6 ай бұрын
11 ай бұрын
Пікірлер
@marieajordan2574 3 күн бұрын
I don't know about anybody else, but his volume was soooo very low. I don't understand what he said ?!
@johnborges5938 3 күн бұрын
You will never know for absolute certain whether the request was a scam or legit. It's just a fact of life that the more requirements you put in place to avoid scams, the more likely you will at some point reject a legit booking, but that's just the cost of doing business. If the request was legit the parents would likely eventually have to make some concessions to legitimate innkeepers' concerns. It's unfortunate that legislatures have not figured out a better compromise between protecting legitimate tenant concerns and protecting legitimate small innkeepers and homeowners' concerns.
@LivingOffRentals 5 күн бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@michaelwaller3585 8 күн бұрын
Great video Kirby. One other thing to note is that another area AirDNA does not capture well are the nuanced regulations of different markets. For example, Wisconsin Dells is a notoriously challenging market for short term rental investing due to heavy regulation as the large water parks with hotels attached to them strongly influence the actions of the local government as they are such an economic force there. It makes you wonder what information on regulation AirDNA is even considering for the ‘regulation’ portion of their Market Score as it is such a significant barrier to the Dells market yet you wouldn’t know it by looking at their rankings and the market score of Dells.
@LivingOffRentals 5 күн бұрын
This is a great point! It's super important to understand the regulations in the area before investing. I often see some of the best deals just outside of the most heavily regulated areas, so you can use the artificial constriction of supply created by the government to your advantage when buying a deal just outside of these areas!😀👍
@pbm9cje2n 9 күн бұрын
Can i use my airbnb account to lis it myself? Since airbnb is the one doing the work to find the people. Im just posting it?
@LivingOffRentals 5 күн бұрын
Yes, I interviewed someone from Midland IRA on my podcast and they confirmed that this is ok, as long as the income goes back to your IRA account.
@pbm9cje2n 4 күн бұрын
@@LivingOffRentals thank you, I'll try to find that video.
@Tah215 12 күн бұрын
In your past experience, does this program extend security deposits in case of any property damage?
@LivingOffRentals 5 күн бұрын
HUD/VASH does not provide security deposits, but we have worked with a lot of other non-profits over the years that do provide the funds for the deposit, in conjunction with HUD/VASH paying the monthly rent.👍
@Tah215 5 күн бұрын
@@LivingOffRentals Thank you kindly for the reply.
@user-fq3xw9xq2u 13 күн бұрын
can you rent this by the room or the entire unit?
@JimGiven 13 күн бұрын
Explained very well Kirby!
@LivingOffRentals 5 күн бұрын
Thanks Jim!😀
@LivingOffRentals 13 күн бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@alansmith2203 16 күн бұрын
Several things that are not mentioned....no profit is tax free. It is only deferred. Secondly, he does not mention the fact that the loan you secure for a mortgage when financing a house is not a regular loan. IRS code states, in essence, that when you are using Self Directed IRA funds and securing a loan for the financing it must be with a non-recourse mortgage. There are not a lot of banks that deal with this. They do exist but their interest rates are significantly higher. He doesn't mention the IRS code of UBIT. It is tricky stuff. Make sure you know the nuances and get solid advice from your CPA and a Real Estate Tax attorney before jumping into the deep end of the pool.
@LivingOffRentals 15 күн бұрын
Totally agree that you should ensure you understand all the details before taking action, however the gains that you make are tax free if you set up a Roth IRA (which is what we have and what I recommend). You pay income tax on the funds before contributing them, and then the gains grow and compound tax free, not tax deferred as they would in a traditional IRA.
@angelomajor4351 17 күн бұрын
i like LLCS FOR investing. i feel like i will partner with people that are close to me and want to house hack and cover the morgage
@ros1520 19 күн бұрын
What about damaged items they have “no idea” how it happened and things going missing?
@LivingOffRentals 18 күн бұрын
If you’re running a short-term rental, this is the case, as long as you report it correctly, Airbnb should cover it. There’s always exceptions to the rule, but they have a host guarantee in place that is supposed to protect against damages or theft.
@LivingOffRentals 21 күн бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@gerardoalejandrorezavilleg9039 21 күн бұрын
Dumb comment: What if you get things stolen in their 2nd visit out of airbnb app? Isn't that risky? How do you deal with stolen stuff or damages?
@LivingOffRentals 21 күн бұрын
Good question. It is possible, but it is extremely rare that someone is a great guest the first time they stay with you and then a bad guest on returning visits. After hosting well over a thousand stays at this point, we have never had a return guest cause any issues, if they were great the first stay (and if they weren't, we don't allow them to rebook).
@gerardoalejandrorezavilleg9039 20 күн бұрын
Have you ever dealt with theft in your property?
@LivingOffRentals 20 күн бұрын
@@gerardoalejandrorezavilleg9039 we have had guests take small things like silverware, towels, etc, probably without realizing it most of the time, but have never had a TV taken off the wall or anything like that. If a guest does take or damage something, and they booked through Airbnb, Airbnb has their Host Guarantee to cover it.
@panfergan 22 күн бұрын
Some of these places house 3 or 4 men to a room. I know from personal experience. So disgraceful.
@LivingOffRentals 21 күн бұрын
Sorry to hear you’ve experienced that. With the HUD VASH program there’s only one voucher holder allowed her household.
@TheShaedior 24 күн бұрын
Hello thank you for your wisdom and time, are the veterans allowed to share a room? Is it okay for two people to share a room?
@LivingOffRentals 21 күн бұрын
Hi there! Through the HUD/VASH program you are only allowed to have one voucher holder per household. If the veteran has multiple family members, then their voucher will qualify them for multiple bedrooms. Qualification is two family members per bedroom. Hope that helps!
@LivingOffRentals 25 күн бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@veteranga7529 12 күн бұрын
I’m a resident of a #LowIncomeHousing apartment complex. I’m a #DisabledAmericanVeteran, what needs to be fixed is #LandlordRules. My #Landlord is a #Communist who doesn’t allow the #AmericanFlag to be flown on this property. Also, #LowIncome residents have a separate set of rules compared to regular residents who pay full price. We’re not allowed to use our outdoor patio, when regular residents can use their patio. No Pets allowed to Low Income residents, pets are only allowed to regular residents. I have a #FederallyLicensed #ServiceDog, I’m required to walk my #ServiceAnimal off property only.
@KristinaMustlovesnark 28 күн бұрын
When it’s more expensive than a hotel. That’s what put me off mostly.
@MdBellalBD38 Ай бұрын
nice
@vitravaah2527 Ай бұрын
That's because there are millions of people on KZbin teaching people how to scammed AirBNB owners of their rentals.
@damon-elliottredding570 Ай бұрын
Awesome stuff!
@LivingOffRentals Ай бұрын
Thanks very much! Glad it was helpful! :)
@zehuazhou3390 Ай бұрын
I started researching more into this and there are still a lot of confusing parts to me. Can you please help me answer the questions? 1. If I hand over the property to a property manager, should they still generate a 1099 tax form for my IRA? And since the IRA is tax deferred, I assume I can just ignore that 1099 form. Is that right? Or should they never even generate the 1099 form? 2. IRA funds can be used to invest in a private entity. If I form an LLC, and let the IRA contribute funds to the LLC and be the 100% owner of that LLC, and let that LLC be the borrower for a commercial real estate non-recourse loan, then if there is any bank interest generated in the business checking/savin account of that LLC, against that federal EIN, can I just ignore it, because that LLC's income flows to the IRA and the IRA is tax deferred? Or should the bank never even generate any tax forms for any interests for this LLC's business accounts? 3. What's the small tax that you still have to pay when you borrow money from a private family member?
@LivingOffRentals Ай бұрын
Great questions and I caveat everything with the disclaimer that only your accountant can give you tax advice, but in my experience, entities like property managers and banks should still issue you you 1099's since that is still money that was paid to your entity, however, it will not be taxable income since the growth compounds tax free. If you leverage your IRA funds with a loan, then you are still liable for UBIT tax on the portion that was leveraged. You can google the specifics on how UBIT tax works and your accountant can explain it, but it does get a little nuanced. Hope that helps! 😀
@marcussmith8732 Ай бұрын
Did you purchase multi-family or single-family homes for this business?
@thepopeofkeke Ай бұрын
Stop letting who ever is doing that to your beard
@doug7474 Ай бұрын
I’m in WI and opening 5 sober homes in the next 18 months. One home will be a Veteran Sober House
@LivingOffRentals Ай бұрын
Awesome! I love when you can make a positive impact in other people’s lives and make a great living while you’re doing it. Great job!
@TheSavvyCouple Ай бұрын
Always bringing the heat Kirby. Great video! So excited to get two long term rentals under contract with a partner last month. Should be some great passive income that allows us to scale to 3-5 rentals by the end of the year. Once both our girls are in school we still plan on getting a couple STRs near the finger lakes where we live. Even though we have our online businesses we always come back to real estate investing.
@LivingOffRentals Ай бұрын
Love it man! I should have probably stressed in the video how much the business ownership and rental ownership can compliment each other!👍
@travismcgray4456 Ай бұрын
I love your videos Kirby!
@LivingOffRentals Ай бұрын
Hey Travis! Thanks very much! So glad you are getting value!😀
@LivingOffRentals Ай бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@jenheilman8727 Ай бұрын
Fantastic advice! Thank you!
@LivingOffRentals Ай бұрын
So happy to hear it was helpful! 😀 Let me know if I can help with anything else. I have a lot of resources at stan.store/livingoffrentals
@YoutubeExpert-07 Ай бұрын
Hello there. I have analyzed your KZbin channel and found out some problems. Do you want to talk about it for a while?
@YoutubeExpert-07 Ай бұрын
Hello there. I have analyzed your KZbin channel and found out some problems. Do you want to talk about it for a while?
@felixsharpe3996 Ай бұрын
Wow. Well done. I just did a property in similar shape. This inspires me.
@LivingOffRentals Ай бұрын
Awesome! These projects are challenging, but also super rewarding!😃👍
@LivingOffRentals Ай бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@armandogonzales8723 Ай бұрын
Turn off that stupid music
@8165Pat Ай бұрын
Great tips! I love the wine provided! I fill a 6 bottle wine rack & invite my guests to partake of it! I am a 5 Star Host & am planning to stay that way! I love this video! Thanks a bunch!
@JoeLiberalism Ай бұрын
The rent you collect monthly isn't pure profit though. How much do you set aside every month to cover things like maintenance? I understand taxes. You can just divide that by 12 but other important factors like maintenance for the property in case something goes wrong
@LivingOffRentals Ай бұрын
That's a great point. I focus on cash flow, which is net profit each month after all expenses. We buy small multi-units in relatively lower cost areas just outside of bigger cities and a triplex that we purchase for $300k could easily generate $7,500/mo gross being used as a short term rental (all 3 units), and the net cash flow is around $3,000/mo.
@JoeLiberalism Ай бұрын
@@LivingOffRentals Nice. Short term rentals, like Airbnb?
@LivingOffRentals Ай бұрын
@@JoeLiberalismyep exactly! 👍
@jessespund8318 Ай бұрын
I can’t tell you how much I needed to see this! Implementing right away. Thank you!
@LivingOffRentals Ай бұрын
It makes me so happy to hear that! It’s a game changer to know where every single file is at all times.👍
@tyler6815 Ай бұрын
That’s completely unrealistic. Average rental property in my area is around $240k. After accounting for the mortgage, taxes, insurance, and upkeep I would need to rent out that 3 bed, 2-3 bath house for close to $4,800/month. More than twice the going rate
@LivingOffRentals Ай бұрын
Agree 100%! Thats why I highly recommend small multiunit STR’s just outside of larger cities where price points are lower. We own 24 STR listings and they all are right around the 1% net rule.👍
@tubetalestudios988 Ай бұрын
check the email
@TheSavvyCouple Ай бұрын
Great video and content Kirby! We are under contract on two long term rentals! Excited to get our feet wet in real estate.
@LivingOffRentals Ай бұрын
Fantastic! Congrats buddy! I am looking forward to seeing the deals!
@Erikasoldmine Ай бұрын
You mentioned purchasing a rehabbing a home. Is it possible to go into a lease contract with a landlord ie sublease and then create a lease with the vet tenants and rent rooms or does it only apply for the SFH?
@LivingOffRentals Ай бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@JasperHomesLLC 2 ай бұрын
Great Stuff and thank you for putting this out there. I really like the joint venture option when it comes to Buy & Flip but what is your advice on partnering with someone on a purchasing properties for rentals?
@LivingOffRentals Ай бұрын
Thanks a lot! Good Question. You can structure it very similarly. Instead of being paid out in one lump sum and splitting it like you would on a flip, you would just split the ownership of the rental and divide up the cash flow and eventual profit between you. A JV Agreement can still control a rental the same way and spell out who is responsible for what.👍
@user-nc6fd9uq6m 2 ай бұрын
So glad I found your video brother!!! I have a question, if my business model is to have veterans live in my property with roommates would that work? If I have a 4 bedroom 4 bathroom home, could I rent out each bedroom to a veteran meaning 4 total in the home?
@LivingOffRentals Ай бұрын
Hey great question. It's only one voucher per house. So you would need to find a family with a 4 bedroom voucher, but can't rent it to four different veterans with 1 bedroom vouchers unfortunately.
@RomeWill 2 ай бұрын
Nice video. Keep going!
@LivingOffRentals Ай бұрын
Thanks very much!!
@gailboucher4785 2 ай бұрын
Can you put 2 vets in one bedroom
@LivingOffRentals 2 ай бұрын
You can’t do two separate voucher holders in one property, but you can have two family members on the same voucher per bedroom.👍
@jimnorton9878 2 ай бұрын
And……destroyed the local economy in just a few years.
@saaddar9373 2 ай бұрын
Thanks. This is helpful. Can you show us how to use Basleane to implement profit first?
@LivingOffRentals 2 ай бұрын
Thanks! Totally! Baselane works perfectly with the Profit First system since you can open as many checking accounts as you want for free. I'll share more on that in an upcoming video!
@LivingOffRentals 2 ай бұрын
Want to simplify your finances with a free Baselane account - signup here: www.baselane.com/kirby
@jordanmacleod3688 2 ай бұрын
That’s a huge problem with Airbnb. It’s taking properties off the normal rental market putting it on the short term rental market. I think we need to get rid of Airbnb or heavily restricted.
@heavymetalbassist5 2 ай бұрын
I think that it should be illegal to own more than say 5 single family properties.
@JoeLiberalism 2 ай бұрын
@@heavymetalbassist5Illegal? Why do you feel like it should be illegal?
@JoeLiberalism 2 ай бұрын
We live in a free market society though. Why would you want to restrict the rights of others to succeed in something they choose to do?