All Forum Posts by: Matthew Lindquist

@Selena Walsh could you post a link to your AirBnBs? I'd love to see your places!

@Selena Walsh How many nights/mo are you renting your places out for? Are they higher end? Does demand fluctuate greatly with the seasons? Im thinking about doing this too.

@Dave Younts I have no doubts you can do it! Might be worth saving the money until you get more units.

Here's mine

For one property? I'd use excel. Just run a list of your expenses. Assuming you have microsoft office (if not use google sheets), that decision will save you ~$30/month ($360/yr)

I would consult with your tax advisor (as I am not one), but to get the ball rolling...

1. It sounds like this premium would be a start up cost. Which you can amortize over 180 months along with your other start up costs.

(found here https://www.irs.gov/publications/p535/ch08.html) 

2. Are they window AC units? Sounds like a repair, not an improvement as it does not prolong the life of the property, enhance its value, or adapts its use. 

(found here http://www.lewis-knopf.com/uncategorized/repair-or...)

3. The stained cabinets are repairs, not improvements. Write it off. What did the handyman install? If you purchased supplies for multiple projects to restore them to working order, that sounds like a repair to me. I guess i'd like to know a little more. Typically capital expenditures are $2.5K+

Hopefully my response invites more professional advice!

If you rent out your condo, you will report the income on a Schedule E form if you are an individual.

@Scott Gammenthaler I would use Excel for a duplex. Im guessing the few purchases you make arent worth spending on software. I would use a basic template like mine (attached).

http://www.hocmn.org/wp-content/uploads/2016/02/Ho...

Check this out. Maybe the Fix up loan on page 1?

@Dominic Scheck 

1. I cant, sorry

2. I dont know if the demand is high enough in MN, especially during the winter, plus with ST tenants, there will more likely be damage and additional cleaning costs you will incur.

3. I would check out different maintenance loans (typically you can get them for $1K-50K at a 0% rate to whatever rate your mortgage is at). Hit up google and try to find a program where you fit the selection criteria. You typically have to live in the property to qualify for these programs. Since I dont know much about your situation, I cant recommend a specific one.

Hope this helps!