All Forum Posts by: Charlie Gruber

Kim Feldkamp , great point about sales tax, thanks. I looked at below link but couldn't find clear details on percentage used on sales tax. From other research appears MN sales tax about 6.875%. Do I simply need to reserve that percentage of booking fees for eventual payment of sales tax or do you pass that onto guest as part of total bill just like a hotel would. http://www.revenue.state.mn.us/businesses/sut/factsheets/FS141.pdf

Looking to purchase house in Minneapolis (Linden Hills neighborhood) for short term rental(VRBO/AirB&B).  Does anyone have experience with this? Here are a few questions I'm struggling with:

1. Do I need any type of rental license.From this link it sounds like you should but curious how hard and fast this rule is? https://www.airbnb.com/help/article/948/minneapolis--mn
2. I've accounted for expenses such as insurance, taxes, Cap Ex, maintenance,utilities, cable, internet, lawn/snow removal, 3% of rent back to AirB&B.Any expense I'm missing?
3. While running numbers I'm estimating having unit rented on average 15 days per month. Does this sound reasonable?I'm assuming summer months higher traffic than winter.
4. Any suggestions on handyman or cleaning service?
5. Any other ideas/suggestions?

Thanks for help all!

-Charlie

Looking to purchase house in Minneapolis (Linden Hills neighborhood) for short term rental(VRBO/AirB&B).  Does anyone have experience with this? Here are a few questions I'm struggling with:

1. Do I need any type of rental license.From this link it sounds like you should but curious how hard and fast this rule is? https://www.airbnb.com/help/article/948/minneapolis--mn
2. I've accounted for expenses such as insurance, taxes, Cap Ex, maintenance,utilities, cable, internet, lawn/snow removal, 3% of rent back to AirB&B.Any expense I'm missing?
3. While running numbers I'm estimating having unit rented on average 15 days per month. Does this sound reasonable?I'm assuming summer months higher traffic than winter.
4. Any suggestions on handyman or cleaning service?
5. Any other ideas/suggestions?

Thanks for help all!

-Charlie

Came across this really old post and curious if any BP meetups actively happening in the Kansas City area?  Thanks.
-Charlie

@Jacob Carr, 
Let us know outcome of this. I'm looking to offer on property in Arvada that could add an ADU. Thanks.
-Charlie

Is there a schedule for 2017 Denver meetup?

Thanks all, really appreciate the help.
-Charlie

Thanks all!

Seeking advise on partnership for buy and hold.  General idea is 50/50 partner in initial investment and 50/50 cashflow and appreciation.  I'm looking to create partnership agreement and any advise/suggestions appreciated.  Not sure it matters but looking to invest in Denver area.  Below are a few question I'm thinking about:

- I assume best to hold title on property in a LLC and we both 50% beneficiary of LLC?
- Is an LLC best vehicle for this or is a different business structure better?
- Are we both on the mortgage? 
- If both on mortgage does that count against each of our 4 "preferred" Fannie/Freddie loans?
- How handle when only one person wants to sell?  Could one person simply sell beneficiary rights in LLC?

Any other suggestions appreciated.  Thanks!

-Charlie

Looking for recommendations for real estate lawyer in Denver area.  Just need to draft up some docs for partnership.  Thanks.

-Charlie