All Forum Posts by: Rick LaFleur

Hey Craig. Just a huge shout out to Justin Allen who replied above this. I have not yet purchased an STR in that market only because I am watching the home values and have not found one that pencils out to my needs. I have spoken with Justin several times, texted back and forth, etc. and he is always so responsive and informative. He is currently sending me properties and providing great guidance in the in's and out's of the area. He has been super helpful. I can't wait to find the right property and do some business with him!

Quote from @Zeona McIntyre:

Hi @Rick LaFleur, wowie! Not sure why this topic is so heated. Another issue with changing the ownership to an LLC is that the lender can call the loan due. It's rare but important to note. I have LLCs for some of my businesses, but not my properties and I use umbrella insurance instead. Seems to do the trick and its pretty affordable!

Also, for the taxes, since you haven't lived in the home at least two years, you may want to consider a 1031 exchange which allows you to defer taxes indefinitely if you continue to use the strategy.

Thanks for the advice. I had listened to a podcast that mentioned the "due upon sale" and that was a concern when moving to LLC. I have also heard the 1031 exchange mentioned, but I am only

Thank you all for the help!

Thanks for the information! My wife lived in the townhouse for 1 year before we married and bought a home together, which we have shared for 1 year now, so I guess we are ok on that front. I will check with my CPA to make sure though.

I was considering the LLC also. It seems that the only reason not to do a LLC hold is to make borrowing easier upon purchasing.  Since that isn't an issue here, I will look to move it to an LLC.

Thanks again!

I am close to finishing refreshing STR and putting on AirBNB for the first time.  This townhome was purchased as primary, then kept after buying another home as primary, so it is held personally, not in LLC.  Is there a legal need to use business checking to house income and pay expenses even if not in LLC? I know that it is better for obvious tracking means, but am curious about whether it is required for tax purposes.

Thanks.

Quote from @Alex F.:

For property management software I really like Hostfully.  They have integrations with a barrage is 3rd parties including all major pricing engines.  Very easy to update description or photos once and updates VRBO/Airbnb/booking/.... automated emails and workflows, etc....

Thanks so much!

Great info! About to launch my first STR also and think I may try Price Lab. Another question though....any suggestions on Property Management software for self managing?!