All Forum Posts by: Jamie Engledow

@Ngan Nguyen Give it more time.

@Paul Allen IRS MAY contact state or other local.

@Josef Roberge You are operating as a business. Most cities require a business license and some require special approval for a home based business. Many communities do not want added commercial traffic to residential areas. It is not a big deal. Just get the business license by addressing their questions and stating your business operations as you did in this post.

@Sean Wilt Wow! Reading some of the other responses has been educational to me! I would have assumed you would have had to let airbnb know what the tax rate state, county, and town, and have them charge the end user and you collect that and then you file the appropriate returns with state county and city where applicable. Some of the responses seem to indicate that Airbnb files for you. If so, that is awesome! I would still check that airbnb is charging the correct amount of tax and ask that they provide you some confirmation that the taxes were properly submitted to the taxing authority.

@Susan M. Mendrysa Lol! My thoughts exactly!

@William Huston I can't tell from the info you gave. Orlando has some pretty cheap houses and 149k with ARV of 249k does not make sense to me. Also, 1400 sqft is a small 4 bedroom. And, the investor paid only 90k a few years ago? I am not interested in fix and flip, so I never even pay attention to ARV. IDK, if you are going there look at that house and some others in same area with the same square footage, regardless of bedrooms. My last personal residence was 5 bedrooms, but when it came time to resell it gave me no advantage. People were looking at the square footage which mine had no more than the 4 bedrooms in the same neighborhood. Good luck!

@Brieer Doggett It all depends on your confidence in the proposed investment and your tolerance level with risk. The zero risk would obviously be to pay down your debt first.

@Brian Washburn Ugh. Personally I hate carpets. Though some people (like my 13 yo son like the feel under their feet). To me they are a dirt magnet and the only comfort they may give is warm under feet in cold climates. If it were me, old carpets are the first thing I would replace and with almost anything except carpet. But my opinion is just a personal one. But, I do think tile, wood, or even laminate will be way more durable and stand up to rental use better than carpet. If the old carpet is deterring potential renters maybe you should consider addressing it upfront and maybe increase rental price a small amount to help offset the cost.

@Elizabeth Roncevic Uhhhh....yes. The basics at least. I am an accountant who switched majors from electrical engineering to accounting because I found the math was too difficult in electrical engineering. I like math, but I am not good with complex math. Accounting only requires simple math. I feel in any investment you need to understand the math.

I would bet an increase in family size satisfy the lender for your reason to want to move so quickly after purchase.