Vacation Rentals & airbnb's can be a great way to exponentially increase the returns on your real estate investments. But there are also many pitfalls that investors must avoid and be aware of in order to be successful.
On February 23, 2018, the RPOA hosted an expert panel to discuss short-term vacation rentals - how they work, why they're such a great strategy for real estate investors, tips on being successful, and how to avoid the pitfalls that can cost you extra money.
Here are the four investors & experts you'll be hearing from:
Gary Hall is in the process of converting a low-income 11 unit into an airbnb. Gary is an entrepreneur, passive income strategist, and the operations manager of Westshore Property Management in Muskegon.
Gary was also a guest on the podcast – episode #89 and the Halloween episode
Frederick Kidd is a licensed realtor in Illinois, and has been managing and operating short-term rentals for the past eight years. He personally owns and operates five short-term rentals in the West Michigan area and the Chicago metro market. He also provides full-service management of short-term rentals and rental properties through his company, Silver Lakes Property Management – which is currently managing 20 short-term rentals for clients located in Benton Harbor, Grand Haven, Spring Lake and Manistee, Mi.
Kim Post has 10 Units in Cadillac Michigan that she’s in the process of converting to short-term vacation rentals. Kim’s been a real estate investor for over 30 years and is the owner of Post & Associates Appraisals and Next Door Properties, LLC
You can hear Kim on Episode #28 of the podcast.
Clay Powell is going to give us the perspective of someone who rents and stays in airbnb’s – so he’ll be representing the end-user – what they expect and what they respond to. Clay is also the Director of the RPOA.
Clay has been on the podcast several times, including Ep #6 & 72
Enjoy the show!
Raising Other People's Money to invest in real estate is a time honored tradition. But did you know that once you have more than two investors in an investment that you technically have a syndication? Are you also aware that the Security and Exchange Commission (The "SEC") has rules regulating how you go about raising that money and the types of investors you can allow in your deals, and that if you don't follow those rules you can get into serious trouble?
Now that I've made syndications sound scary, its a good time to make them more understandable and accessible with Amy Wan, the Founder & CEO of Bootstrap Legal. Amy is an attorney who specializes in real estate syndication and crowdfunding for entrepreneurs and real estate investors across the globe. Her mission is to democratize access to legal counsel and capital.
Amy will help us understand what we can, and can't, say to investors, the types of investors we can allow in our deal (accredited or sophisticated), SEC rules regarding Regulation D and exceptions 506B & 506C, the types of documents needed for syndicators, and how to avoid getting into trouble with the SEC.
We'll also discuss the pro's & con's of Regulation Crowdfunding and the ways it has changed raising money.
If you've ever considered using Other People's Money to accelerate your investment strategy, or you're already using OPM, you'll definitely want to listen to this episode.
Amy can be contacted at www.bootstraplegal.com
Joe Howard and Kevin Schultz were standing in the middle of a dumpster when they came up with a business idea that would change their lives. As real estate investors, they knew there was a huge need for getting rid of all the junk that accumulates in the houses they were looking at for flipping or rehabbing. So they became the owners of "Junk King of West Michigan".
Through this business they've been able to find opportunities that most investors never get to see. Today they tell us about those opportunities and share stories of the less-than-glamorous side of the junk removal business.
Joe and Kevin discuss the traits that make for a good partner both in real estate and business, the first rehab they did together and the challenges they faced, an abandoned house full of cat litter, and how they donate a lot of their time and items to Family Promise, a local non-profit serving homeless families in West Michigan.
You'll also learn tips on how to deal with bed bugs and fleas, and how to properly dispose of paint.
Joe and Kevin can be contacted through Junk King by phone or their website:
Enjoy the show!
With the recent passage of the Trump Administration's Tax Cuts and Jobs Act, there have been a lot of questions from real estate investors and rental property owners about how the new tax changes will affect their tax preparation for 2017 and beyond.
Here to explain the changes and their potential benefits to investors is Duane Culver, CPA and President of Culver CPA Group. Duane will give us the low-down on the following topics:
The Return of the Education Deduction, changes in 2017 regarding Depreciation & Bonus Depreciation, Section 179 and how it affects your ability to write off capital expenses, the drop in tax rates throughout the different tax brackets, changes to the Standard Deduction, ways in which congress is trying to simplify Tax Laws, how those tax laws affect LLCs, and ways in which Real Estate Investors save tax dollars from these changes.
If you're about to sit down & do your own taxes, or you have a professional prepare them, it pays to learn as much as possible about tax rules & how they apply to real estate investing. The more you understand, the more you'll be able to use tax law to your advantage, avoid mistakes, and prevent IRS audits.
Duane can be contacted by email, his website, or phone:
Enjoy the show, and please take a moment to go to itunes to subscribe, rate & review.
This is a Special Re-Broadcast of last year's episode with Jeremy Cole and Ramon Huerta. You can WATCH THEM This Saturday, March 3rd at 7 p.m. on the show "Gritty To Pretty" on the DIY Network. HGTV has shown a strong interest in taking their show to series, so the more people who watch, the more likely we'll get to see more!
Whether you love or hate those HGTV shows on Rehabbing and Flipping, you're going to really enjoy today's conversation.
Ramon Huerta and Jeremy Cole host a 'Property Krawl' every month in Kalamazoo, Michigan, where they invite all levels of investors to accompany them on a tour of properties that are ripe for rehabbing, flipping, and buy & hold investing.
Ramon is a realtor/investor, and he chooses the homes to view, while Jeremy uses his contractor skills to help others understand the costs involved in rehabbing the properties. Together, they strive to help beginning investors understand the complexities of acquiring, rehabbing, and owning rental property, while sharing creative strategies with the more experienced investors who also join in.
We also discuss the economic dynamics of Kalamazoo, a city where you can still buy houses for under $10,000.
I highly recommend visiting the facebook page for 'Property Krawl', where you can see videos and photos of the events. You should also take a moment to go to itunes where you can rate and review this podcast!