All Forum Posts by: John Pipitone
John Pipitone has started 3 posts and replied 7 times.
Post: STR in San Jose California
- Investor
- San Jose, CA
- Posts 7
- Votes 2
Quote from @Priti Ag:
Quote from @John Pipitone:
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.
The property is a SFR. No HOA. Probably best to do a MTR and fill it in with STR in between stays....
Post: STR in San Jose California
- Investor
- San Jose, CA
- Posts 7
- Votes 2
Quote from @Wilson Lau:
Quote from @Priti Ag:
Thanks All for the feedback. Sounds like the kind of demographic/demand in north San Jose is more suited to MTRs while still providing the option to fill interim vacancies with STR using the 180-day limit.
I have another question - Section 4741 allows HOAs to prohibit STRs of 30-days or less. The few condos to come on the market that I've talked to recently, all have this restriction in place. Does this in general eliminate the possibility of doing part-time STR in condos? Has anyone had a different experience with HOAs or has any solution to getting around this?
If the HOAs have this restriction in place, there is no way to go around it. Some HOAs are more lenient, but it is subject to change anytime. Unless you have an STR-friendly HOA in a tourist hotspot (Honolulu, Las Vegas, etc...), I personally don't like properties with HOAs if your plan is to run them as STRs.
There is no HOA
Post: STR in San Jose California
- Investor
- San Jose, CA
- Posts 7
- Votes 2
Thank you everyone! Great information
Post: STR in San Jose California
- Investor
- San Jose, CA
- Posts 7
- Votes 2
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.
Post: STR in San Jose California
- Investor
- San Jose, CA
- Posts 7
- Votes 2
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.
Post: Moving Property from Flip to Rental
- Investor
- San Jose, CA
- Posts 7
- Votes 2
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?
Post: Investor from Dallas, TX
- Investor
- San Jose, CA
- Posts 7
- Votes 2
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.