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All Forum Posts by: Daniel Murphy

Daniel Murphy has started 41 posts and replied 151 times.

Post: Purchasing STR’s with inherited IRA funds?

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

did your sibling pass before, or after Jan 1, 2020?  
If it was before, you fall under the old rules where you have to withdraw the balance of the account over your IRS life expectancy.  

If it was after, you have to withdraw the account out within 10 years.  This makes a big difference.  

You shouldn't be penalized the 10% IRS penalty, just taxed at your marginal tax rate.  

So... If you are required to withdraw the account out within 10 years, it makes a lot more sense to withdraw the funds incrementally to purchase property.  

Here's some easy math / ideas... Take your income (joint if filing jointly), subtract any 401k contributions.  Then subtract your standard deduction $13,850 if single, $27,700 if filing jointly.  This is an estimate of your taxable income.  

Then, google your 2023 tax rates. I'd say as long as you can keep yourself within the 22% tax bracket (or up to 24% potentially) it would not be a bad idea to withdraw the inherited IRA funds to purchase real estate. Take the upper amount of the tax bracket minus your estimated taxable income. The difference is how much you could theoretically withdraw from the IRA this year and still stay in the 22% (or 24%) tax bracket. If you end up above the 24%, it gets tricker as now you are in a "high" tax bracket.

Quote from @Brooklyn McCarty:

Referred someone a long time ago and honestly forgot about it until now. 😅 But I never got my referral fee either. 

Would you be willing to check your referral page and let me know what it says?  

Click on your picture in the upper right, then "refer a host" and you can see your progress.  If someone used your referral code, you'll see progress there.  
The funky part is that everything worked as you would expect.  

My friend used my referral code, I saw him in the referral page.  Then a progress bar as he created his listing & had his first stay.  Then a "wait while we review" stage, and then suddenly "referral isn't eligible because this person is not eligible to be a host."  

So by all indications, the system is advertised, functioning and has processes in place.  But in my case (and many others), they then suddenly just deny the referral payout with zero proof.  Only words.  

Hey all, I'm looking for some ammo.  I'm looking for hosts who have received a referral bonus, please tell me the dates & amounts if you are okay with that.  If you've been denied, please tell me when & the reason Airbnb gave you for the denial.  

Background story:

Airbnb continues to advertise the host referral program every day & everywhere.  I just referred a host who went through all of the proper protocols & then was told at first, "this person is not eligible to become a host".  False, they are an Airbnb host & now have 4 documented stays under their profile fully meeting the referral payout criteria.  

Next, support told me they "temporarily discontinued" the referral program.  They then sent me a link to the referral program terms of service.  

I'm stubborn & can read, so I read the terms of service.  It states that "Airbnb reserves the right, at its sole discretion, to modify the program at any time by POSTING AN UPDATE ON THIS PAGE. "I also see that the terms of service are dated January 22, 2020. Hence, I don't see any proof of them officially updating or discontinuing the program.  

Post: Should I invest?

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

Well, here's a thought.  The stock market is down so your short term "risk" of losing more money is minimized.  If you, for example, invested your savings right now into a S&P 500 ETF in a taxable account, you could "ride the wave" up when the market does return.  This would be a good use of your money that's sitting aside.  

While that happens, like others have mentioned you can get your other ducks in a row for financing.  Job experience, co signer etc.  Since you're young & presumably in a pretty low tax bracket, whenever you sell your stocks to buy your first property, all of the gains could potentially be tax free.  

Post: Email gathering from ALL guests vs just the person who booked??

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

I need some help flushing out thoughts on gathering ALL guest emails vs just the person who booked.

I've been watching Dustin Baker's YT videos & absolutely LOVE them. I already gather the email addresses of all people who book through ownerrez.

Is it worth it to gather ALL emails for everyone who logs into my wifi vs. just the main person who booked?

Will the larger email list (many of whom may not be the decision makers in the house) justify the potential guest annoyance of entering their email for wifi access?

I'm trying to weigh the guest experience vs. the benefit of having everyone's email address...

Post: Looking for the best blog, youtube or influencers to follow

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

Thanks everyone!  I have about 8 new tabs open on my browser today... :) 

Post: Looking for the best blog, youtube or influencers to follow

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

Hey all, We're entering year two of our first STR & I'm looking to really ramp up my success this year & start to differentiate my listing.

Who are the best youtubers, influencers or blogs to follow? 

Post: 1st STR potential purchase!

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

@Justin Rademacher, we self manage a 3/2 in Cape Coral with a pool.  It's not overly difficult.  However, like mentioned earlier, you do need to have periodic flexibility.  Ideally you don't have a super structured day & can take a few minutes here & there to respond. 

Personally, when I get a guest message or booking request, I drop everything & get on it right away.  Occasionally you'll have something that you need to dedicate 30+ minutes to, but that's not super common.  

Feel free to reach out & I can put you in contact with anyone I use. Or talk you through any of my experiences. Your 1st STR is more overwhelming than you may think. I think it's really helpful to get a few different perspectives from others.

Even if you pay a management company eventually, I think it's a really good learning experience to have that deeper experience initially.  

Post: Managing the Small Things Remotely

Daniel MurphyPosted
  • Financial Advisor
  • Saint Paul, MN
  • Posts 159
  • Votes 114

One other thought... When we purchased our STR in Florida (we live in MN). We brought care packages to all of our neighbors. We invite them over for beers every time we visit. We stay in touch with them & try to hire our neighbors whenever possible. Could you befriend a neighbor & possibly pay their teenager or someone else to do small tasks?

It helps to have an advocate locally when you are not!