All Forum Posts by: Daniel Murphy

 I'm fully independent so I can bill however I prefer. The majority of my clients are AUM based but I can also do hourly or a retainer model.  
And yes, I am allowed to give advice on assets outside of the stock market. 

I've been doing this for 15 years. I'm not struggling to pay my bills so I'm in a lucky position to give advice because I love to help others. I purposefully designed my fees to decrease (much faster than most other planners) as you have more assets. And to have the option to bill separately. 

Hey all, 

I good friend of mine has a successful commercial debt collection company.  My thought was, they have people, systems & unique access to personal info that is harder to come buy on a small scale.  

I asked if they could use the tools to search people who are in pre-forclosure, delinquent on property taxes etc.  His answer was, "I could probably find that info but I don't know how to look."  
Does anyone have knowledge or experience of how I could leverage this relationship to help find deals? 

Schlage Encode. Although know that none will be without problems.  

At all costs, avoid Ultraloq.  I started with this during the supply chain crisis and replaced with Schlage asap. Buggy & horrible customer service. 

You'll definitely want to consider the tax liability. This has all been covered.  

In my experience, most 33 year olds with $50-100k invested, it's usually in your 401k or IRA. IE- it will be fully taxable with a 10% penalty to withdraw. In this case, withdrawing to buy real estate is generally not advisable unless you're super focused, driven & hungry with Real Estate. IE - if you think betting in yourself & your confidence in Real Estate investing is worth more than the ~30% you'll end up paying in taxes.

If the funds are in a taxable account, it's much easier because you are likely only going to be taxed at a max of 15% on the gains only from the investments.  This can be offset by expenses/depreciation & especially if you plan to do a short term rental with a cost segregation study.  

This is one of those questions that is best answered with a full overall conversation, rather than a forum post.  But all of these answers are good data points to help you get step by step closer to making an educated decision. 

Hey all, we have a short term rental in Florida, we live in MN.  

It is currently owned under our personal name & we wanted to setup an LLC to transfer the ownership into this. I'm comfortable with the whole LLC, bank account etc setup. I just wanted to clarify from those that know some other details.

Does our LLC need to be setup in FL as opposed to MN? If so, I've also heard we need to setup our registration with the city & state with the LLC rather than the individual. Am I remembering that correct?

Lastly, what is the best way to move the mortgage into the LLC Ownership and is there anything else I'm missing?

Thanks in advance! 

Hey all, We're looking to setup an 80-90% ltv heloc (80% is enough for our needs).  We'd like it setup as quickly as possible, although we're not in a major rush.  We would likely end up closing it within a year if we find a home to purchase & move into so we'd like to know where you'd recommend that has the lowest early closing penalties.  Thanks! 

As a financial planner myself, of course I think the costs are justified :) But in all seriousness, google "vanguard value of an advisor" & you'll see what calculate as value.  It will echo what many others have said.  Peace of mind, behavioral coaching, income strategies etc.  

Reflecting personally... I think the most value I can bring is just the fact that I've been doing this for 15 years & have a deep breadth of experiences. I can pull from those experiences to help a client answer their questions, often times with a story of someone else who has gone through something similar.  

Think of working with your mortgage rep or your realtor.  You may be closing on your 5th, 10th or 20th property. But they may be closing on their 50th, 100th, or 200th property.  The sheer vastness of that experience has value.  Especially if they can use those experiences to find a way to put your mind at ease during difficult decisions.

Does anyone  have any experience with Staymo or with having influencers stay at their place in exchange for exposure? 

Looking for feedback, experiences or tips.  Thanks in advance! 

I'm specifically looking to maximize Airbnb right now.  Don't get me wrong, I am working on marketing, direct booking etc. to build up those channels.  But I want to focus on making sure my Airbnb listing is top-notch as we get closer to the slow season.  If I can have a good slow season, that has a dramatic effect on my overall numbers. 

I'm after how to best track & understand the Airbnb tracking metrics. 

Thanks for this @Benjamin Canyon, these are all of the metrics that I watch & track.  However, I've never found anyone or any resource that tells me what numbers are good, average or bad.  

My Jan 1 - now metrics are:

0.89%Average overall conversion rate

46.1%First-page search impression rate

8.76%Average search-to-listing conversion

10.19%Average listing-to-booking conversion

844Average page views

9638 Average first-page search impressions

Bear in mind, this is our busy season & I've had a month long booking for Feb. So my views have been down because of the month long booking. (calendar isn't open so no-one is viewing my property).  My average lead time is about 2 weeks. Now that my few open periods in March is coming up, I expect my views to increase as I actually start to show up in searches.  

I also question how accurate these numbers are. After dealing with Airbnb for a year, I wouldn't be surprised if their numbers aren't fully accurate. 
Anyways, I appreciate the insight everyone.