All Forum Posts by: Brandon Pelfrey

@Benjamin Blackburn here's the link to the meet up:

https://us02web.zoom.us/meeting/register/tZAqcO2gqzwiE9zRG9se9rHb7VLqikHfIzCA

@Benjamin Blackburn I'd love to connect!

Also, there's a pretty good REI meet up happening in a couple weeks that I'd be happy to send you a link to if you'd like (normally they're in person, but this one will be virtual over Zoom). It's free and open to all, let me know!

Thanks @Sean Thompson! Hoping that we are able to make this workout like we hope it will.

Thanks @Julian Sage! Just PM'd you.

@Sam Mahmood, just PM'd you

@Cody Barna thanks man!

I'm hoping to hold this property for a while, so I haven't been thinking about ARV too much - but that being said, I believe it will be in the low $340s.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Boise.

Purchase price: $317,000
Cash invested: $20,000

House-hacking this property while doing a minor flip in it

My wife and I have been running a small property management operation here in Boise, specializing in taking care of short-term rentals for out-of-town investors. It's been really great for both us and the property owners, so we want to expand this business and make it better!

Are there any short-term rental owners out there that might be open to connecting and letting us pick your brain on what you're doing for your property management and what you would expect from this kind of service (both from price standpoint and for services offered)?

My tenants and I have mutually agreed to terminate our current lease (inherited from the previous owner of the property) and sign a new one. Is there a form that my tenants and I can sign or something that makes this official?

Thanks in advance for any help with this newbie question!

@Natalie Kolodij Thanks so much for your input and advice here. It sounds like the most important thing for me to do is to track and record all of my expenses/income and make sure to recognize my depreciation for the rental portion of the building. Do you think it would be a good move to create some sort of LLC or legal entity to protect myself from liability? The loan and title are in my name, but I'm wondering if maybe it would be good to do that just from the rental business aspect of it.

(Also, sorry for the late response, BP usually notifies me if someone has responded to my post but for whatever reason I wasn't this time and didn't see it until I went and checked on it.)