All Forum Posts by: Nathan S.

If it is a corporate housing model you are after, study and inquire with some of the companies that already service your area.  Two in my area are National Corporate Housing and Oakwood Worldwide Corporate Housing.  Short-term, corporate renters are notoriously difficult and the larger operations are able to more fully handle the high-maintenance clientele that come with this service.

If it is an Airbnb-type setup you are looking to accomplish and are not paying cash outright for these homes/condos etc, you may be looking at a small if not existent profit margin.  Study your comps!

Dave, I haven't gotten that far yet, but that will certainly save me some time!

I have been educating myself on the Section 179 and Di Minimis Safe Harbor.  I thought previously that most depreciating expense would take 5-7 years and possibly 27.5 years with the old tax code.  I really plan on diving deeper into these rules to understand them better.  Treating previously depreciating expenses as operating expenses is a huge tax benefit NOW vs. keeping track and spreading it out over the long term!

Hi BP world, for tax deductions, Nolo's Every Landlord’s Tax Deduction Guide has been my bible when it comes to what can be deducted and how for the rental business.  What other resources do you use for tax deduction information?

https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Ademinimis

I currently rent out a townhome in Cottage Grove that used to be my primary residence and so far, agree with what everyone else has posted with CG vs EP.  Something to note: 

"Best Place to Live" in U.S.? Eden Prairie, MN. Eden Prairie, Minn., has been named 2010's best place to live in the U.S. by CNN/Money Magazine.

@Wesley Stoodley I live in the area and do buy/hold on single family homes and townhomes.  I know a guy who does renovation work locally if you need.  Welcome to frigid MN! 

Buy the new oven. You have to depreciate it over 5-7 years approx, not all in the same year.

Chandra, get consent from the person leaving too.  This way they cannot change their mind later about leaving and claim they never knew about being released from the lease.

Thanks for the warm welcomes!  Feel free to msg me with any questions on tenant relations.  I have seen a lot in my experience and might be able to lend an opinion.

Hi Everyone, I recently joined BP to learn more about the "business".  Despite eight years in the property management field (multifamily), I am still learning more every single day.  Only in the past two years did I make the move to become a small-time investor while continuing my day job.

I look forward to reading all of your posts and contributing my two cents as well!