All Forum Posts by: John Pipitone

The property is a SFR. No HOA. Probably best to do a MTR and fill it in with STR in between stays....

There is no HOA

Thank you everyone! Great information

Thank you for your response. I would like to put it on air BnB full time 365 days a year to take advantage of the higher rent price. But San Jose doesn’t allow you to rent your home as a short term rental for more than 180 days. I need the asset to perform 365 days of the year, so I am exploring medium term- 1 month medium stays. If you are familiar with the San Jose area, do you think this will work? It’s 2 bedroom, 2 full bathrooms, 1500 sf, fully upgraded and fully furnished.

I have a fully furnished home I want to put on Air BnB. I understand there is a maximum of 180 days for STRs in San Jose, CA. If anyone has a STR here, can you share what you do to maximize revenue after it has been rented for 180 days? Or is it better just to do a MTR? Thank for any advice.

I purchased a property in Dallas well below market value from a wholesaler in October 2016. I fixed it up and put it on the market in February 2017. In the next couple months, I got a couple offers, but they fell through. Out of frustration, (And fear of losing money) I changed the listing to "buy or Rent" in May. Within 24 hours, I had a couple with a baby that wanted to sign a lease for a year and a half for $2250/month! So in June of 2017, I moved the title of the property from my Flip LLC to my Rental LLC, purchased a refrigerator and made a couple of additional improvements. Last, in November/December I did a cash out refinance to pull some cash out of it to fund my next flips.

So I have some questions... how does this work in terms of taxes?  When I filed  taxes in 2016, this house was on the books as a flip property that had not been sold.  Now in 2017 I am using it as a rental.  Am I going to run into tax issues? What happens to all the rehab costs from 2016? Can I just say,"remember those rehab costs from 2016? - just kidding, those rehab costs were intended to prepare this property to be a rental".  For tax purposes, how do I change this from a flip property to a rental property?  

I am a new real estate investor in the Dallas Ft. Worth Area.  I have a rental in Upstate New York with a tenant in it and that is going well.  I am now flipping houses in my local area.  I'm currently in the middle of a flip and could really use some advice!  I'm hoping to connect with like minded people who I can ask questions from time to time.