All Forum Posts by: Rachelle Rayner

I would start with getting proper insurance coverage if you are going to be doing any type of short term rental arrangements. It's a common misconception that platforms such as Airbnb has $1M policy for host protection. This is very deceiving, this $1 M in coverage is per aggregate not per person or per property. In some states a tenant can sue you and name you and your LLC in the claim and an LLC may or may not protect you. Also it's important to note that your homeowners policy would not indemnify you should there be a claim from a tenant. However, having insurance that covers you when you have a claim just might be your saving grace. A few insurance brokers have started underwriting policies for the short term rental market. Proper Insurance Brokerage sells a comprehensive policy backed by Lloyds of London. I currently use them on my short term rentals and I'm happy to give you a referral, feel free to message me.

I invest in my state but where I live and invest are 3 hours apart.  

1. Join the local REIA's, the investor communities are pretty tight so you will get referrals and folks who will tell you who the real deal is and who isn't. The thing with REIA's is that they are everywhere so definitely check them out.

2. Real Estate Agent -I had to kiss a few frogs before finding the right "one".  Once you find an agent that knows the area and understand what you are looking to achieve, this becomes a beautiful match.  I made a lot of calls until I found the right agent that was willing to work (and return a phone call).

3. Local Home Depot/Loews -Surprisingly this is a great place to network.  I found my contractor here (who is amazing) which was a referral from a lady who ran the kitchen/bath department at the local home depot. 

A lesson I learned was you don't have to saddle yourself up to the first person you meet.  If you are patient, you'll attract the right people to your team.

Best Ever by Joe Fairless (one of my favorites)

The Real Estate Guys

Wheelbarrow Profits by Jake & Gino

I'm also looking for a property management company in Albany for a small portfolio.  I've made alot of calls and heard a lot of "Sorry, we don't manage 'there'" or "We typically manage larger portfolios".  I'm going to send you a friend request, I'd love to keep in touch.  If I find someone, I'll be glad to share the connection.

There are tax benefits for buying in an QOZ.  Get yourself a good CPA and attorney that specializes on QOZ's.  I am currently in the process of purchasing in a QOZ.  There is a lot of misinformation so it's good to just run all your questions regarding this matter through professionals who have experience.  I'm happy to share what I've learned and my progress along the way.  Feel free to message me. :)

I would most likely focus on the deal first.  You can deduct up to 5K in expenses prior to actually forming the company.  The formation of your company will all depend on the type of investing you are doing and you should consult with a Real Estate CPA for the best tax solutions and an attorney for risk.  

I have a really great real estate CPA that I'm happy to connect you with, shoot me a message and I'll link you up if you're interested.

FUND YOUR DEAL!

Do you have a deal or several in the pipeline? Are you new to real estate investing and want to learn the ins and outs of Hard Money and speak directly to a lender? Then you've come to the right place. Lender and speaker, Michael Haberman will be educating investors on how to get deals funded. RSVP today! Space limited to 30 attendees.

RSVP here

Beer & Wine provided

Calling all investors, CPAs, Attorneys, Lenders, agents, Real Estate consultants and professionals. Come out, grab a beer and network whether you’re a new or seasoned investor. Your bound to connect with someone who can take you to the next level!

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I would be happy to connect with you and share my knowledge on the Albany market.  I have a GREAT realtor there who works closely with investors.  He knows the market well.  As was mentioned above, stay out of Troy...the taxes are insane and messes with cash flow.  Albany has lower taxes, is very landlord friendly and the market rents are high, makes for great cash flow appreciation.

@Rome Wells Looking forward to meeting you!