All Forum Posts by: John G.

Hi @Greg Scott. When you say “owner or sole member”. Are you saying that owner and sole member are one and the same or two separate things?

I recently formed a holding company in WY. I was going to form an LLC in Florida to be owned by this WY LLC.

I have a couple of questions before moving forward:

1) Can I just form a child LLC , also in WY, and have THAT LLC own the FL property? (It's going to be a short-term rental)

2) Because of the limited protection of single-member LLCs in FL, can the WY LLC be a one of the "members" of the FL LLC? (Thus making that FL LLC a multi-member)

@Tyann Marcink @Mike Shemp Did you get an "investment", "second home" or "primary" loan through you banks while using Proper?

@Jorge Ruiz I don’t /:

Calling all Milwaukee investors and contractors!

I'm interested in purchasing a duplex in the next couple of months that may need some light rehab and or/repairs. Likely the units will be tenanted, but i'm not ruling out a vacant unit (or one that will be soon, depending on the leases) that will need refreshing (bathroom, kitchen, floors etc). I'm out of state and would like to check progress using Buildertrend.com or similar services. I myself haven't used this, but have heard from another investor (in a different city) that it was great to track progress and communicate with the contractor.

Thanks in advance for any help/advice!

@Cassie Montalvo Yup. Already checked with HOA and city regs. This building is good to go on that front.

@Andrew B.Thanks. I could do a year before renting.

So I plan on purchasing a condo as an STR, but will live in it as my primary residence while I plan other investments and prep the unit (decorate, furnish, light reno if necessary, find a cleaning crew, an on-call handyman etc). I do not own a primary - I rent in another city.

I figure it'd be about 3 months from closing to listing on AirBnB.

Let's say I didn't plan on the AirBnB and did the same exact thing. Is it just the very intent that could get me in trouble?

I'm guessing different bank have different rules as to how long someone is supposed to live in it before being allowed to rent it out. Or is there an industry standard?

Thanks!

@Daniel Highsmith How did this go? I'm interested in starting a BRRR in the area.

I'm planning to do the the same, and have seen some pretty good options in the buildings you mentioned. The other alternative I'm considering is South Beach, where the HOA is much less due to fewer (if any) building amenities. So it kinda depends on your target tenants versus other areas like Brickell or Downtown. I see it as two different people: beach vacationers vs the everybody else (business, festivals).

Zoning is super tricky. You can get fined up to $20k if you're caught by the city. Make sure the building is in the right place, and the HOA allows for STR.