All Forum Posts by: Lucas B.

gotcha, so here is the scenario,

Based on what you guys said, I could move in there just for 15 days, to do post tenant repairs and prepare for sell, in order to get my 730 days, right?

Out of curiosity, how are they going to verify that, do I need to prepare some sort of proof I have actually lived there for the 2 years? Does anyone checks that actually, and when?

Thank you for your responses

Hi,

I have a very specific question for you. We have lived in a house for 715 days within the last 5 years, it was our primary residence that we have rented after the number of days above for 2 years, and we are planning to sell it within a 5 years since we bought the property. Is the 2 out of 5 year rule very specific, do we really needed to live in the property for 730 days, and 715 days will be not enough to avaid capital gains tax? If so, can we at least partially avoid capital gains tax, we are talking about around $30k in capital gain tax

Thank you

Hey Ryan,

Yes, that was a pretty good deal, decided to go for it. Also testing various markets in Scottsdale area, for future more profitable buys. I am also planning to move there, if rental will not be enough profitable there. I agree with you, 6 month lease might limit potential audience. Nevertheless, will test it out for a year, and see it myself ;).  So far I have only furnished units in Scottsdale area, and they are doing very good, didn't initially though 6 month contract will be a deal breaker, especially in DC Ranch, will see. The next my investment will be unfurnished unit, will see how unfurnished yearly contracts will do. 

Thanks you much for your response

Hi All,

I have just purchased another rental property, this time it is located in DC Ranch Scottsdale, 2 min walk from the DC Ranch Marketplace, it is 2 bed 2 bath renovated 1300 sqt unit. I am ready for that unit to place on the market for renting, and looking for an advice.

The unit is fully furnished at this point.

Three questions. 

I can rent the unit only for minimum 6 month contracts in DC Ranch, per their policy. Am I going to be better off with renting it seasonally, during and off season, or perhaps 1 year contracts. Also, if I would choose to rent it on yearly basis, do you foresee any issues with the fact that the unit is fully furnished.

Would you know any good/excellent and honest property management company that is providing services in the area?

Would you perhaps know potential rent estimates during and off season for seasonal and yearly contracts for fully furnished apartment, in the DC Ranch area?

Also, I am planning to invest into more Scottsdale properties, do you think it is a good time to do so, and would you say it is better to do yearly or seasonal renting, furnished vs unfurnished?

Thank you

I have recently purchased a vocational property out state, and I would be interested in renting it out seasonally (min 2-3 months). Would you know some websites that are dedicated for such renting scenarios. Thanks

But I would also like to protect my business in case I personally will be sued. I also have another profession that brings me quite a bit of income, and need to protect as much assets as possible (that is why I would like separate those two). For now, those are single family houses, eventually, with a little luck, lots of research, and good judgment I might purchase something bigger in the future (was thinking about it). What type of insurance would you suggest, what should I search/shop around for?

Hmm, it is never that easy. Yes, this is correct, my mortgages are SFR. I am looking for LLC since with this I could separate my personal assets from the business, and vice versa. How about this scenario: Form a LLC, set up a trust, make the trust a member of LLC, and then transfer to the trust/LLC

Very interesting point, I will need to research that as well, thanks for the valuable response

I am currently owning two rental properties, and I am planning soon to expand my little empire by buying a few additional properties. I have done a little research, and it seems like there are many benefits of running it under LLC, and there are none cons. Do you think it is wise to do so? Are there any drawbacks of running the business under LLC instead of personal business?

Is there anywhere a way to get information about for how much rental properties have been rented for, by date and by zip/city. I am programmer, so any format would do, I can parse a file, or web scrape a site. I am looking for a way to get information that I could use to make more informative decision when buying my renal properties. Even the information about how many potential tenants have contacted a potential landlord about a potential property on a date, by a zip. Things like that. I can easily web scrape data about the prices of properties, and attributes of such properties, but now I would like to find some more information about rentals, so I can find the best ratio for rental business. More data is better, I can write algorithms to process large data any way I want, but gathering the data is the difficult part. I know some companies store such information in their databases, I would be interested in buying that as well. Thanks