All Forum Posts by: Reid Sealby

Considering using a quit-claim deed to transfer ownership of one of my Airbnb properties to our LLC, rather than my own name.

Has anyone else done this, and for what reason? I know there are certain liability protections, but I'm more interested in the tax implications. Thanks!

Hi everyone!

I'm trying to figure out the best way to approach my taxes this year, as it was a bit of an unusual year for our house. Here is the situation...

-Ran an airbnb in our basement from Dec. '21 to June '22

-In July '22 a drunk driver in an F350 crashed into our home, causing massive damage (~$150k worth)

-All home repairs and renovations were covered by homeowner's insurance, and we were compensated for lost Airbnb revenue also

-We didn't move back into the home, electing to move into an apartment in October and listing our entire home as an Airbnb now that it is fully repaired and measures have been taken to ensure an accident like this doesn't happen again

What I'm trying to figure out is, with all this money coming and going through USAA, my homeowner's insurance, what implications does this have on my own tax filings, as well as my Airbnb tax filings? I'm not sure there's a straight-line answer to this, so hoping some of you tax-savvy folks could guide me in the right direction.

Thank you!

Hello friends! 

While this isn't exactly "real estate," I wanted to see if anyone else is listing motorhomes/RVs/campers for rent on sites like Outdoorsy, and what your experiences have been. My boss rents out his Class A motorhome on Outdoorsy and nets ~$4000/mo near Salt Lake City. 

My follow-on question is how to conduct market research on demand for motorhome/RV/camper rentals. For Airbnb, there are sites like AirDNA to analyze market demand, occupancy, etc. Is there anything like this to help analyze potential demand for this kind of investment? 

We live in Denver, so we're very curious how this kind of strategy would work in a place where EVERYBODY camps, gets outdoors, travels, etc. Thank you!

Hi friends! 

Where we live right now in Denver, CO, SFH's are, for the most part, over $500k... We really want to keep investing in STRs, so one thing we've considered is building an additional dwelling unit already on our property.

I've begun researching Boxabl, a company that sells a standalone unit for ~50k. I think it's a niche enough thing, while affordable, that it checks a lot of boxes for what we would like to do with an ADU as an STR.

Has anyone else purchased a Boxabl for some similar use? Very curious! Thank you!

Hello, 

I'm a STR investor in Colorado... or at least trying to be!

I know the market is crazy everywhere, but Colorado has to be in the top 3 for unaffordable single family homes. Therefore, I've begun looking at other markets. 

My Fiancee is from the Des Moines, IA, area and we're both aware that the city is growing quickly. Does anyone here on Bigger Pockets have any inside market info in Des Moines Short Term Rental potential? We use AirDNA, but with our subscription, only have access to Colorado. Any market insight on Des Moines would be hugely appreciated. A few other cities we're looking at potential short term rental investments in, if anyone is feeling generous and would like to shed light on... 

Jekyll Island, GA

Columbus, GA

Spartanburg, SC

We are open to any and all suggestions for "hidden gem" affordable STR investment markets! Thank you!!

Hello friends! 

Last August, I purchased a home in Arvada for ~530k with $0 down using the VA loan. Since then, a recent market value analysis shows us that our house is likely worth $650k-$700k in the current market. I want to take advantage of the massive increase in equity in our home in this short time to purchase another property. From the research I've done I've narrowed down the two most viable options to HELOC or Cash-Out Refi. I'm hoping a few seasoned investors could weigh in on...

Pros/Cons to HELOC. Does taking out a HELOC affect your DTI ratio/credit score drastically? Are all HELOCs variable interest rates? Any recommendations for banks/credit unions in the greater Denver Area that make the HELOC experience seamless?

Pros/Cons to Cash-Out Refi. What kind of sneaky fees are associated with a refinance? What kind of taxes, if any, are incurred? I've had friends explain this strategy as basically "starting over" paying off your mortgage... Since we've only been making mortgage payments for 7 months, this doesn't seem like a huge barrier for me. 

Thanks in Advance for all of your insight, BP Denver friends! Open to other ideas too, HELOC and Cash-Out Refi are just the two I've researched most thusfar.

@Kathy Kissick Thank you so much! I will be in touch. I just want to make it easier on my CPA next year as we are looking to purchase a second investment property this year and it will be nice to be organized with two properties!

Hello friends!

I've never used QuickBooks but just read in "Tax Strategies for the Savvy Real Estate Investor" that it can be a pretty valuable tool for bookkeeping. In the book it was really only described for use with long term rentals though/consistent cash flow. Does anyone use QuickBooks for bookkeeping with their short term rentals (i.e., inconsistent cash flow)? Can you use QuickBooks to track and manage your personal finance also? 

Thank you!

Hello friends, I'm curious as to what a small business loan can be used for when it comes to unique real estate investments... I have 800+ credit and am also a veteran, so I qualify for some pretty great rates on small business loans. 

Could I hypothetically use a small business loan as a down payment on a house, if I intend to run a business (An Airbnb, under an LLC) out of that house?

Could I hypothetically use a small business loan to finance a tiny house build, if that tiny house was being built to run as an Airbnb (*business, under an LLC)?

Thank you!

Military and retired military friends - is it possible/has anyone had experience borrowing against their TSP, like a self-directed IRA, to invest in Real Estate? Looking for some insight on how to do this. I served 4 years and have about 55k in my TSP that I would like to invest into real estate. Thanks!