All Forum Posts by: Alex M.

In need of some expertise here.  Thanks in advance.

I have 6 rental units in NYC that I airbnb. 

Im also looking to buy a house for airbnb, likely in Tennessee or Georgia with an investing partner.

Question:

1) Should I form 2 separate LLC's?

2) I think I want to be an LLC taxed as an S-Corp to benefit from lower self-employment tax. Do I need to file this before 12/31/2017 to get it in effect for next tax year? Is this even possible this late in the year?

3) I am also looking to get Florida residency for tax purposes. Does this have any effect on where my LLC should be incorporated?

thanks in advance.

Noah

In need of some expertise here.  Thanks in advance.

I have 6 rental units in NYC that I airbnb. 

Im also looking to buy a house for airbnb, likely in Tennessee or Georgia with an investing partner.

Question:

1) Should I form 2 separate LLC's?

2) I think I want to be an LLC taxed as an S-Corp to benefit from lower self-employment tax. Do I need to file this before 12/31/2017 to get it in effect for next tax year? Is this even possible this late in the year?

3) I am also looking to get Florida residency for tax purposes. Does this have any effect on where my LLC should be incorporated?

thanks in advance.

Noah

Thanks @Jon Crosby

Interesting.... Thing is I have 6 properties in NYC which I currently have leases on and re-rent through AirBNB.  I think I need to create a legal structure for these for tax purposes.

Secondly, I'm looking to start purchasing investment properties, and potentially raising capital for additional investments.  

I spoke to a lawyer who said a General Partnership/ Limited Partnership might be a good model if I'm raising capital. But others have said LLC's are the standard. I do expect this business to grow, so wanted to establish the legal structures ahead of time.

My intuition says each house that I buy will be a separate LLC- thoughts? And any thoughts on a Series LLC?

Hi all,

any thoughts on whether LLC or S-Corp for Airbnb income? I'm thinking of an LLC taxed as an S-Corp.

Also, I'm looking to buy my first rental property with my father. We'd both put up half of the equity-- would I just need to create an LLC on LegalZoom and put both our names on it?

only thing id say is be careful w the analysis bc on airbnb you dont know whether a blocked day is booked or whether its blocked off by the owner.  this is carefully designed by airbnb as  competitive information

i like amazon's $200 memory foam mattresses (zinius one is good)- inexpensive, dont need box spring, and guests love them!

I am trying to start a group of people around the country who are willing to share data on their occupancy rates, pricing, seasonality, ROI, etc to help other investors who want to expand into new markets. Airdna.co data im a little skeptical of after looking at it for my own nyc market. plus I dont think they have access to all the data they need (correct me if im wrong but can they tell the difference between available nights and booked nights? also, arent they using old data?)

I think it can create good synergies to share data for a couple reasons:

1) my market is a good rental market, but i have no intention to buy and would like to diversify my risk; someone interested in NYC rental market I can help a lot e.g. 

2) access to real data and pricing from real hosts.  get a lot more insight talking to a host than going through just the data i think

3) network !

If anyone is interested in being part of this group, shoot me a PM.  We'd want data on:

1) average daily rate

2) occupancy rate

3) major movements in your market of supply/demand

4) overall insight into the market (new employer coming into town, etc.)

ideally 1-2 people could be responsible for their market, and we can share info.

beware of airdna data... i dont fully trust it.  it has nyc occupancy rates at like 70%-- i know it's actually 100%

Hi,

I have 6 airbnbs in nyc, and am looking to begin buying my first property- potentially w FHA loan. I'd like to buy a 4-plex, live in one to start, and manage/ airbnb out the other 3, in a solid airbnb market.

Does anyone have any recommendations for good cities for this type of model?  I'd say Nashville, but it seems like it's overbought and perhaps airbnb renters look for larger houses given the bachelor party crowd.  I'd be looking more for 4 units each which can accept 6 guests (2 bedroom plus common space pullout sofa).  Any ideas for how to find a property like this or any other thoughts would be appreciated.

thanks

@Joe Vastola  what kind of capital are you looking to put up?  before investing in NYC id recommend reading the multiple dwelling law carefully and then looking for duplexes where you can convert from A --> B.  Id imagine it would most likely be BK or queens.