All Forum Posts by: Jerome Joseph Gainer Jr

Hi Kody,

I updated the format to make some of those numbers more prominent, but I think I understand what you are saying.  All the most important numbers that investors use to evaluate the investment should be front and center.  Thanks again for the feedback!!!

Regards,
Jerome

Hi Kody,

Thanks for the reply.  I want to make sure I am understanding your feedback correctly.  Are you saying that I should reformat the information so that the key information that you mention is more prominently displayed instead of something that has to be accessed via a link or download?

Regards,

Jerome

Hi All,

I hope to put together a group of investors to purchase a short-term rental property.  I've been working on an "online" business plan that makes it easy to share the information about the proposal.  I would love feedback both on this specific property as well as the organization of my business plan from a potential investor's perspective.  The property in question is sadly no longer available, but I want to apply the same principles, analysis, and business structure to another property.  

Please let me know what you think:

Real Estate Investment Business Plan

I would love feedback on the format, information, level of detail, and the actual investment opportunity.

Thanks in advance,

Jerome

Hi All, 

So instead of taking the chance of transferring a property in my name to an LLC and the bank calling in the loan, can't I just form the LLC and run all income and expense payments through the LLC bank accounts and just report profit or loss in a schedule K to my personal income tax?

Does anyone do that?

Jerome

I own a property in Miami Beach that I rent out short term and a property in Austin that I rent out long term both with mortgages.  In addition to those, I manage my Mother in Laws long term rental in San Antonio which she owns outright and will likely transfer to my name.  Finally, I am looking to purchase a property in Lake Tahoe to rent out short term when we aren't using it.  

I was told by Quicken loans that they will not finance a property with an LLC as the owner, that it must be personally owned.

My questions are these:  

Are there tax benefits to putting all these properties under an LLC? Together, they would probably net no more than $20000 per year after all expenses.

Do I need the LLC to actually own the properties or can I just report all income and expenses through the LLC?

Is anyone doing something like this and if so, what are the benefits to you?

Thanks,

Jerome

I own a property in Miami Beach that I rent out short term and a property in Austin that I rent out long term both with mortgages.  In addition to those, I manage my Mother in Laws long term rental in San Antonio which she owns outright and will likely transfer to my name.  Finally, I am looking to purchase a property in Lake Tahoe to rent out short term when we aren't using it.  

I was told by Quicken loans that they will not finance a property with an LLC as the owner, that it must be personally owned.

My questions are these:  

Are there tax benefits to putting all these properties under an LLC? Together, they would probably net no more than $20000 per year after all expenses.

Do I need the LLC to actually own the properties or can I just report all income and expenses through the LLC?

Is anyone doing something like this and if so, what are the benefits to you?

Thanks,

Jerome

I've recently been through the process of getting my condo legal for short term rental and it was both time consuming and expensive.  I had to hire a licensed architect to create a floor plan with fire safety information annotated in order to get a change of use for transient rental approved.  Then, I had to hire a licensed contractor to submit it.  This is on top of all the other steps to set up a business entity and set up tax remittance prior to that.  Check out these articles which go into some detail regarding some of the challenges: 

https://www.ready2host.com/single-post/2017/03/10/...

https://www.ready2host.com/single-post/2017/02/11/...

Feel free to ping me if you have any questions.

I am looking for a licensed general contractor to submit a permit for me.  I have an apartment in Bel Aire on the Beach condominiums that I want to rent on a monthly basis.  The city of Miami Beach is requiring me to get a change of use from R2 to R2/R1 and then requiring me to get a Certificate of Occupancy before they will approve my Business Tax Receipt license.  

I have been advised that all they need to do is have a licensed general contractor submit a permit including architectural diagrams of the unit with the appropriate annotations including specifying that I want the change of use from R2 to R2/R1.  I already have the plans, they just need to be updated and annotated.

If there is anyone out there who can do this for me, please let me know and let me know what it will cost.

Hi Joseph.  I will keep you in mind although I already have a property manager I am working with.

Thanks,
Jerome

Hi Nick,

Thanks for your response.  It has been kind of weird dealing with Miami Beach.  I applied for a Business License on 8/4 and still waiting to hear back from them on that.  I also applied to the Department of Business and Professional Regulation (form dbpr-hr-7028) and that application process says I also need a balcony inspection (form dbpr-hr-7020).  However, while I was still trying to arrange for a structural engineering firm to inspect the balcony, the 7028 was approved and I was issued the hotel use license.  I was thankful, but not sure why they didn't seem to care about the balcony inspection.  The bulk of my questions were around those two forms.  One remaining question that I had was related to the Miami Beach Resort Tax.  I am waiting on a Business License so that then I can apply for the Resort Tax.  Airbnb apparently collects and pays the resort tax for me.  Has that been your experience?  Since they collect and pay the resort tax, is there anything that I actually need to do other than just get the license?

Thanks!

Jerome