All Forum Posts by: Brian Shelton

Thanks for sharing, Kenton!

Most of my units are managed, but i am buying a 4 plex my son will live in with 3 roommates at college.  He will manage it but i want to automate the rent collection and late fee assessment.  Would be nice if they also had sample forms available, leases and such.  I've heard mixed reviews on Cozy and also they are being acquired by another group i know nothing about.  Appreciate your thoughts.

@Michael Plaks thank you for your reply, much appreciated.

@Eamonn McElroy thanks very much for your reply, I appreciate your insight and taking time to reply.

@Terry Bourgeois , I am neither a cpa nor attorney nor expert. I am simply an investor who has a 401k and self directed IRA's, and i am CHFC. I believe you will have to roll your 401k into a like-kind IRA. That is, if your 401k is traditional in that you made pre-tax contributions you will have to roll it into a traditional ira. If it is a Roth 401k then you can roll it into a Roth IRA. Probably it is traditional. If so you can roll it into a traditional IRA, then convert it to Roth IRA. Definitely need to talk to an accountant about your specific situation to determine if this is the best option for you because you will have to pay income tax on the entire amount converted since you never paid income tax on it in the first place. Perhaps you can convert some this year, some in future years, to spread out the tax liability. Ideally you would convert it when you have little in the way of other income because this will be income on top of what you already have and therefore taxed at your highest marginal rate. That is why talking to your accountant is critical. Hope this helps.

I have primarily W-2 income. Most of my passive income is offset with depreciation. I’m trying to find an investment that allows me a deduction against my W-2 income. Other than Oil and Gas investments (IDC), it is very hard to find anything. Looking for ideas. FYI, i do not qualify as a RESP nor does my wife. Thank you!

They are in st.  Robert mo near fort Leonard wood.   No local restrictions. 

Thanks very much for the excellent advice.

Ken, care to elaborate on your opinion of evolve?

Really appreciate the suggestions, all very helpful. Couple notes: I do plan to start with one unit. I'm going to rent the furniture--I know that's generally a terrible financial decision but in this case it make sense because if it doesn't work I just give it back. i'll have to buy sheets, kitchenware and some things like that. Not concerned about that expense, 2-3 grand. Also, the properties are near a military base so the visitors don't expect lavish amenities, just the basics. They are generally in town to visit a soldier and just need a place to stay. When I go there I've discovered the hotels are often full, hence the idea to convert to ST. Thanks again for your input, appreciate the BP community!

I have 4 long term rentals in another state.  I have a decent property manager.  I am interested in converting them to short terms buy my manager has no experience with this, although they are “interested” in getting into this space.  I think if i can show them how it will benefit them, how they will make more money this way, and give them a sample contract we can plug some assumptions into, they will do it.  Anyone have any suggestions/resources on this topic?