All Forum Posts by: Bill Schrimpf

The good thing is that where ever you land, they are all great places to live!  

Since your keen to invest where you live, and want to do STR's, keep an eye out on increasing restrictions. For example, Washoe County (Reno and Incline Village, Tahoe) is tightening up (limiting) STR restrictions. Reno, as an incorporated city, is not compelled to follow the STR regs from Washoe County, but the City Council follows the County lead in many areas. Washoe County STR Regs

In Reno, if you can build or do a major renovation, that is the place to look. The city is looking at allowing more ADU's and loves ground up or major renovation developers. There are LOTS of incentives if your project can apply to 80% AMI or less. HTH

Hello - Is it possible/legal to sell or somehow transfer a rental I own to a SDIRA?  If yes, are there considerations such as

* can we sell off-market and for less than market value to SDIRA

* Can I self-manage in SDIRA?  Repairs have to be passive but what about placing a tenant every year or 2?

* If there is only 1 property and not much cash, is an LLC worth it? What about in 5 years when there is cash?

* recapture - We have been depreciating it for years

* Anything else?

I'm going with 2 sentences...

Tax benefits are secondary to the value of the investment...

The large percentage of wealth held in retirement accounts is particularly notable given the tax advantages these vehicles offer. Contributions to plans like 401(k)s and IRAs can grow tax-deferred, or even tax-free in the case of Roth IRAs.

@Jason Frink - @Arn Cenedella and @Benjamin Aaker are probably correct.  The vale of depreciation on property as well as business loss are capped if you have high W2.  

I really like your last comment though, seem you have the correct mindset.  I invest to make money, although I always keep an eye on taxes, taxes are a secondary concern to the investment.

@Ryan Earl, sorry to hear about your situation.  

For the place you want, will they accept contingencies?  Ask the listing agent and talk about your current situation.  

As other have mentioned, selling with an agent will result in more $, but will probably take more time.  An investor will probably pay 75%-80% of the value, but it can be fast.

Talking the the listing agent from your dream house, should be your first stop.  They will be motivated to get a buyer on the current listing and list your current place.  Then, talk to at least one other agent in the area, and pick the best.

Hope that helps 

What does your current lease say the procedure is?  You would be wise to follow that.

@Robert Hubbard Welcome to BP, and thanks for your service.

Lots of people come to BP and get stuck in the weeds, or analysis paralysis.  Be aware of that.  Pick a strategy or method and jump in.  Of course, do your research but don't get stuck.  The goal of research is not perfection, rather to ensure mistakes are small. 

I just read a post where someone purchased a STR in a town that recently prohibited STR. That's not a small mistake.

@David Walton - Are you licensed?  I NV, if your licensed, investing the deposit would be a violation of law. Unlicensed, that might be a different thing...

@James Lauer - Ditto.  If your investment doesn't work, move on. 

In my market, these types of changes don't happen in a vacuum. Anyone interested in STR needs to add regulatory acceptance to their due diligence.