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All Forum Posts by: Stephen Sayles

Stephen Sayles has started 3 posts and replied 6 times.

Quote from @Daniel Mahoney:
Quote from @Stephen Sayles:

Looks like probably can rent for $1800 to $2000 unfurnished, furnished see a lot of variance probably $2300-$3k.

Hey Stephen, I’m just starting out with a duplex in Lakewood. 

Curious which route you went, and what rents you got for each unit. 

 I did not end up furnishing the units. I ended up getting $1700 for each unit. Hope this helps. 

Steve

Post: Bonus Depreciation for 2024 and short term rental loophole

Stephen Sayles
Pro Member
Posted
  • Posts 6
  • Votes 3

Does anyone know with the recent Tax Cuts and Jobs act for 2024 if bonus depreciation of 100% has been extended to 2026 for short term rentals? I believe it was scheduled to go to 60% this year. I am wondering because I am contemplating using the short term rental loophole this year.  Thanks for any information. 

Looks like probably can rent for $1800 to $2000 unfurnished, furnished see a lot of variance probably $2300-$3k.

Quote from @Bonnie Low:

You'd have to provide more details for anyone to give you a helpful answer. What's the configuration of these units? 1/1, 2/1, 3/2??? That's going to dictate who you might market to and what the pricing should be.

I have 2 units, the upper is 2 bedroom 1 bath with a potential small office. Bottom unit is 3 bedrooms 1 bath. 

Hello Bigger Pockets community,

I find myself at a pivotal moment with my recently revamped duplex in Lakewood, and I'm turning to this community for your valuable insights. The question that looms large: should I opt for a furnished or unfurnished rental approach?

Background: The renovation journey has been comprehensive—refinished wood floors, new windows, central AC, and fully remodeled kitchens and bathrooms. Now, as I stand on the brink of the rental phase, the decision on furnishing is a real conundrum.

Key Questions:

  1. Furnished or Unfurnished: I'm keen to hear your experiences and the factors that played a role in your decision. Are there unforeseen challenges or benefits I should be aware of? Plus I think furnishing it with a rug may protect the recently finished floors
  2. Rental Pricing Guidance: Beyond the furnishing dilemma, I'm seeking advice on how to strategically price my rentals. What's the sweet spot for a furnished or unfurnished unit in the Lakewood area?

Your seasoned advice is invaluable to me at this juncture. Whether it's insights on the pros and cons of furnished vs. unfurnished or suggestions on rental pricing, I'm eager to tap into your collective wisdom.

Thank you immensely for being part of this decision-making process! 

Post: Lakewood Ohio Help me analyze this deal

Stephen Sayles
Pro Member
Posted
  • Posts 6
  • Votes 3

I already own this home in a trendy Westside suburb of Cleveland.  I owe about $127,000 on a 20 year fixed mortgage with a low mortgage rate (3.75%). It is a duplex with 2 beds and a bath in each unit. In order to get the house ready to rent I would need to invest 100k. I estimate I could sell the house for 225k-250k. I am trying to determine should I repair the house and rent it or just sell it and take a profit? 

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*This link comes directly from our calculators, based on information input by the member who posted.