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All Forum Posts by: David M.

David M. has started 2 posts and replied 11 times.

Post: what are your thoughts using Anderson advisors?

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11
Quote from @Kirstin A.:
Quote from @Shawn Mix:

I'm landing here in the same boat as you @Kirstin A. - I had a similar horror story with Prime myself. Just attempting to get them to email/call me back has been difficult after I DID NOT choose to buy their services on the initial call. And this happened both for the original LLC/Entity preso, and the Tax Services preso. I do agree that I think they're having growing pains, but unfortunately that isn't the kind of thing I can afford to just accept when I'm choosing a company to go with.

@Greg O'Brien did I understand that you were advertising having the "all in one" umbrella with your group as well or are you more focused/consolidated in the tax prep area? I'm in the market for entity config and tax planning/prep. It seemed like most the folks you have on staff are CPA or other, but no specific legal experts. Is this something you use outsourced resources, or are there others on staff that do handle this aspect of things?  sorry I think I see now your co-ceo has a JD, missed that on the first pass. Curious though if you have other paras or intend to bring on more folks on the legal side since most the others are ops and CPAs? 

Hi @Shawn Mix agreed. I decided on Andersons  Advisors and couldn’t be happier. They run a tight ship and their advisors are available from 9-2 PT in a zoom room for any questions I may have. They provide one-on-one assistance from my specially assigned   advisor if I need more extensive assistance for an hour a day during zoom, in 15 min interval appts. I can talk directly with them afterwards if I need more questions answered. I haven’t used them for taxes yet, I hope that’s not their weak place but i will report back. So far, it’s 100% positive. 

@Shawn Mixundefined

I agree Kirstin, Anderson isn't cheap but I feel much more confident and secure with them on my side. I have attended the daily zooms a number of times and got answers to questions pretty quickly. As a platinum member I also have my own team to contact when looking for advice or help reviewing documents. I appreciate all their training as well. I started out with the other guys, getting a couple LLC's done but became disappointed with them because of response time, and conflicting information. I had to have Anderson re-do one of my LLC's from the other guys to save me money in annual state fees ..I look at it this way, as long as my business/investment income covers the costs I don't have a problem paying for reliable - worry free information and work. I wasted too much time trying to piece it all together and when you're in different states it's all the more challenging to make sure everything is legit. AA gets kudos from me for the past 2 years. I love the blue print they made for me showing how all my businesses, trusts... are laid out. Nice having all my information organized and easy to find as well.

Post: First Investment Property - Lessons Learned

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

I wish I knew how much more money would be needed after I finally owned the property. Don't sink every dollar you have to get through the closing process. Depending on what you're going to do with it things can be expensive and add up quickly to surpass your budget. Always have a cash reserve on hand, maybe twice what you think you'll need.  

Post: Long term invest

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

I live in ca and purchased a vacation home / STR in Davenport. My realtor provided a video of the drive into the neighborhood, a walk around the house and then through each room, garage and pool. We bought it and didn't visit until verifying it was ready to launch on Airbnb. Did the video thing on a few candidate properties but really liked the layout and location of the one we bought. Keep in mind you could have additional cost for new furniture and fresh paint (cost us just over 15k) for 1800 sqft. We love it there, try to visit a couple times a year. As mentioned insurance has skyrocketed so be sure to check that. As far as cash flow, we have a loan at 3.2% and are just breaking even because we use a management co….they take a significant chunk but the appreciation has been good and it's nice having family gatherings there. Kids love universal and dizzy. I'm setting up to self manage it…hopefully can at least maintain the occupancy rate and keep some cash. Good luck. It is very exciting

Post: Long term invest

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

I live in ca and purchased a vacation home / STR in Davenport. My realtor provided a video of the drive into the neighborhood, a walk around the house and then through each room, garage and pool. We bought it and didn't visit until verifying it was ready to launch on Airbnb. Did the video thing on a few candidate properties but really liked the layout and location of the one we bought. Keep in mind you could have additional cost for new furniture and fresh paint (cost us just over 15k) for 1800 sqft. We love it there, try to visit a couple times a year. As mentioned insurance has skyrocketed so be sure to check that. As far as cash flow, we have a loan at 3.2% and are just breaking even because we use a management co….they take a significant chunk but the appreciation has been good and it's nice having family gatherings there. Kids love universal and dizzy. I'm setting up to self manage it…hopefully can at least maintain the occupancy rate and keep some cash. Good luck. It is very exciting

Post: Smokies TN spring bookings

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Been thinking about getting into this market but sounds like I better do a very deep dive into the numbers…especially for a mid size cabin…

Post: South Lake Tahoe STR

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Hey Frank, My passion for the North Lake keeps me looking, but tough to find anything (even a spot of land to drop something on) that will even come close to breaking even after all said and done... What kind of deal do you have? 

Post: COVID Restrictions for Pool Floats & Toys ??

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Thanks again everyone. Appreciate all the input. I'll do my best to refrain from snide comments to, Austin. 

Let you all know how I make out. 

Post: COVID Restrictions for Pool Floats & Toys ??

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Ha Ha. Love the replies. Thank you all !

Yes they had been in use a year or so before COVID hit. Sounds like others have not heard of such a thing. I’ll have to have a discussion with the PM… Good case for self managing I guess…

Post: COVID Restrictions for Pool Floats & Toys ??

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Good-day !

So, I have a STR in Orlando and my management company tossed all the pool floats (a couple pretty nice ones !) and toys we had, blaming it on COVID requirements. Said not allowed to have them for guests. Past reviews have thanked us for having them available - kids like them. We provided air pumps for inflating the floats so don't know what the issue is.

I can't find any info on such restrictions, so just wondering if this is a real thing or not. Anyone providing pool floats for their guests in Orlando? 

Thanks

Post: Larger house outside DSW resort or smaller inside resort for STR?

David M.
Pro Member
Posted
  • Investor
  • SF Bay Area
  • Posts 11
  • Votes 11

Thanks for the responses Lucas and Wendy.

Originally the plan was a vacation property (family & friends on both coasts really like the area) and STR in hopes to at least break even (I would purchase based on LTR income potential, just in case). But, seems like there is opportunity to make quite a bit more with STR (Vs LTR) for the right property.

I understand it is best to be close to the attractions, preferably in gated, managed community , as Wendy highlighted concerns with neighborhoods.  Seems to be a variety of resorts with a variety of fees and I am curious if the all out vacation resort rentals have much higher occupancy rates vs a community with maybe a park and pool. I would think after a busy day at the attractions most would just want to relax in a comfortable, clean quality house in their own pool...but, I could be wrong and the club houses, arcades, water parks, bars, theaters...could attract more vacationers..