All Forum Posts by: Kyle Seidel

Hey @David G., thanks for the update and keep us posted on anything you learn that could help other ppl do this type of strategy more efficiently

Hey @David G., I'm glad to hear that you're going to be implementing this strategy! I've called a TON of banks/credit unions and basically noone understood this strategy except Johnson Bank. And even with them I won't be able to directly deposit my checks straight to my heloc- I'll have to deposit to checking and then transfer over so I can't use it exactly like a checking acct which is disappointing but will still work. I would try to get as much info from Replace your mortgage as you can and if you can get a couple options for banks who will let you do this exact strategy it would be worth it to pay them depending upon how much it is. Feel free to shoot over costs w/ replace your mortgage and all of the other factors and we can see if it would be a good option for you to go through them or not. Or you could always just go to a Johnson Bank or another bank that understands this strategy so you can implement at least part/most of it like I am.

Thanks @Gavin Carrigan!

@Wendy Schultz when I'm ready financially to start looking into short term furnished rentals I'll reach out to you.

@Gavin Carrigan I would like to do some real estate networking- does your group meet monthly? Any website or link I can click on to find out more? I just got an accepted offer on my 2nd property and moving forward I'd be very interested to find an investor for capital and I could always use extra help from a handy-man. I'll hold off on property management for now but that'll come in the near future.

@Wendy Schultz At this point I'm focusing more on multi-family but after I get another property or 2 I'd be definitely interested in learning more about that. Do you have any info on typical Income/Expenses for say a duplex that has both sides doing Airbnb? If I could get similar or better returns with you running my property on Airbnb I would be very interested.

@Mike Taddy I've talked with basically everyone of them and although I don't have a Property Management company yet Principal Property Services is in my top 3 based on my great talk with them. That's awesome hearing that you are going through them and feel free to leave any bits of info that you would know with working with them vs. someone like me who hasn't worked with them.

Thanks!

Thanks for your responses @Cara Lonsdale and @Tyler Work. Cara I have help for the Phoenix area now but if anything happens with that I will contact you. Thanks!

I am curious if anyone has a property management company in the GB area and what their experiences have been? The one I've heard of the most is Blue Frog. I'm curious as to what all the typical fees are and if it pays to let a property management company run my property vs. myself.

Thanks Brian and Vlad!

Thanks @Vlad K.; I was thinking it should be 2/3 as well. Another issue I see here is my accountant only was depreciating the building on my rental side and not my side. How do I go about adding in depreciation back from 2015 and 2016 or should I just start the 27.5 year depreciation for this year?

Also: Let's say the roof was $5,000. The accountant should have done $2,500 for the rental side and $1,250 for my side. Once I move out, the $2,500 for the rental side won't change. However, my $1,250 side will convert back to say $2,400ish (The original $2,500 cost minus say $100 in depreciation) which I will depreciate over a new 27.5 year life. Is this correct?

Thanks for the awesome response @Dave Toelkes! Just to be 100% sure: Let's say the roof was $5,000. The accountant should have done $2,500 for the rental side and $1,250 for my side. Once I move out, the $2,500 for the rental side won't change. However, my $1,250 side will convert back to say $2,400ish (The original $2,500 cost minus say $100 in depreciation) which I will depreciate over a new 27.5 year life. Is this correct?

Hey @Brian Schmelzlen, I own the full duplex. Both sides are 3 bed/2 bath. One side is rented. The side that I live on I live in 1 bedroom downstairs. My 2 roommates live in the 2 bedrooms upstairs; 1 is their bedroom and 1 is their office because they work from home.