All Forum Posts by: Derek Young

Like others have already said it varies by city and state. Boston allows STR but will tax the property like a hotel if the rent term is under 29days so from what I know it can be pretty expensive. People get around this by renting to traveling nurses and professionals that stay 29+ days. I don't know what Denver's laws are around STR but that may be an avenue to explore.

@Andrew Freed awesome, thank you for the advice!

I appreciate the response Andrew. Ironically the current lease is up at the end of May. Would it be appropriate to open a HELOC in June (or apply for one) at a higher LTV as my primary then rent again in July? Or is this a pretty risky strategy?

Hi all,

I'm looking to acquire a HELOC on my primary residence that Ive just started renting out. I'm currently living with my girlfriend at her place so this is my only property and it's in my name (lender would not transfer to llc). Being an investment property the only offers I'm finding are 75%LTV. Being that it's still in my name, what are the potential penalties to applying for a higher LTV and claiming the property as my primary residence? I appreciate any advice!

Derek

Wanted to jump in for some advice on an already amazing thread. I'm just getting going in REI and have 1 unit rented. I live with my gf in her house so this is the only household in my name (lender would not go for an llc). I applied for a HELOC at a local bank which was accepted, though because it's not technically my primary address they will only offer 70% LTV.

What would be the penalty for claiming it as my primary address to receive better terms? 

I appreciate any advice for a newbie!

Hi all!

Brand new to this and just starting to get my feet wet. Will be renting my personal residence out soon to grow my money and enter the world of tea estate investing. What is the best way to separate my finances in your experience 

-my gf and I will be looking money together to buy another property together to take advantage of her first time homebuyer status. Should a joint savings work?

- for the cash flowing in from my unit should I just keep a general checking account so it’s separate from my bills, personal funds, etc.? This account would be used to pay the mortgage, utilities and save the profit. Is this ok where it’s my only house right now or should I do something else? 

-When you have more than one investment property, how do you separate your income, expenses, cash flow ROI?

For right now I’ll have just one place working for me but want to make sure my money isn’t getting unorganized. Is hiring an accountant worth it at this stage or can I figure this out easily. Apologies for the long question and appreciate any responses!!

Hi all,

Excited to learn and be part of a great community and look forward to meeting you guys! 

So I’m in the process of setting up my first fully furnished rental. I’m still in the learning process so want to get your input on the best way to navigate this situation. I will be doing a short term rental (3-6mo) in my primary residence while living with my gf at her place

Should I open an LLC for tax advantage purposes? Is this even a good option where this is technically the only residence I own?

What is the most efficient way to collect rent? People have suggested cash apps but I’m not sure if that’s best. 

I appreciate any feedback!