All Forum Posts by: Nancy Bachety

1) What's the best way to keep track of my income and expenses SO THAT I can invest in RE? (There's no shortage of apps.)

2) What the best way to keep track of income and expenses for each rental property? What records do I need to keep and where should I keep them to make life easier?

3) Should I pay a guru to teach me OR should I read your book then get started on my own?

Thanks @John D. I kept the originals in keeping with the original custom cabinets and part nostalgia but good point. 

550 miles from our primary, we networked and renovated a 3 BR/2 BA house in a mostly owner-occupied neighborhood.  The kitchen was remodeled, new appliances, granite, knocked out part of LR wall for open-concept kitchen/LR, tore up carpeting throughout to reveal hardwood floors, installed LVP in 1) kitchen and 2) den-turned 4th BR, upgraded toilets, painted entire house including pine planks and paneling, and crown molding,  installed sliders to backyard. This was done in several months. 

In December, we signed 3 LTR leases for 4 female college students (including our owner-occupying daughter) for Aug 2018. Short walk to football stadium and ECU campus.  

Furnished with basics, and leveraged our Super-host status to rent out 2 BRs for immediate income, with two 3 month guests currently.

Allows us to hop around from the Northeast to the south, while providing housing to visiting scholars, educational consultants, visiting nurses, visiting parents, etc. 

All suggestions, comments and questions welcomed!

Hi again @Nicholas Aiola

Since Airbnb gives out 1099’s, are we able to therefore start a 401k in order to save up 20% of that income?  

If our 1099 income is $100k and we have other deferred compensation plans from w2 jobs that are maxed  out, is that a feasible option? The start up costs of a 401k plan might outweigh the benefits though. 

I’d appreciate your thoughts on starting a 401k plan.

@Jenessa NeSmith Well done, and documented. 

We just finished our 3rd airbnb house, first to be renovated, and we're pleasantly surprised with the interest and demand. It's in Greenville NC a short walk from ECU. It is going to be a college house at $450 per room for the 4 bedrooms (one is rent-free for our daughter) in August. 

We rent out up to two bedrooms, use of whole house. We host visiting international scholars, visiting nurses, visiting educational consultants, and parents of ECU students. It's booked now with two 3-month guests. Our daughter is earning income and experience as she is the in-town co-host, not living on the premises yet. 

I'll post pictures too. And we also just started managing 4 STR in NY, a great way to diversify within the STR arena. You are on the right track.

@Nicholas Aiola Yes, perfect sense. Thank you very much Nicholas!

@Nicholas Aiola I want to ask a couple of STR question's before you rescind your generous offer!

First, a frequent poster and STR host cited his vetted CPA saying that he needn't send his cleaner a 1099 and he can still claim those expenses, as long as his has proof of payment (checks or electronic payments or payment Apps). He has been doing it this way without causing any pushback from IRS.

Second, we bought three SFH in 2017 with three different investment models. One is strictly STR (under 30 days), one is LTR, and one we renovated, and is now a STR but will be a LTR for our in-college child with three roommates - we have signed leases and will provide it furnished. How do we depreciate all the furnishings for the STR and what will be a LTR? We'd like to recoup as much of the $30,000 in furnishings sooner rather than later.

Thank you again for your generousity. 

@Lance Peterson

Based on what you've said, I would think the $80k condo is a fantastic idea for you, and STR on the weekends. You backed it up with visiting your folks on weekends anyway, hate the commute, living on your own, are comfortable with vetted guests in your home. The last one is usually the deal-breaker to some people who just don't want to do that. In addition, you can cover the costs anyway, it has peak periods of really high income, and you understand it can go away at any time.

Go for it before the May dates are booked up.

Costco 100% cotton sheets, Kirkland brand. Love them for my home, and my rentals. Last long and are luxurious feeling. Target brand is good too bc they are soft and dry quickly and a bit less expensive. $20 sheets are short term. Sorry no links.

@Michael Kugler Is that what you pay or what you charge?