All Forum Posts by: Tony Schwartz

Happy Monday!
Say, I have a potential client that has asked me to value a 7 unit apartment building. I have all the income and expenses. Does anyone have a "program" or formula to use to establish a reasonable list price based on current income and expenses. Or at least what are investors looking for today as far as return and cap rates?
Thanks.

Hello,
Are there any discussions that compare property management platforms for Short Term and Vacation Rental properties?
I am trying to take over managing our properties and would love experienced opinions on the pros and cons of management platforms like Hostfully, Guesty, Hostpitable, etc?
What tools/features are being used and important to have for 5+ properties?
Thanks. 

We are just going to activate our first Vacation Rental in Punta Gorda FL. We will be utilizing Airbnb, VRBO, etc. and I know they have forms the tenant signs but I would like to have an additional release especially for the pool area, peddle bike, kayak use, etc. 
Any samples or suggestions? Thanks. 

I have a purchase agreement on a property in Florida. Purchase price is $600,000.
We need some tax/investment advice as far as what the pros and cons are to how we finance and take ownership of the property. We can either buy it under our current LLC or us personally as a second home.
Our plan is to rent the property out for at least the next 3 years via VRBO. We would stay there periodically when it is not booked, and we are down there.
We are licensed agents in FL. We plan on bringing people down there to look at and sell them properties and we may stay at this property when we do that also.
After 3-4 years, we likely will be moving there from MN to live in that property for the "6-Months and a day" necessary to claim residency in Florida.
So, the dilemma, do we buy it now under our LLC or personally and do we sell a current property or two to finance this 100%?
If we do the LLC, we cannot get a traditional 30-year fixed mortgage on it like we could personally as a second home. We would have a higher rate by as much as 1-2 points and a 5-year maximum fix on the rate.
We currently own 2 rental properties in Florida (Value $175,000) and (Value $185,000) free and clear. We would consider selling 1 or both of these properties and doing a 1031-exchange into this property which we cannot do if we buy it personally?
We are also considering only selling one of the properties for the 1031 Exchange if we go that route. We calculate we could sell that property for a net of about $160-$170,000. That property currently rents for $1,300/month. We have no loan and property taxes are $2,214/year and insurance is around $1,200/year. We will need to spend around $25-$30,000 for new roof and windows soon on that property so are thinking that would be the property to sell now.
If we wanted to, we could keep both current properties as we have been approved for an equity line to borrow against and could use that for our entire down payment on the new purchase and would then have it 100% financed but we would also have the highest monthly payment doing that and would also retain ownership in 3 total properties.
So, the question(s) is/are, what is the best approach from a tax and long-term investment standpoint considering our plans? We know there is no "cut and dry" answer but are looking for input to help us make the best decision.
What additional questions would you have for us or other suggestion or options?
Thanks!

Hey Gang,
I'm looking for a little advice.
I own 2 rental properties free and clear in Florida. These are 2 bed/2 bath single family homes that rent out on a yearly basis. I now want to purchase a larger and more expensive home on water to VRBO.
So, do I take equity lines against the 2 I own and use that along with a mortgage on the new place? Or, do I sell these 2 and tax defer exchange them into the other property (assuming I can time it properly)?
I'm sure you will need more information than what is here so let me know what else would be helpful to know and shoot me your opinions.
Thanks.