All Forum Posts by: Chip Carney

Hello Jeff.

I would be interested in any information shared on this approach. 

I have researched a little about the Roll Over for Business Startup (ROBS) approach to accessing retirement funds. This would be different that using a self-directed checkbook IRA LLC as it requires a C Corp and a third party administrator to stay compliant with IRS regulations. The startup costs and ongoing fees to facilitate are a bit steep so this does not make sense for smaller investments. Also, you need to be careful on how much salary you would take from the C Corp to remain "reasonable" which seems to be a gray area. Taking cash out of the business puts it into the salary category and brings payroll taxes into play as well as your income taxes. Careful operation of the VR business that can cover the extra taxation and still beat the average ETF could make this a good funding option.

Thanks Kurt, I was thinking the same. There may be a price drop in the future. But if not, the short term market looks to be the only way that some properties will cash flow. 

I am concerned a bit about insurance rates as Zana mentioned as well. 

It's on Carrera St in the first block off N Ponce De Leon. Eight units. I was in the city after the hurricane came though. It was hit and miss on many of the streets through there.

Is there a list of streets where this is allowed?

Thanks,

Chip

I'm interested in a property in downtown St Augustine, FL. It looks like the highest and best use would be a mix of long term and short term rentals until leases expire. Eventually the entire property could be transitioned to short term rentals if the model works. Many places are pushing back on short term rentals in neighborhoods. 

I'm hoping to discuss this with people currently doing this in St Augustine to get a feel for the climate and understand the regulations/taxes/fees involved in this area.

Thanks,

Chip

This post has certainly brought enough opinion to the discussion from both agent and investor viewpoints.

I do think it is important to build your team and develop the trust for long term relationships. Developing a long term relationship may take working with a few agents to find the team member that fits best. Same as with your accounting, property management, contractors and legal team members.

It is important that we don't waste the an agent's time and show that we can perform when a deal presents. I would suggest that agents also realize that waiting for them to find and present off market deals is taking time from the investor. Time that could have been used in due diligence and closing a good deal.

As a new investor I am trying to see things from all sides. I hope to make the right decisions at the right time to result in a win win more times than not.

Chip

@Monika  Haebich

Hi Monika,

Is your vacation grader the same as the link posted? Please message me the information if not.

Thanks,

Chip

Thanks for asking this. I have been considering the same in these locations. From St Pete Beach up through Clearwater Beach.

Chip

Welcome aboard Josh. You certainly have been studying some good information. BiggerPockets is also a huge source of information as I'm sure you have discovered. 

The best education comes when you pull the trigger and make your first purchase. With all of the best information at hand, I believe you will still learn what is important to you and the niche you choose when working the deals an managing the properties. 

I have one Multifamily house in Syracuse. It's a 1920's Victorian with two 3/1 units and a 1/1 in the expanded attic. It has been a great property for my first. I bought it knowing I had a value add play by renting it up to market rents and making some needed repairs to force some appreciation. Screening for great tenants has also made the work of managing the property much easier than it might be otherwise.

I have had my first tenant turnover since filling the units in June and July of 2013. This is teaching me a few more lessons in what needs to be done at turnover. Hopefully it won't be a lesson in what not to do as I renovate a kitchen and bath whose useful life is at an end. Good or bad lessons, they will be valuable as I build the business.

When you are ready, jump in! If you choose wisely it will be hugely rewarding.

Best,

Chip

Great suggestion Andrew. Who doesn't like a free lunch. 

John,

Thanks very much. This give me more topics to research. The reason this tract has not been developed could be the size of the project. There is a relatively new single family development adjacent to this tract. 

I thought this might open the door for a multifamily development with a mixed use consideration to round out the neighborhood with services. I also am thinking a phased approach to this tract would make sense, much like the phased approach in the adjacent development has used.