 or additional income stream. If your wife or family members can co-sign it might work out

@Leela Gutta - Search on BP with the same topic and you will get ton of hits. Almost every state has opportunities - even North Dakota and South Dakotas - which have historically been off the map. 

It also depends on the kind of returns you are looking for. 5% is achievable in CA and local here closer to Bay Area with bit of creativity. We like Florida - especially Central and North FL. Being local to CA for couple decades, after looking at several states, decided on Florida.

@Jin Kwon - Couple of other ideas

1. Do Cashout Refi. Look at Local Credit Unions if larger banks arent working out

2. Think about selling one of those and use those funds to fund down payment on others - now you get financing on the new ones and can leverage your money. Probably your best bet.

Personally I wouldnt recommend coastal areas if you are into long term hold - wouldnt want to take a chance with rising water levels. Would recommend central/north florida - look at Ocala, Orlando, Jacksonville etc.

8% + other quarterly fees, don’t recall exactly but it was definitely coming up to more than regular LTR. Additionally you have the overhead of maintaining furniture and monthly utilities etc

@Duke Choi I believe first year for the LLC is free for ftb. You might also want to look at s Corp election for the tax purposes.

@Logan Wright @Duke Choi Congrats on your new rentals. Asset protection with LLC setup is a relatively complex topic to get it right both from legal structure for the purpose of asset protection and tax savings (thinking operating and holding LLC structure). This is a good starting resource - https://www.ftb.ca.gov/file/bu...

If its just 1 or 2 properties, you might want to weigh to see if its an overkill in terms of administrative cost, might be better just to buy umbrella insurance.

@Matt Nico We have invested in Champions Gate as well, would be good to connect.

@Jake Jaenicke - Are you only looking for STR and not LTR? In my calculations STR was coming up to be the same revenue as the LTR - of course this was with the outside STR property management fees.