All Forum Posts by: Mimi H.

Hi BPers,

I'm wondering if anyone here has experience in the Vancouver, BC rental market with long term tenants. Currently, it looks like Vancouver has a rental increase cap of 2.9% annually. Does this get "reset" to market rates once the tenant has moved out? Not sure how this works...

This is what I'm referring to:

http://www2.gov.bc.ca/gov/content/housing-tenancy/...

Hi @Craig - would you mind answering publicly so everyone in the Forum can benefit from your knowledge? :)

Hi Everyone,

I'm presuming that I'm not alone in this and would love to hear how others deal with this situation:

1) employee at a company that offers a small matching on 401k

2) owner of properties with cash flow

When I was a single employee owner of my last company, I was able to put together a Solo 401k which has really fantastic tax advantages (one of which was the ability to contribute up to $53k annually (that's 2015 #s) ) to the plan. For those who are not aware of the Solo 401k, it's super beneficial --> http://www.irs.gov/Retirement-Plans/One-Participant-401%28k%29-Plans

I'd like to set up a Solo 401k for my rental income and I'm wondering if anyone else here is doing that, and if so, how you structure your rentals. Meaning, if you have multiple rentals, do you put each under it's own LLC and then W2 yourself so you can set up a solo 401k? Do you set up a solo 401k for each rental? Do you put all the rentals under one LLC?

It's fairly early days for me in the multiple property market so I could really use some advice on this one. I am confident that the super savvy investors here have already run into this. :)

Thanks much for reading!

M

I'll have to go with @Parish Pradhan - if you're in it for the short term and have a weak stomach, NYC might not be for you. :) But hey, if that's the case, NYC might not be for you for many other reasons...

NYC is pretty desirable and has longer term value. Not for everyone, for sure.

@Michael Wolffs has some great points too, even in BK in the desirable areas, it's mostly apartments. You'd have to do your research on rent control laws, etc. so multiplexes can have much thinner margins but there are still good deals to be had out there.

I'm sure this is more a style thing but I tend to ask for the financials up front and before a meeting. I rarely want to meet in person if the numbers totally don't work out. It's not a good use of anyone's time.

I'd agree with @Nick B - expenses look low + I'd want 3-5 years of P/L, get a better understanding of possible deferred maintenance costs.