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All Forum Posts by: Sammy Marshall

Sammy Marshall has started 3 posts and replied 6 times.

Quote from @Nate Meeker:

@Sammy Marshall - Congrats! I invest in Pensacola.

1. Best practice is to start counting once you close. 

2. LLCs do not change tax benefits, it is for legal protection. You can still use it so long as you meet all of the other tests.

3. There are cheaper DIY options out there. More reputable companies that have been in business charge 2-3k. DM for a referral I personally use.

Have you considered whether you are reporting it on Sch C or E? What types of services are you offering apart from standard room and board? 


 Right now, it would be standard room and board but eventually, we are looking to add bikes for use and most likely a pool. 

Sammy

Hi everyone!

Hope everyone is enjoying their new year. My wife and I are close to closing on our first STR property in Saint Augustine, FL. I have listened to numerous podcasts about being able to prove material participation to use the depreciation of our rental towards our personal taxes. I have a few questions for anyone that might know the answer to any of them:

1) I know you can't use the time spent locating the property towards material participation, but when does that clock start? Can I start counting the hours when we close or even before then?

2) If I am putting this house under an LLC for liability purposes, can I still use the depreciation from a rental under an LLC towards my/my wife's personal taxes?

3) For anyone that has done a cost segregation - how much do they typically cost and would I find someone to do that with a quick google search or is there a better way to find a reputable person to execute the cost seg.?

Thanks in advance for all your help!

Sammy

Post: STR, MTR or LTR?

Sammy MarshallPosted
  • Posts 6
  • Votes 10

I've been seeing a lot of posts on here about investing in Columbus due to its expansion in the tech industry. My question is, if I were to buy a property in the Columbus area, would I market it as a STR, MTR, or LTR? If people are looking to move there full time for a new job, I'm assuming STR is out and people would need a MTR while they're trying to find their forever home or a LTR if they weren't looking to buy. For people that do MTR and LTR, how much a month would you be looking to make for it to be considered a "good investment"?

I've only ever researched and looked in depth into STR but would be interested in expanding if the numbers of a MTR/LTR outweighed the benefits of a STR.

Thanks in advance, everyone!

Sammy

Post: First Time Investor

Sammy MarshallPosted
  • Posts 6
  • Votes 10
Quote from @Krista Hoff:

Hi Sammy,

Welcome to Bigger Pockets and hopefully St. Augustine as well! I'm a local St. Augustine resident and Real Estate Agent who specializes in STR's. If you're not working with an agent, I'd be happy to answer any questions you have about our market and zoning/STR regulations. Best wishes on your house search! 😊

Krista Hoff 

Hi Krista,

I am currently working with an agent but any tips and/or tricks you can tell me about the area would be most appreciated lol 

Sammy

Post: First Time Investor

Sammy MarshallPosted
  • Posts 6
  • Votes 10

I live in Aurora and have lived in this area pretty much all my life. My wife is originally from Florida and I somehow convinced her to move up here instead of the other way around lol

Right now, we're looking for a single family home near the downtown area of Saint Augustine but I foresee us buying a few different properties in Florida over the course of time of building our portfolio. Most of the houses I have looked at are new construction since a good amount of the sellers are offering a buy down towards rate or closing costs which is very appealing for the first property. 

Post: First Time Investor

Sammy MarshallPosted
  • Posts 6
  • Votes 10

Hi everyone,

My name is Sammy Marshall and while I live permanently in Illinois, my wife and I are looking at purchasing our first house for STR in Saint Augustine, FL. I have listed to several Bigger Pockets podcasts already and have done a lot of market research on AirDnA with the intention of buying our first house within the next few months! While research is great and you feel like you're making the right decision, the first one is the scariest. If anyone has any advice, I am all ears! Looking forward to being a part of not only the STR community but the Bigger Pockets community as well.

Sammy Marshall