All Forum Posts by: David Gerber

thanks @Dennis M. Don't disagree, but no choice in this case so trying to make the best of it. 

I'll provide the general situation but glad to share specifics via PM (and grateful for that!). Several moving parts and complex (at least for me), so bear with me:

Brother (J) owns home where mother (H) lives, has a cheap mortgage, but would like to extract his equity for other investments. H cannot afford to pay market rent so all members will subsidize in any case.

Grandmother (M) has cash that she'd like to leave to mother (H) and her brother (P).

Initial thought: M buys home from J, maybe with H&P for efficient estate planning (?), but leave mortgage in place. M pays J an agreed current value of his equity and then makes monthly mortgage payment to J (with assistance from others - M will contribute up to annual gift tax limitation). Assume in this scenario M can take mortgage interest deduction even though J will still hold the mortgage.

Is there a better way to structure this? THANK YOU for any advice. Again, PM me if specific numbers would help. 

That’s the event! I’ll message you directly. Look forward to meeting there.

Hi All - I'm based in Boston but planning to attend the Atlanta Multi Family Seminar in Atlanta July 21-22. Interested in networking and learning more about the market. Reach out if you're interested in meeting-up on the Friday before the seminar begins, or if attending, during the event. Look forward to seeing at least a few BP folks there! Best, David

@Richard Ibeh, @Paul Sandhu, @Nathan Gesner, @Jon Crosby, @John Underwood, @Nancy Bachety THANK YOU ALL. Perfect example of why I love BP. Ask for advice, hop on a flight, and by the time I have internet access again I have several thoughtful and insightful responses. And it's fine that you don't all agree on everything. As I process these points I may follow-up individually with specific questions. Thanks again!

While I realize that rules of thumb like the 1% rule cannot replace proper due diligence and thorough analysis, they can help focus time/energy. Does anybody have any helpful rules of thumb that can be applied to a short term rental search? And to make it even more challenging, the area I’m targeting is coastal Maine, which is a highly seasonal market for vacation rentals. I’d have to pay a property manager too. Any advice appreciated.

See you there. Look forward to learning more! thanks for organizing.

Hi @Moosa Shahadat - Great question. Thanks for asking. The main reason I decided not to do it myself, for now at least, is my reluctance to leave my full-time job. That's not to say I couldn't try to do something closer to me (in Massachusetts), but I don't have a lot of time to commit to the investment. 

When I consider what I bring to the table, it's access to capital (not deals or experience). Therefore I've decided to focus my early investments (and education) on larger projects as an LP. Over time and with a lot of hard work, I'll build my experience base and hopefully even find a few deals. 

At this stage, my focus is a reasonable financial return and a greater return in terms of education. 

Hope that helps. I'm interested in your thoughts too, since we're at a similar stage. 

Thank you @Michael Dang! Very helpful suggestions. Added all of these questions to my list for due diligence. Hadn't thought about several of those. 

Thanks @Matt Motil!