All Forum Posts by: Edward Wodziak

Do they look like they are mostly booked? How are the quotes? Have they been around for awhile? Obviously it is a good sign that there are that many around you.

0 Votes

Kansas City, Kansas

Quote from @Rob Bianco:

I have a 6-plex building in midtown KC located between the downtown area and all the major hospitals and a university. It's a nice area, but finding long-term renters can be a challenge, especially in the off-season. A friend of mine suggested the location is perfect to do AirBnB and I've really considered it, but before I invest in all the decor and furnishings I thought I'd ask if anyone here had some thoughts on the matter?

I am well aware I'll have to pay utilities for the apartment and my insurance costs are going to go up. Furthermore, my parents think my renters occupying the other 5 units are going to get upset and non-renew at the end of their lease if I start treating 1-2 units like a hotel.

Do you look on vrbo or airbnb, if there are any in your area?

0 Votes

Kansas City, Kansas

Great job, what kind of rent are you getting? What's the rate on the commercial loan?

1 Vote

You can transfer your property to LLC with a quit claim deed and there won't be a transfer tax, at least not in my 2 counties that I have done in. Anyone can be audited, but you just need clear and consistent record of your expenses to your property and not for personal uses and counted as personal

0 Votes

Quote from @John Underwood:

I would not do this. I'd buy a house in a non HOA neighborhood. You'll be much better off.

John, there are different strategies, not just one. It's not answering his question.

1 Vote

To answer your question you don't need business checking because you LLC to open one, and you can comingle it too. The main thing you keep record and documeny all your expenses

0 Votes

Quote from @John Underwood:

Quote from @Edward Wodziak:

Quote from @John Underwood:

You do not need an LLC for one STR that has a mortgage.

If you don't get LLC they can go after your personal properties especially if your house paid off or holing lots of equity or heavy in cash.

They can't go after you unless you are negligent and cause them to go after you.
Plus good luck getting an attorney on contingency to go after a property that is 90% owned by a bank. Then there is also insurance.

Then you go and transfer the property triggering the due on sale clause and they bank wants all their money in 30 days instead of 30 years.

You Don't need an LLC for one bank financed property.

Than can go after your personal property if you don't have the LLC

0 Votes

Quote from @John Underwood:

You do not need an LLC for one STR that has a mortgage.

If you don't get LLC they can go after your personal properties especially if your house paid off or holing lots of equity or heavy in cash.

0 Votes

Can you see if the church has this setup with other house so you can ask their landlords?

0 Votes

Everything has go up, you just have look harder for the numbers to work.

2 Votes

All Forum Posts by: Edward Wodziak

Edward Wodziak has started 3 posts and replied 78 times.

Post: Should I rent out my apartment on AirBnB ?

Post: Should I rent out my apartment on AirBnB ?

Post: Bolingbrook, IL single-family

Post: Bank Account question

Post: Short term rental at a resort? Rental pool

Post: Bank Account question

Post: What's the best way to to transfer your STR into an LLC?

Post: What's the best way to to transfer your STR into an LLC?

Post: Renting my SFH to a church?

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