All Forum Posts by: Jason Schlafke

I recently purchased a property in CA and pulled a permit for a small remodeling project, and remodeling was done already. I just received a letter from Office of the assessor's office to ask me to provide cost breakdown for this remodeling project. It didn't cost a lot, only about 30k. Will that significantly increase the appraisal value and thus increase the property tax? 

What if I ignore that letter from assessor's office?

Hi, We currently manage a few vacation rentals on Airbnb in both CA and NV, (3 in CA and 2 in NV), and we're acquiring a hotel in CA right now. We live in NV.

I did some research about setting up LLC/c-corps but still get some questions. I'm thinking about putting properties in LLC and renting them to c-corps to operate to avoid some taxes. The reason I do this is that my tax bracket is high about 40%, and the c-corp tax is 21%.

Here're the questions: 

1. Should we set up 2 LLCs in both states? We have mortgages in all properties so I don't think lenders would let us put houses in LLC. The hotel can be put into LLC as far as I know.

2.Should we set up 2 c-corps in both states? 

3.Should we set up business accounts for every single LLC and C-corps? If c-corps is going to operate the business, the bill should be received and sent out through c-corps' business accounts?

Any suggestions/answers would be much appreciated! 

Hi,

We recently bought a house as our primary residence. However, after living there for a month or so, we decided to move out. The house was owned by a smoker in the past and we replaced with new carpet and hired ozone treatment company to clean up AC system to remove the smoke smell before moving in, but it didn’t work very well and house still smells. We really don’t wanna live in that house for the long term due to health issue, although we don’t mind staying in the place as our vacation home for the weekend or holiday. (A few days wont hurt)

I told my lender that we had to move out because of the condition and we listed the house in airbnb to help us pay for mortgage. My lender said that’s okay to move out if that’s the case.

My question is should we refinance our house as a vacation home or investment property? since we have moved out in a short period of time and stopped treating it as our primary residence. I really want to get some professional opinions here.