All Forum Posts by: Jennifer Gardner

Great! Yes, I'm investigating in the local market now. Trying to mitigate against common pitfalls but I think a good lease should do it. Thanks for the response @David Williams

Hi everyone! 

I was going to make a new post but you all have recent enough experience. @David Williams did you end up finding a garage lease you liked and used? Did you end up renting for car or personal storage? I am just starting this process myself and have up to 3 vacant garages to rent in Long Beach, CA. Would love any insight and shared expertise if you have time to share. I found neighborly.com where garages seem to be rented for $300/mo which is obviously amazing.

Thanks for any tips you can share!

@Jeff Copeland really appreciate you taking the time to share your knowledge! It's just good to hear another perspective. Thanks so much for not just ending your comment with yes this is a CPA question! Take care and thanks again :) 

Hi BP community,

I know this is a CPA question but I'm hoping you can cross check my research. I'm trying to figure out how hard I'll get hit by pulling out 50k from my 1031x to make repairs on the home I'm trying to buy. Would the taxes and write-offs cancel each other out? How much do I really stand to lose? Is it worth it? For context, the house I'm trying to buy is in an incredible location, is a beautiful, highly rentable duplex that we would eventually live in and rent one unit of down the road, maybe for forever retirement. The property really feels worth it to me but I don't have the funds to make the repairs without taking it out of my 1031 exchange. I did sell my property for 60k more than anticipated and got the duplex price down to 60k less than I had originally offered and seller originally wanted. I'm just concerned about losing money in capital gains taxes. 

Thanks for your input and insight!

this is great, thanks so much for the info. Is there a way to get AirDNA data without paying for the service? I've been trying to figure that out..

@Brenden Mitchum thanks so much for your kind words and encouragement! This is the way I'm leaning as well and I'm interested in the mid-term/furnished longer term rental if all else fails, sabbaticalhomes.com etc.

Appreciate the vote of confidence! 

I just bought a duplex in Long Beach, CA with the intention of LTRing the top unit and STRing the bottom one. But now I'm considering just STRing both. I'm hiring a company to furnish and set it up so why not both? The idea for LTR was for security/stability but honestly I know I would make a lot more with STR and the duplex is in a very desirable location; I've already done my research on how well it should do with the right systems in place. WWYD?

@Bob Lachance thanks, happy to learn more :) 

@Jonathan Greene thanks for your response. Yeah, I'm looking for an alternative to 25% management fees with maybe a virtual assistant or even a college student interested in learning the business. I'm also toying with STRing both units. It's a toss-up because I would make more and could just double down on my systems, but I do like the stability of LTR at least for the first year to see how things go with airbnb..

Hi BP.

I'm in the process of purchasing a duplex in Long Beach, CA and want to airbnb the bottom unit and LTR the top. Ideally I find tenants who are cool with the airbnb thing downstairs or can even help manage it, but beyond that, I'm looking for tips and advice for starting an airbnb business from scratch. It's a 2-1 and I've already had experience renting my own home during summers so I'm not a total rookie just intimidated by furnishing from scratch and getting a team together to help manage it, as I live up in the Bay Area so it's long-distance management. Do you use a property manager or virtual assistance? Where to find the best cleaners? I'm open to all of it - fire away! Long Beach does allow for STRs, I will be applying for a permit as soon as I have keys in a couple weeks.

Thanks!