All Forum Posts by: Raquel Yu

@Art Perkitny This looks like a great tool, would you mind sharing the link so I can zoom in to the streets/neighborhoods? I'm looking into investing in Indianapolis as well. Thank you in advance!

@Randall Alan @Joe Hammel

I agree Real Estate is the way to go, but where are you finding these properties that seem to be 1.2% rule? Are these properties even move-in ready? I find it difficult to find even the 1% rule, have lowered my standards to 0.7% rule, but I am looking for move-in ready and prefer better tenants. 

Hi Pretty Khare, that does seem like the best course of action, thanks for your input and reading/listening. Do you have Airbnb yourself and if so, is Airbnb's insurance insufficient on its own? 

I've been working with Nevada Corporate Headquarters (NCH), and it's been stressful to say the least. 

Situation - I house hack, rent out a suite of my primary home to Airbnb (STR). I also am in construction to a property in Cape Coral, Fl that will be completed by early 2023 (LTR).

Person #1 at NCH told me to get an LLC active for my Airbnb (cost $1322), telling me to create an S-Corp, to shelter me from self employment tax. Also told me to get an LLC passive for the LTR (cost $1322), stating Nevada LLC's are more protective than Florida LLCs. Also told me to get a Revocable Living Trust (RLT) (cost $1842) to protect my primary home. Also referred me to tax consulting and 2 hours of consulting (cost $1700). I paid $6183 to NCH.

Person #2 at NCH realized I shouldn't have created LLC active for my Airbnb because it is still passive (do not provide special services), and recommended to have 2 LLC passive (one for LTR and one for Airbnb/primary). Now I'm unsure if I can trust their advice since what they initially told me was incorrect.

Person #3 (not NCH) advised I don't need either LLC's right now, I would be subject to $800 a year for each LLC since I live in California, which NCH neglected to tell me. At this point, I don't trust NCH any longer for now providing wrong advice and not being transparent. Person #3 also advised I put my primary into RLT for estate planning purposes.

Person #4 at NCH agreed I don't need LLC active and can provide me refund, but advised to put Airbnb/primary into LLC passive and not under RLT since any litigation with Airbnb could risk my primary home.

Question - What is the right/best move here? I've had 4 different advice and don't know what to do now. Yes I do want protection but don't want to pay for LLC or RLT if it's not necessary/will be more of a headache/put me at more risk. Does anyone else House Hack and what is your approach? Anyone else had a similar experience with NCH?

Thanks in advance for your feedback and help.

Raquel

Same here, has anyone found a CPA in the bay area who specializes in real estate/STR investing?

Got it, thanks Basit! 

Hi @Basit Siddiqi,

Nice to meet you. I see, that's interesting, thanks so much for your response and input! How would this be proven when doing taxes if there was an agreement to work remote with my employer?

-Raquel

 Hi Bill, thanks for your response. Right, which is why I'm looking into outside of the city of South Lake Tahoe. Unless I find a great deal/property within would I consider it for house hacking/long term rental. 

Hello BiggerPockets Community,

This is my first post! And I'm trying to buy my first property! Would appreciate your feedback/advice if possible. I work for a big pharma and will be working remote probably until Q2 2021, if not longer. My goal for 2020 was to buy my first property and either house hack or invest. I'm looking in South Lake Tahoe (CA) and Stateline (NV) area that are VHR (vacation home rental) eligible to live in and house hack, then use as rental property if I have to come back to CA for work.

Question is, would there be a great impact if I bought property in Stateline, NV instead of South Lake Tahoe, CA? Could I avoid state income tax by being a NV resident? The properties in South Lake are a little bit nicer, bigger, and cheaper, so if I could chose I would do South Lake Tahoe, unless I could benefit being a NV resident or could be beneficial long term for rental property. I believe Stateline, NV are a bit pricier and older because of the no income tax benefits and VHR leniency, but I'm not sure if I can even obtain those benefits if I'll be working remote from a company in CA.

If anyone has any experience, feedback, or advice, I'd greatly appreciate it. Thank you so much!

Stay safe and healthy everyone!

Raquel

Hello BiggerPockets Community,

This is my first post! And I'm trying to buy my first property! Would appreciate your feedback/advice if possible. I work for a big pharma and will be working remote probably until Q2 2021, if not longer. My goal for 2020 was to buy my first property and either house hack or invest. I'm looking in South Lake Tahoe (CA) and Stateline (NV) area that are VHR (vacation home rental) eligible to live in and house hack, then use as rental property if I have to come back to CA for work.

Question is, would there be a great impact if I bought property in Stateline, NV instead of South Lake Tahoe, CA? Could I avoid state income tax by being a NV resident? The properties in South Lake are a little bit nicer, bigger, and cheaper, so if I could chose I would do South Lake Tahoe, unless I could benefit being a NV resident or could be beneficial long term for rental property. I believe Stateline, NV are a bit pricier and older because of the no income tax benefits and VHR leniency, but I'm not sure if I can even obtain those benefits if I'll be working remote from a company in CA. 

If anyone has any experience, feedback, or advice, I'd greatly appreciate it. Thank you so much!

Stay safe and healthy everyone!

Raquel