All Forum Posts by: Tim M.

Todd, Thanks for the suggestion. YouTube didn't have much to offer.

We are investigating options for a short term rental software platform. Investigating Escapia, LiveRez, Streamline, and TRACK by TNS. TRACK seems to have everything we are looking for. Does anybody have experience with working with TRACK? I would be interested in your general experience, why you selected them, how long you have used them, and how has your experience been with their help/technical support when you have issues.

Thanks!

SBA offers a couple of different loans to support real estate and capital expense purchases. Here is a nice summary of the two offerings I am aware of: 

https://cdcloans.com/lender/504-7a-loan-comparison...

BP, I need your help!

I am considering the purchase of a small commercial property using a SBA 7a loan. The loan would be in the name of an LLC (an eligible passive company). I would like to finance the property without selling another rental property I own in my own name. I understand that I can utilize a 1031 exchange to sell the property and exchange it for the new property now.

However, I would like to avoid selling my investment property as I am in the accumulation phase of my investing life. I would like to add the condo to my portfolio. Can I purchase the condo and at a later date, if I determine it necessary, sell the investment property I already own and 1031 exchange the proceeds into the condo I have since purchased? Is there a way to buy into the LLC that owns the condo or some other scenario?

Thanks,

Tim

Esther, Our firm shares images of invoices and receipts for the vast majority of our client transactions, rare is the case when we can't provide it. It is a great opportunity for us to be completely transparent about what is happening with their investment property. We are using Appfolio and they have great tools for allowing property managers to upload this information. Tim

Attention all Seattle short term/ airbnb rental owners! The Seattle city council is having a special meeting tomorrow, Friday September 15th, at 9 am to discuss and possibly vote on the following:

- AN ORDINANCE relating to the regulation of short-term rental

businesses

- AN ORDINANCE relating to short-term rental uses and bed and

breakfast uses;

-AN ORDINANCE relating to imposing a tax on engaging in the

business of being a short-term rental operator;

Here is a link to the agenda: http://seattle.legistar.com/View.ashx?M=A&ID=56426...

There is an opportunity for public comment  at 9 am. Location is Council Chamber, City Hall, 600 4th Avenue, Seattle, WA 98104.

They have been discussing this for a long time and looks like they are getting ready to put some laws in place. A quick read of the meeting documents suggests owners can have two short term rentals outside of an urban center (essentially downtown and the U District) and no limits on units in urban centers. Interesting to note that the two unit restriction does not say one has to be in your primary residence, something that has been discussed in the past.

Sophia, I imagine those that have multiple properties on Airbnb will be forced to make a decision to sell, keep as a furnished rental for medium/long term stays, or rent as an unfurnished unit longer term.

Sophia, The current proposal being circulated suggests you can have a short term rental in a primary residence and a second in another property. So an adu or bedroom in your home and a second separate property. If you only have one, until you move here, I don't see a problem for you with the current proposal. There will be additional licensing, etc. I don't think it is a bad idea, you are working within the proposed regulations.

Sophia, We have had great success with our Airbnb units in Seattle. We have our own units and manage several airbnbs for others. But changes to the laws are coming. On top of the Seattle landlord tenant laws already in place, there will be restrictions on short term rentals. Here is some info on the potential regulations: http://www.biggerpockets.com/forums/770/topics/437594-the-return-of-seattle-airbnb-short-term-rental-regulation

My interpretation is that it is a wholly separate unit. I have been to two of the city council meetings where they heard public opinion and there was a lot of comment from people having a second property that they operate as a short term rental. I think Tim Burgess is trying to appease that group with the latest iteration of the proposal.