All Forum Posts by: Tina McDonald

What is the recommended insurance coverage for an unoccupied multi family mix use commercial building while undergoing renovations?

Hi Denyse  - I've lived in Waukee for 20 years.  I am looking for investment opportunities in Waukee and and Bondurant.  Love to connect with you!

@Jennifer Pauyo

Hi all!! I would love to connect with you all. I have been in IT for 20 years and have always taken care if EVERYTHING financial for my husband and I. We are debt free including our 1 rental property. I have been diligently saving and investing and trying to teach my two teen boys the value of doing the same. I am really in need of a mentor to help me analyze a multi family portfolio that I found on facebook marketplace and think there is tremendous potential in the town and for that property if purchased right. I feel like I am on an island alone trying to figure this out!!! I would even love to partner on this deal if there is interest. I have cash ready to jump in and Reaching out for help!!

Thanks Jacob, I adjusted the expenses to about mid from the suggested.  

I have a verbal commitment to sign a 1 year lease, and they want to move in March 1. Which is why I had the vacancy set so low (first year anyway).  It is about an hr away from me. I figured in Property Management expenses too, but I don't know that is necessary since we only have 1 other rental (my mom), not cash flowing there.  Mostly expenses would be for any unplanned repairs, and I could shift the management to the repair column. But to get the $105k it would require another $15k more invested.

876 square feet. 2 bedroom. 1 bath. Loft/Landing/Office space.
This property is located in a nice quiet neighborhood, corner lot and a large, heated 2 car garage.

financing planned.

I will use a HELOC that I have for 6/mth at .99. To purchase and likely pay off with savings(investment account) after the 6mth. Depending on the new rate.

The numbers aren't blowing me away, but I took out the heloc to get moving and I have no other debt. It was a deal offered by a wholesaler, who has dropped her $ to $500. 

Thanks!

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*This link comes directly from our calculators, based on information input by the member who posted.

@Carl Fischer

Thank you for all the advice. I am learning, learning, learning the best options for my IRA and understand the tax implications before I jump in.

I like the idea of purchasing long term but lease it out to an airbnb.

I was considering using money from my self directed IRA to purchase a home to be used as an Airbnb. I was having a hard time getting some clarity around why I would be taxed for short term rentals vs Long-term. Oh sweet google! This blog post by The Entrust Group was precisely the explanation I was looking for, so I thought I would share the link for anyone that might be struggling with the same question.

https://www.google.com/amp/s/www.theentrustgroup.com/blog/are-the-airbnb-investment-properties-in-your-self-directed-ira-subject-to-tax%3fhs_amp=true

Thank you very much for all the advice and direction!

I do not have mortgages on the properties

I do not have mortgages on the properties