All Forum Posts by: Paul Winka

Hadar Orkibi seems to be the right guy to help you, especially with multifamily. He seems to be Mr Little Rock on this forum.

Perhaps the "fell off the roof" contractor suing the owner is more anecdotal than a common occurrence. But would the typical landlord's insurance policy guard against this? I'd guess as the owner I have the duty to ensure I hire workers with insurance. If I didn't, I wouldn't be surprised to be denied coverage. I guess I have to get out my policy and read the fine print. 

I agree with Rob though, there is a certain amount of risk to take on with hiring folks, and it might be worth it for the money saved. It must be worth for enough owners, I used to see a group of illegals congregating in the home depot waiting to be hired. 

That really sucks that there is not even the option to get the WC insurance for yourself. WC vs disability insurance...I thought those were the same things. 

If you really got seriously hurt, your options would be the disability insurance or to sue the owner then? 

What happens if you get hurt on the job that is not negligence on the owner's part, what would you do? 

 Can you elaborate on that, Matt? Is it too expensive or are you just not insurable? 

@Rob C.

I wrote on this post so long ago I had to go back and reread what I typed. So I never did get a firm answer that I paid for, but I do have a lawyer friend who agrees with making sure the handyman has insurance, and maintains it throughout the job. 

This is a newbie question, but I ask why can't it be that the homeowner carries the insurance to protect any and all contractors instead of the contractor holding the insurance? Kind of like how car insurance protects their client against uninsured motorists that cause accidents? 

Is there any reason I shouldn't use cozy to receive note payments from borrowers with a checkbook IRA? I am trying to avoid relying on the memory of my borrower to send paper checks and having to give friendly reminders each month.

I will soon be an Airbnb host and want to get my accounting right from the start. I am buying a house I will live in myself and rent out the different rooms for more than 14 days each year through Airbnb. I am aware of the 14-day rule.

Some of the items / services are 100% deductible like towels and bedsheets for guests. And then apportioning the mortgage interest, insurance, etc. 

But there are other scenarios for which I could not find out a definite answer on how to allocate, or no answer at all. I don’t want to cheat the IRS, but don’t want to leave money on the table either.

For example, I might buy a coffee machine, maybe $100. I don’t drink coffee but guests do. I don’t watch TV much either but might buy a TV and subscribe to Netflix. These would be all for the guests, so I could claim 100% of it as a “supply” on Schedule E? 

And then there are other repairs, improvements and other items, like a kitchen or bathroom rehab. Say a kitchen repair costs $20K. I estimate that guests “use” the house 40% of the time, so that would mean I could count this a capex of $8K, then depreciate that over a certain number of years?

It all seems kind of arbitrary, but anyway, am I on the right track? 

Brian, that's good to know I can avoid the legal fee expense for this situation, at least for now. 

Reason I ask is I have called both Realty Mogul and Patch Of Land to get something going, maybe a total of 8 calls between the two firms, and I've not been getting the warm fuzzy feeling the different reps knew what they were talking about; it's been inconsistent answers about whether or not I could use my SDIRA, no clear guidance on the steps to get the money moved to them, and blasé about me being ready to pull the trigger. 

Any recommendations on where to put this money, like who to work with? 

Great, I'll hire someone to do it, I thought that was going to be the answer, but one never knows. 

@Brian Eastman @Dmitriy Fomichenko @Carl Fischer

Wow, thanks much. It's unanimous! 

Now that I know I should have an attorney set one up, can you say if this is even what I need? Here is the situation. I have around $20K in an a SDIRA with iPlan that I would like to deploy. What I would like to do is either put money into a crowdfunding venture or buy a performing note on one of the platforms (how to do even do that is another area of research all together).

Is a checkbook controlled SDIRA the way the pros would do that?