All Forum Posts by: Alex M.

@George Blower 

I have a Solo401K and am looking to create a tax/legal plan to minimize taxes going forward.  My current short-term rentals should bring in a good amount of cash, and I'm in aggressive expansion mode.

So, here's what I'm thinking:

Creating an S-Corp makes the most sense to:

1) avoid self-employment tax

2) minimize taxable income (pay myself a salary)'

Creating C-Corp makes sense to:

1) take on W2 employees and pay them wage to reduce my company's income

2) flat rax rate of 20% (if not taking distributions) and then borrowing against my Solo401k for living expenses. (@Dmitriy Fomichenko is this valid?)

3) maximize asset protection + writeoffs

but, another way I was thinking to minimize taxable income was to contribute additional funds to a retirement account.  If I have an S-corp or C-Corp, can I create a retirement account through my company that I can contribute to in addition to the Solo 401k?  Also thinking of taking on my brother as an employee (hes in law school and has no income) and paying him a salary.

Is this valid?  and, any other tax-minimizing strategies from retirement account perspective?

really appreciate your thoughts and experience.

Do you know of buildings/ landlords which are allowing airbnb in Chicago?

If so, I'm looking to invest.  Thanks!

Do you know landlords who are allowing renters to AirBNB their units? 

@Dave Homyak  Agree their data is not great.  Their data is also unreliable at least in my market of NYC.   I am looking to create a solution:  

I want to create a "Data Sharing Consortium" for those who are unhappy with AirDNAs data.  I am in talks with some friends who are developers/ data scientists/ experts in machine learning to begin thinking through how to create a tool which is reliable and useful.  Those who willingly share data (in the form of Excel reservation dumps as well as any info needed to adjust the data (e.g. you blocked off a weekend for yourself))  will get first access to the tool for free.

1) if you are interested please let me know

2) this is an experiment; without data, there can be no tool so before going deeper into convo's w technologists just gauging the interest here

thanks

@Jean H.  Thats great-  I was just in miami looking at some properties but in Miami Beach and regulations are strict there so I decided to hold off for now.  Is it the same in Brickell, Wynwood, etc?  I know the numbers are great for Miami.  

@Jay Leisten  Im interested in Louisville as a friend has a unit there, but from what I hear it isn't doing the best.  Ive never been to Louisville but have heard great things about it.  Hows the AirBNB market?  Would you be open to connecting to discuss?

I am creating this thread for those interested in sharing performance data for their properties on AirBNB.  Ideally, we can network with others who are looking to collaborate across markets.

Some ideas for collaborative info sharing:

1) performance data

2) good brokers/ local cleaners/ handymen etc.

3) neighborhood insights

4) anything pertaining to opening an AirBNB in another city

I can share actual performance data for New York City and Miami (South beach and north miami beach).  I've been networking with others and should have a couple more cities to share as well.

Cities I'm personally interested in:

-Boston, New Orleans, Philadelphia, Savannah, Charleston, Atlanta, Indianapolis, Louisville, Cleveland

Correct Austin does not allow it.

Miami beach is tough, i'd avoid it at all cost unless you live in the unit and establish yourself and then do it once in a while.  A family friend is pretty connected in local gov't in miami and said they are still giving out the large fines.

If you get a "Condo Hotel" you can do STR. But that's the only way you can do it legally in Miami Beach. If you go to surfside, up north, you can do it, but not exactly sure of the demand there. Would love to know if anyone has tried it there.

Little Havana and downtown Miami I believe its OK.

@Tyler Work  thanks for the clarification.  I'll PM you as I am trying to learn as much as possible. thanks!