All Forum Posts by: Joseph Heinen

Hey Guys! You know of any wholesalers/investor friendly realtor in Alamogordo? Thanks!

Hi! Just got an offer accepted on a place in Minnesota with my sister as the sole note holder. We are making it an STR and want to have the property split 50/50. We have created a Minnesota LLC and have stopped there.

I have read a bunch of articles and forums on here and looking for a thumbs up/down on my next steps. Please let me know if I am way off on the below steps, my LLC/title experience is pretty weak. (We will be consulting our CPA before doing any title transfers, and noting how they want the business expenses done)

1. Get EIN number from state for the LLC

2. Sign up for joint bank account via the LLC (thinking Chase), and a business credit card with that

3. Pay title company to swap the property over to the LLC. (The LLC is in our two names, so I assume it is 50/50?)

Then lastly, any need for umbrella insurance?

Really new in the partner space, but have listened/read about it for years. Thanks for any help!

-Joe

@Jimmy Woodard Thanks!! DMd you

thanks for the reply! Do you happen to know anyone who has purchased an STR?

Hi! Recently was looking to book an AirBnB in East Lake Tahoe for a few weekends from now. However, when I attempted to there were ZERO "entire places" open for an entire weekend. So, I started checking out the area and it seems like most of the Carson City STRs are booked 80%+ throughout the next few months. Anyone know anyone in this market? Additionally, it seems there are no regulations, so that is a little scary. Would love to watch this place for the next year or so. Thanks in advance!

@Dave Spooner yup! This was a house hack. Was gonna house hack another primary residence but don't love the Vegas market. Thinking about snagging a STR withing the 4 hour range of Vegas

@Jack Orthman thanks for the input! Even though these are "low maintenance" yards, the houses still have a lot of costs associated with them

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $355,000
Cash invested: $30,000

Buy and hold in NW Vegas. Cash flow is low, will probably sell and 1031 exchange to new city.

How did you add value to the deal?

LVP Floors across entire house and new paint.

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $355,000
Cash invested: $30,000

How did you add value to the deal?

LVP Floors across entire house and new paint.

What kind of occupancy rate you guys and gals think for Borrego Springs?