All Forum Posts by: Bruce D. Bolton

I’m in a smaller town near lakes.  People are retiring here.  How would I go about analyzing, building, financing a project to attract well healed boomers?  Walkable, heated garage, nice building.

Is it nuts to contemplate these days?  Do I need 20% down?

I currently own rental properties through a Chapter S corp. To add a layer of liability protection, I'd like to transfer or deed my rental properties to separate LLC's and make my Chapter S a management company (for the LLC's I would form and deed out of it.
Question 1:  Is this move going to subject me to a bunch of taxes?
Question 2:  Will having this "double layer" of liability protection (the management co. and the LLC's) truly provide more protection.

I'm in Minnesota.

There is an office building that is under performing when it comes to ROI. I'm thinking of buying and turning it into a short stay, 1 week to 6 month, hotel. What should I be thinking about and has anyone tried something like this?

I have an offer on a multi that has a $3000 monthly net. I could take the offer and use the money to eliminate $1700 monthly debt service on 2 other buildings and own them free and clear. Do I take the offer for the sake of having debt free buildings?

I have a building that is killing me on heat - which I provide. Most of my tenants would qualify for fuel / heat subsidies. Can I separate out the heat on the lease, become a “vendor” (create another business entity) and require tenants to apply for heat assistance - thereby getting paid for the heat?

@Kevin Mirise

This is interesting.

It’s possible I could add a toilet and a sink to each room. Probably will cost $1000 each. I have 6 rooms.

I suppose I could advertise the way you are and give it a shot.

It would be nice to be senior living - steady fixed income.

My location is very walkable.

How about this: 55+ cohousing ~ research says it’s a good thing for people. Common kitchen, living/craft, tv, game areas. (Common bathroom might be the dealbreaker...?) Internet and utilities included. A.D.A. Compliant. Around here about $750/bedroom...

Maybe some concierge service thrown in?

Anyone ever done this?

@Shane H. See my response to Kory...

@Kory Reynolds I really want the land - just hoping to make it less painful! I’ll try to get the most rent I can but ag rates in this area are low compared to what you pay for the land -

So I can just get my financing through the bank, make my monthly payments, take my loss? I don’t have to do that goofy lease scheme I mentioned?

I realize there might be a touch of insanity to this now, but long-term, the land next to my house would be good to have.

Anything else I should consider in this purchase?

Can I buy the ag land next to my residence, lease it to a farmer at a loss against my apartments? Or would it be possible to set up my purchase (perhaps through a entity that does such arrangements or a relative) as a long term lease with purchase at the end - to make the loss more palatable to the IRS?