All Forum Posts by: Robert Hansen

@Nick Belsky

@Nick Belsky

About how much do they charge for the desktop appraisal? I've been using Lending One for an in-person appraisal and they are charging $550

I just bought a rental property for 84k and I would like to use it as a tool to teach my children (8 yr and 6 yr) about real-estate investing.  My goals in doing this are:

- Teach them the habit of investing a part of their earned money (I'll make it so 33% of their allowance goes to the properties equity)

- Once they become age of maturity allow them to do what they want with their equity 
     -sell their equity at appraisal value back to me or one of the entities that I control,
     -keep investing in subject property incrementally,
     -become manager of the property as a job

- Award them with equity at milestones in their lives, like graduating, starting their first job, etc.

I am wondering the best way to structure this deal so that it is legal and doesn't allow me to 'steal' or 'misappropriate' the equity or money of my children.  There is no scenario where I would do this, but I do want it to be done in a way that is binding.

My original thought is to create an LP or LLC with my kids as limited partners and myself as the general partner. I would have 100% of the property equity represented by 84,000 units/shares (the original cost of the house). Each unit will be worth $1 initially and probably forever. I'll allow them to buy the units/shares by directing a portion of their money into a separate bank account dedicated solely to the contributions of the children and to the net profits of the asset.

Since the purchase of shares will be done frequently and in small amounts I think I would need to structure the subscription agreement in a way that would allow it to be either dynamic or updated frequently.  If not on a continual basis then I would be thinking either monthly, quarterly, or annually.

A few questions about doing this, 1) will I need to quit claim the deed on the house to the name of the LP? 2) Does anyone have any suggestions that I haven't thought of? 3) Are there any pitfalls that I haven't thought of?

Thanks in advance for any type of input

@Lon Sierra +1 for @greg

@John Underwood I'll need to keep researching on this one, I'll try to call the city or something. The county has very specific zones that either DO or do NOT allow nightly rentals. Some of the neighboring cities do as well but I wasn't able to find anything for the town our rental is in. Have you ever come across a town that doesn't have an STR policy or code in place? And if so would you go forward with it anyways?

@Chris Kor It is a walkout basement that goes directly to the back yard and I was going to do a ductless mini-split system for the HVAC.  

I love the idea for the lighter colors, do you think the SW agreeable gray with white trim will be good?

Lucky this is a very dry part of the US, we don't tend to get the mold issues as frequently as a lot of other places, either way I did want to do the LVP floors

Hi all, I just moved into a new construction house as my primary residence earlier this year in Weber county Utah. The basement is designed to be finished with all of the rough pluming, private walk-out stairs, and several egress windows and the finished portion will be roughly 1700 sq ft. This is my first STR and am wondering what are the things that other with more experience have done that have made their STRs more attractive and allow a higher rent?

Additionally, outside the tenant will have full access to a gazebo, grill, firepit built into the oversized patio and 2 parking spots dedicated to the tenants.  

@Sam Bannister sorry Maddy, not Misty

@Sam Bannister I'd start with CB&S bank on Pike Road. I'm OOS as well and have a few non-owner occupied rentals with them. My favorite loan officer, Janna Davenport, just left but a girl named Misty should still be able to help

@Laura Verderber which bank did you go with for your portfolio loan, I'm in MGM AL looking