All Forum Posts by: Khaled El Dorry

I’m really sorry you all are dealing with this.  I have had some interaction with this group.  Wagner used to work with an agent called Jean Gillen and I contacted them about some turnkey properties they were advertising. after some exchange of pleasantries I shared with her that I bought in Ocala in 2017 via another turnkey group and she went on to kinda talk very negatively about how poorly built these homes are. I didn’t get a good vibe from that group and didn’t proceed. Just for the record I bought my property in Ocala in 2017 for about $145k (3/2) and it had survived 2 hurricanes, appreciated $100k+ and has rented very well so she wasn’t remotely close to being correct. fast forward a year or two later and I got an email that Wagner had split from Jean and “borrowed” all her contacts and they are no longer associated with anything he markets.   within days Wagner comes up with this Brennah oaks development and markets aggressively and even wrote a book.

another few months I get a note from real wealth (Kathy Fetke’s group) through which I met my turnkey providers and they said they have cut ties with Jean Gillen and anyone associated with that group. 


so for my risk appetite I didn’t and wouldn’t do business with them and I live an hour from ocala. 

Quote from @Kevin Luttrell:

@Khaled El Dorry Just curious, what are the huge tax benefits you're referring to for the STR vs your LTRs?

If you are maxed out on your W2 write offs (there is a limit). Self managing a STR has no limit and allows you to reduce your taxable income.

Hello - I've been slowly buying and holding SFH and duplexes for last 5 years - total 9 doors and they have done quite well in terms of CF and appreciating. I also ventured into STR and bought my first cabin in the smokies and had some good success with it in year 1. I have a W2 and self managing a STR is hugely beneficial when it comes to taxes so I am thinking about selling my LTR's and 1031 exchanging them into another STR with same or better CF and get more tax benefits.

The problem is they are 7 properties in flrodia and Ohio so not sure how feasible it is to sell all of them in time to make the 1031 exchange timing work.  Any guidance would be greatly appreciated. Thank you 

Quote from @Jordan Sand:

@Khaled El Dorry saw that hemlane just announced it has evictions and a lockbox leasing feature so will let you know my experience with it!

Awesome - thank you. I’m having some issues with a PM in Ohio big time so I’m looking for a better alternative or I’ll take these properties on myself. 

Thankfully I listened and didn't spend the money on the gaming unit and we’re off to a decent start.  I spent the money on renewing old furniture and setting up a nice game room so income>expenses so far. Of course February will be slow so we’ll see what the back end of the year looks like

https://abnb.me/l2NfxbwoDwb


 

Quote from @Michael K Gallagher:

Hey @Khaled El Dorry I have had had clients that have had good experiences with a company called ManCo.  They are out of state investors, and I worked side by side with ManCo during the acquisition of the property and they were very thorough and communicative. 

Thank you Michael - appreciate your response.

Hello - I purchased my first STR in Severville and listed both of them on Airbnb and VRBO. It was listed for May 5 as the first day of availability. May has been slow but June has 25 days booked and July is at about 50% booked. My question/concern is - Everyone I talk to prefers VRBO over Airbnb because Airbnb tends to be very super guest bias/friendly however all my bookings except for 1 came from Airbnb. I pretty much have the same photos, pricing, descriptions, etc... on both platforms. I found VRBO to be really silly to interface with Beyond Pricing and Lodgify so that may be my issue but looking for guidance to see how can I boost my VRBO performance as it looks dead right now compared to AirBnB.

Thank you

Hello - I own 4 doors in Dayton Ohio and having some issues with my current PM.  They are slow to respond and didn't bother telling me they are evicting a tenant.  I have to reach out to their Director all the time to get any information who's been very good but I dont think he has the help or team around him to win.  

I have 1 SF in Dayton, 1 SF in Franklin and 1 Duplex in Monroe.  

Would appreciate if any locals have good recommendations.

Thank you

Front page deep dive of bigger pockets quoting David all around.  I thought they did a decent job explaining the trends but the analysis was not clear and kinda slanted a bit negative. The comments section was pretty negative but it’s a European publication so a lot of comments talking about more regulation, etc.. thought it was interesting read. 

Here is the link. It’s behind a pay wall so not sure who will be able to access it. They actually have a pretty decent RE section overall that I read on frequent basis.

https://amp.ft.com/content/57a...

Absolutely hire a CPA.  Unless you’re an accountant ourself.  I can’t imagine doing my own taxes every year with a W2 + rental properties. Putting together the paperwork alone is painful so I sent imagine trying to file it myself with the IRS.