All Forum Posts by: Tandi H.

I'm trying to get this loan product - what a confusing system! I found a property listed on the MLS that mentioned Vendee financing may be available. I contacted the listing agent, who was clueless, but directed me to the VRM Mortgage Services website. So I called the number on the VRM website, and their customer service agent basically couldn't tell me anything, except to go to the listing page (on the VRM website), and click for financing. A box pops up and you put your name and email. She said someone will contact me (but couldn't give me any idea of how long that would take) and that all communications will happen through email. There's no phone number to call to reach an agent.

It seems pretty weird and convoluted but I'm going to try it out and see how far I can get.  

Hi Nick,

Thank you for continuing to provide this amazing service to BP members.  I hope you have benefitted from new customers!

My question is about short term (Airbnb) rentals.  You said in a much earlier post:

"Assuming you are an active participant, if the average rental period is 7 days or less, it's active income...substantial services or not. If it's 30 days or less WITH substantial services, it's active. In both cases these activities are reported on Schedule C. You may, however, still be able to avoid SE tax if you don't offer substantial services."

I don't offer substantial services, and my rentals are mainly less than 7 days.  How exactly do I avoid SE taxes when I report the income on Schedule C?  Thanks so much in advance!

@Michael Plaks  Thanks for the input - I am getting different answers from different sources, so that makes sense.

@Kyle R.

I'm pretty sure short term rentals classify as active business income, which means they go on Schedule C....Schedule E is for passive income, which would be long term rental income.

What a great question.  I see the same issue for my family - we lived on practically nothing for several years, in a tiny home.  Income went up, bought a larger house (rented out the old one at least), newer car, more stuff, nicer stuff...it is tricky.  I think second the point by @Bob Woelfel:

"The goal of what you are trying to accomplish has to be bigger or feel better"

There has to be a 'carrot' that is enticing enough to you that if you focus on it you are willing to forgo other luxuries.  

Then avoid the temptations by avoiding the websites/discussions/books that make you want to spend.  Instead get inspired by the websites/discussions/books that remind you of your longer term goals.

This thread is a great reminder for me to identify that 'carrot' or goal, and to stay focused on it.  Thanks.

Any thoughts on the costs for this rehab?  

There have been numerous posts about cabinets, counters, appliances, etc...I've read a lot of them!  Ikea vs Lowes, laminate vs granite...lots of thoughts.

Here's what I've picked out for a ~600 sq ft, 1 bed garden apartment, in a desirable B+ neighborhood.  This unit was renting for $675 (and looked like crap), but we have gutted and are redoing it and looking to get $850-950.  Maybe more if we furnish it for traveling nurses etc.  FYI it actually had two bedrooms crammed into the space, we demo'd one of them to enlarge the living area, enlarged the bathroom and are putting in a new garden door and covered patio off the living room.

Kitchen is about about 9 x 12, L-shaped with peninsula.  Long side of "L" along wall includes dishwasher, sink.  Peninsula includes slide in gas range and seating on other side.  No uppers along long wall, but a couple of long open shelves, to keep narrow space feeling more open.  See attached sketch.

Overall look is grey-toned.  Grey wood grain LVT, white and light grey walls.

Cabinets:  Lowe's Allen + Roth brand, Stonewell (med grey), 25% off this month, base cabinets and tall cabs around fridge, $2500.  

Counter:  Uba tuba granite (actually Uba tuba is charnockite, a harder type of stone than granite), $39/sq ft, includes measuring, finish, sealer, install, and 33" under-mount 60/40 double bowl stainless sink, $1850

Appliances:  Fridgidaire, new, stainless, includes island hood, slide-in 30" gas range, dishwasher, 30" fridge, $2300 (working on getting it down to $2000 with some "open box" components)

I know these aren't the cheapest, but I'm not looking for cheap I'm looking for "nice".  Like people come in and go ooh I like it and I want to pay more nice.  And like it will hold up over time nice.  

Entry to unit is at bottom edge of sketch by the way.  

Add my vote to pay off the student debt, if you can get it done in 4 months and see lots of funds coming your way in the future. During that time study REI, choose the location you want to invest, get your contacts (turnkey provider, real estate agent, management) and team lined up, get your lender and prequal organized...that will take some time. Then you will be ready to pounce when the great deal shows up, you will have left debt behind you, and the way forward will just be net positive!

@Account Closed

Thanks for the ideas - I ordered samples from Lumber Liquidators and will search Build Direct next.  I'll check with Home Depot's pro department for bulk orders, good idea.  Thanks!

We have three and a half units, each around 650-700 sq ft, that we plan to refloor with luxury vinyl tile.  After looking at the quality levels at Home Depot, I think the click lock, waterproof, rigid core with underlayment (the top quality) is what we want to go with.  

Home Depot's line is called Lifeproof and is selling for around $2.80/sq ft.  Since we need upwards of 2000 sq ft, which will be multiple pallets, there must be a bulk source with better prices for a similar product.  

Anyone found a good source for larger quantities of LVT?