All Forum Posts by: Andrew Briones

@Chase Kunz Hey Chase, I'm curious to hear what you decided to do, STR or LTR? I'm in American fork and have both a str (in a different town) and ltr in Pleasant Grove. Looking for our next opportunity.

Hello everyone,   With our kids getting older and starting to move out, I am going to be renting out our 3 bedroom walk out basement.  Its already set up for this just need some finishing touches, about  6k worth.  Back in the single days, I renting this little gem out to a family of 5 for a few years.   Since then it been a little neglected and need work.  Heres my question:  Id be putting in 6k to repairs and such,  would you treat is as a mother in law apartment, as if my mom or kids were down there or as a full rental and witch mean id be claiming rent and writing off the repairs every year?  

Hello everyone, With our kids getting older and starting to move out, I am going to be renting out our 3 bedroom walk out basement. It’s already set up as I have rented it out 6 years ago to a family of 5. Since then it has been neglected and need work. Here’s my question: I’d be putting about 8k into repairs and such, if it were you, would you just treat it as a mother in law apartment as if renting it to my child or mother or claim everything as if it were a full rental? Taxes, write-offs ext......

Hello everyone, With our kids getting older and starting to move out, I am going to be renting out our 3 bedroom walk out basement. It’s already set up as I have rented it out 6 years ago to a family of 5. Since then it has been neglected and need work. Here’s my question: I’d be putting about 8k into repairs and such, if it were you, would you just treat it as a mother in law apartment as if renting it to my child or mother or claim everything as if it were a full rental? Taxes, write-offs ext......

Is this still a go? I’d love to attend one of these.

@Molly Morlino    That is awesome! I have google mapped over and over facilities in my area and it always comes up looking like a great investment.  so Im curious, what kind of covered parking do you offer?  Carport, fully enclosed, metal building?   I have 1 acre at my personal place with plenty of room to add a few spots enclosed there.  In my area I think i can get $300 to $400 for fully enclosed space and $175 for a carport type cover. Thanks  -Andrew

Thanks for putting this together Jeff,  we will hopefully be there this Thursday.  I would love to connect with somebody with some salt lake city investing experience.  We will be starting a 1031 exchange on our property the end of march and are looking into investing in either a duplex in the valley  or Vacation rental in the downtown area.   Thanks -Andrew

@Clayton Mobley  Thanks you. This makes total sense about the A,B and C properties that I will admit I didnt put much thought into.  Thanks for your input. 

@Dave Foster Great strategy putting the least amount into one and more into the 2nd.  I will practice this method on paper and see how it turns out.  Thank you 

Hello and thanks for taking the time to  read and putt in your input in advice in advance. 

   Here is the situation, first off the rental property i will be using has about 125k in equity and cash flows around $610 a month.  I will be doing a 1031 exchange on our rental property to increase our monthly cash flow. After talking with a group that specializes in these I found out i could do the exchange program and purchase multiple properties as long as I use up all the equity in the original sold property without paying a penalty.  This mean I could buy 2 rentals properties and double or more my cash flow per month according to my findings.  My questions are this,  would it make more  sense to purchase 2 separate properties assuming they cash flow  at least $1300 combined? and now I have 2 SF or condo rentals working for me or purchase one larger duplex property that would cash flow the same $1300? 

   Now the cash flow numbers can and will be adjusted, this is not  my main concern. My Main concern is weather 2 are better than 1? lol Please enlighten me on your professional advice and views that I cannot see.  I have done some extensive searches in my area and this should not be difficult to accomplish.  Maybe I am just overthinking this too much.  My area in utah has had fantastic growth and looks like it will continue for some time to come.   I strongly believe that  house prices will continue to grow with the upcoming big business coming if this help any.  Thank you  and invest well  -Andrew

Thanks for putting this together, we should be able to make this.