All Forum Posts by: Tiffany Koffel

I would be sec 121 excluded as this has been my main home and owner for many years. 

I recently got married and we are moving into his home, so that leaves my home to figure out what to do with....  

I purchased my home and have operated it as a luxury house hack. The main home is a 100 year old home that I have completely remodeled.  I live in the main home and have a separate 2 BD 1 BA pool house that I rent on Airbnb.  We are in a small town and have a famous flea market so it rents regularly every month, but not all the time.  More like 1 weekend per month and summer months expand to 2-3 weekends per month because we are within a few minutes of a large lake.

I'm a broker so I know that the market is crazy amazing right now and could list my home for approximately $500,000. and could net more than $350,000. on the sell.  However, I'm not sure if that is the best route.  I have considered leasing both homes separately like a duplex and allow both tenants to use the pool as a shared common area.  I would continue to cover the expense of the pool cleaning service to protect my asset as my pool was just remodeled in 2019.  I would potentially rent the property for $2,500. main home and $1,250. pool house.  Here's one more issue to overcome, both homes are on 1 electric and 1 water meter.  

My payment is under $1,800. PITI

I also have access to a HELOC on this property...available $70,000. Owe $10,000.

Would you sell and reinvest in other real estate or keep and lease???

On one of the past podcasts, I believe Brandon mentioned a site that you can use to find already created presentations from flyers to power points that you can use for business. I didn’t write this down and cannot find it. Does anyone know what this is??

I’m looking for a flyer to share with local insurance agents about my Airbnb. I live in a rural area and am looking to increase my potential earning by being available for their clients that need temporary housing.

I am also having an issue uploading images.  Can someone please let me know how to correct this.  I have 2 investment properties to add to the marketplace.  

@Aaron K. Thanks! I did just that. Went on in and explored. I do realize that it will go above list price, just curious if there is a rule I missed about how much so my offer can be competitive.

I found my 1st actual property that I would like to flip. Listed at $99,900. ARV is $190,000. From what I can tell it really needs cosmetic updates, roof is decent, unsure on foundation, but its only 1400 sq ft so even if it needs foundation repair I don't expect it to be too expensive. The real question is what to offer to be competitive. I am writing this sitting out front of the property and since I have been here the last 5 minutes, 6 potential investors have driven by or stopped to go inside.

Also, courtesy question.  I am a real estate broker and typically I do not barge in to a property when someone is inside viewing, I politely wait outside.  I am curious what others do when this is for investment.  Do you wait?  Enter and let others know you are competition simply by being there?  There are currently 3 vehicles with 2 people sitting in each of them and yet another investor driving by now.  haha!  Okay.  SO I definitely believe I found a perfect property, but what do I offer to be competitive??

Thanks for the advice!

Tiffany

Brandon has a video where he explains in detail the 4 square cash on cash return calculation.  There is also a form you can print and use on the BP website.  I have used it to figure many deals and it is extremely useful.  

@Jon Reed.

This is similar to the advice my CPA gave me. An LLC for each type of business.

I have had the same experience too!  I now leave it a little more open and don’t go to every single maintenance call. I’m not sure the size or scope of your job, but things like plumbing or even small dry wall repair, I don’t go to those appointments and I ask my tennant to try to find flexible on x day. I ask for a window of time.