All Forum Posts by: Grant Garbo

Hello All!

I have recently purchased my private home in San Antonio, TX.  There is a very spacious in-law suite in the rear of the property.  I am confident that through airbnb I could bring in between $1000 to 1500 a month depending on how aggressively I work at it.  

My question is: what is the best way to set up the property within my existing LLC structures. I have other rental properties within their own LLC's and these LLC's are under an umbrella LLC. I am trying to determine if I need a separate LLC to lease the in-law suite from myself to then rent out through aribnb.

Is it even possible to lease a detached structure like an in-law suite to an LLC? Would this protect my private home should a law suit occur within the in law suite?

I am trying to protect my private home as well as separate rental income from my personal income to benefit from business tax deductions.  

Any advise and insight would be greatly appreciated!  Thanks!

Grant

Hey guys I am in the San Antonio area.  Anyone out there interested in a San Antonio meet up?

I am in the San Antonio region and relatively new to the market.  Would also be interested in getting together and discussing some topics. 

@Rick Pozos

When is this meeting?

I am thinking of purchasing a property that needs work.  It has some foundation issues and could use a major face lift so that I can rent it out for much more.  

I have zero construction experience.  

I have never hired a contractor before.

The property needs to have the deck redone, foundation repaired (pier and beam), 2 bathrooms gutted and redone, removing some linoleum flooring and replacing with matching hardwood, possible HVAC installation.

I have noticed that there are a few properties in San Antonio that have multiple addresses (duplexes or quads) and are built on SFH zoned properties.

Does anyone know how this is accomplished without rezoning. I found a SFH, zoned SHF that I believe could easily convert to duplex, but do not want to go about the rezoning process. Some quick research revealed that process to be incredibly arduous and expensive.

Does anyone know how other properties managed to become duplexes?  I am assuming they were grandfathered in.  Does anyone have any suggestions as to the best way to proceed regarding rezoning?

What sort of questions are recommended to ask when evaluating a bid on a job.  I have always heard the rule of 3, but based on my understanding there could be "estimates" as opposed to hard prices.  What is the language to use when negotiating projects with a contractor to ensure that the price doesn't get jacked up just before the job is complete.  

A contract will help in this pursuit, but who does the contract?  Do you have an attorney review the contract?  Is the agreed upon payment set in stone with labor, materials and contractors profit spelt out?  Just looking for some guidance so I don't get taken advantage of in my first renovation project.

I have a SFH in CT that I just started renting out. I was notified that I need a lead abatement certificate as the property was build in 1938.

I do not know the lead status as it was never tested.  I am reluctant to get the property tested as if there is lead then I then have to perform an abatement which would run in the thousands of dollars as well as displace my tenants.  

I am also looking into changing insurance companies to one that does not require lead abatement certificate to rent out.  

Does anyone have any suggestions or ideas as to other routes to pursue that wouldn't lead to me being out of pocket by thousands of dollars.  

Anyone who rents out in the New England region who had an insurance company who will provide me coverage without the lead test?  

Thanks everyone for the great information.  I am eager to begin.

I have been looking almost every day for deals but am torn between mulifamily or multiple single family as that is what my funds would allow me at this time.  

Does anyone have a recommended real estate agent who is also an investor that can assist me in the search?

I just moved to San Antonio and am interested in pursuing real estate deals. I left a SFH in New England which is being rented out and purchased a duplex in San Antonio which I am currently living in.

As I am still rather new, I am green in many areas of the subtleties of investing.  I am eager to learn and enthusiastic to build up my properties.  I am looking for someone who is willing to mentor and assist me in this acquisition of knowledge.  I have been actively watching lectures and reading books but want more hand on experience.

I have some money ready to invest in the next deal and am trying hard to find one that is worth the time and money required.  Anyone who is able to assist a newbie let me know!

Grant