[Toshi]

Any of you all have experience in short term rentals? I'm set to close on a house in Tabernash (near Winter Park ski resort) at the end of April, and my homeowner's insurance actually works out to be a bit cheaper for the year if it allows for short term rentals, go figure.

What other sorts of things will I need? Off the top of my head, things beyond the normal items we'll need for ourselves:

- current, better pictures as the listing ones are just awful. I can handle this myself.
- appropriate listing text, honest and accurate. Ditto.
- arrange for a cleaning service that'll change out all the linens and bedding after each stay, washing the others
- multiple sets of decent sheets and towels
- smart lock for the front door (WiFi to set a new time limited code for renters each time?)

From a poster on NASIOC some additional suggestions:

- The basics of written instructions for EVERYTHING they have access to and how to use
- Being in compliance with (if) any HOA restrictions
- Providing sample size uses of everything from detergent to coffee

 

[Westy]

PM @kidwoo

 

[jonKranked]

for that area / proximity to winter park you may also want to consider vrbo

 

[gonefirefightin]

I currently have 3 properties in the transient E markets and the very first thing I would strongly recommend before you tackle anything yourself is hire a firm or hosting service to manage your property. There are millions of them out there and I am sure you can find a half dozen locally to your property.

If you have a full time job you will not be able to handle the listing yourself and it will tank your reviews and profile on Airbnb. When you hire a firm or hosting co. they will literally take care of everything from the listing, key codes, scheduling, to the photos, to the cleaning, booking, insurance and all you pay is a 15-25% fee off the top of the rental in each transaction.

Trust me on this, you do not want to go down the rabbit hole of doing this yourself.

 

[SkaredShtles]

Oh, he *wants* to do it himself.

 

[gonefirefightin]

Oh, he *wants* to do it himself.

So did I until I got about 3 month into it during prime season and got tired of the BS. Besides, most who use Airbnb these days look for properties that are managed by firms or hosts rather than owners. I know I do.

 

[jonKranked]

Oh, he *wants* to do it himself.

i wonder if he'll write instructions for his peloton.

 

[SkaredShtles]

i wonder if he'll write instructions for his peloton.

I'm excited for the first time 15 college kids from Texas A&M rent it for spring break.

 

[kidwoo]

What other sorts of things will I need?

fire

knives

lots of knives


soul





I can bring the knives

 

[canadmos]

I'm excited for the first time 15 college kids from Texas A&M rent it for spring break.

Or a group of guys from Canada who destroy the hot tub with filth, beer and blood.

Not saying that from experience or anything...

 

[Toshi]

I currently have 3 properties in the transient E markets and the very first thing I would strongly recommend before you tackle anything yourself is hire a firm or hosting service to manage your property. There are millions of them out there and I am sure you can find a half dozen locally to your property.

If you have a full time job you will not be able to handle the listing yourself and it will tank your reviews and profile on Airbnb. When you hire a firm or hosting co. they will literally take care of everything from the listing, key codes, scheduling, to the photos, to the cleaning, booking, insurance and all you pay is a 15-25% fee off the top of the rental in each transaction.

Trust me on this, you do not want to go down the rabbit hole of doing this yourself.

Thanks! Indeed I am 100% on board with hiring a firm to do this for their cut. Any tips on how to find and vet such a firm?

 

[jonKranked]

Or a group of guys from Canada who destroy the hot tub with filth, beer and blood.

Not saying that from experience or anything...

or the college kids on a ski trip that break into the sauna they didn't pay extra to access just to hotbox it

 

[gonefirefightin]

Thanks! Indeed I am 100% on board with hiring a firm to do this for their cut. Any tips on how to find and vet such a firm?

Start with a google search for your area then look at their listings on the apps, there will usually be one or two that will stand out and have a very clean and easy listing. and be sure to find a firm that will host on all the exchanges. I have been getting more hits from VRBO than anything lately as the consumer seems to think airbnb is inflated.

 

[Toshi]

or the college kids on a ski trip that break into the sauna they didn't pay extra to access just to hotbox it

I'll be setting some age and rating restrictions on the listing sites for sure!

Plus this would basically only be midweek. If I do this, which I probably will, I'll block off every weekend for us when we can use it.

 

[jonKranked]

I'll be setting some age and rating restrictions on the listing sites for sure!

Plus this would basically only be midweek. If I do this, which I probably will, I'll block off every weekend for us when we can use it.

is there enough demand for weekday only rentals? i'm not familiar with the area.

 

[SkaredShtles]

I'll be setting some age and rating restrictions on the listing sites for sure!

Oh, sure... like *those* work.

 

[SkaredShtles]

is there enough demand for weekday only rentals? i'm not familiar with the area.

Absolutely.

 

[Toshi]

is there enough demand for weekday only rentals? i'm not familiar with the area.

It's a big house that theoretically could sleep a lot of people, and it's a good location. If I price it sanely it should book, I imagine, and if it doesn't book down goes the price.

75% of something is greater than 100% of nothing, and if the cleaning fee is a set charge that's covered anyway I don't see much downside there.

 

[gonefirefightin]

is there enough demand for weekday only rentals? i'm not familiar with the area.

90% of my bookings are 3-4 day weekends, mid week is usually reserved for housekeeping. I am pretty sure he will find that one out quickly.

 

[jonKranked]

90% of my bookings are 3-4 day weekends, mid week is usually reserved for housekeeping. I am pretty sure he will find that one out quickly.

depending on where i'm going i've been to places that require a full week rental

 

[kidwoo]

What's the address?

I'll swing by and provide........an 'estimate'

 

[gonefirefightin]

depending on where i'm going i've been to places the require a full week rental

I have a 2 night min on mine so it will always book the weekend.

 

[SkaredShtles]

Shit - all he'll really need to do is rent it for the couple weeks around Xmas/NY, MLK w/e, Prez w/e, and a couple weeks in March for Spring Break to pretty much cover his mortgage pmts for the whole year.

 

[Toshi]

Shit - all he'll really need to do is rent it for the couple weeks around Xmas/NY, MLK w/e, Prez w/e, and a couple weeks in March for Spring Break to pretty much cover his mortgage pmts for the whole year.

Oh, good point. Those are weeks off from Devo anyway due to the general nuttiness, and I'd totally mark it as available for those and rack in the moolah.

 

[Toshi]

@gonefirefightin Do you hold the property titles in your name or via an LLC? I imagine taxes get a lot more complicated when upkeep and utilities, etc. become business expenses…

 

[stoney]

Most I know who have properties that do short-term rentals make up their winter lack of income over summer. Because they use all the weekends except the holiday weekends ($$$), they end up not getting full rental schedules. They do however very easily fill up during the summer, even if it is at a lower rate. They look at it from the standpoint that you price summer & holiday weekends/spring break to pay the bills for the year.

 

[gonefirefightin]

As a purple heart recipient I dont pay property taxes, but the income is listed under an LLC and I simply hold the titles for insurance reasons as it would cost an arm and a leg for commercial insurance rather than just my own homeowners insurance. Your managing firm will also provide a policy for when its rented but only during the contracted hours. The rest is on you. Being as I am already retired the funds are cyclical and I run them through my investments before coming back into my revenue stream.

 

[stoney]

@gonefirefightin Do you hold the property titles in your name or via an LLC? I imagine taxes get a lot more complicated when upkeep and utilities, etc. become business expenses…

LLC can also limit your liability. As for taxes, we pay $1k/yr for a CPA that covers everything including my trading related gain/losses, Wifey's personal business expenses, etc. Sometimes the cost is worth it.

 

[gonefirefightin]

LLC can also limit your liability. As for taxes, we pay $1k/yr for a CPA that covers everything including my trading related gain/losses, Wifey's personal business expenses, etc. Sometimes the cost is worth it.

By default my investment portfolio requires some heavy accounting so I was able to throw the rental properties into the mix every year but yes. Accounting is so worth it. The LLC also gives some anonymity if and when it could possibly be needed. I also dont share any of my personal info on the apps or listings.

 

[6thElement]

LLC can also limit your liability. As for taxes, we pay $1k/yr for a CPA that covers everything including my trading related gain/losses, Wifey's personal business expenses, etc. Sometimes the cost is worth it.

If this is who you recommended to us, we can recommend him @Toshi

If it's not, why?

 

[stoney]

If this is who you recommended to us, we can recommend him @Toshi

If it's not, why?

I would assume Steve? Given he's the only CPA I refer people to. Gotta love my memory...

 

[junkyard]

Even if you have an llc you can still get personally named in a lawsuit. But no big deal cause your getting sued anyways. The big thing is don’t leave any evidence of negligence. A good accountant and attorney should help you do things by the book and save you money.

I agree with finding someone to take care of it for you. It’s worth the cost and it’ll get rented more. Call real estate agents and the cleaning companies to see who they recommend.

 

[Westy]

I had a few property management companies when I rented my house out while exercising mid-life retirement shenanigans. Every single one tried tried to rip me off in one way or the other. I had to confirm every invoice, have all the work inspected and audit the accounting monthly. There were $20 accounting errors here and there, always in their favor. Invoices for gutter cleaning, that I had my former neighbor confirm never happened. These were all highly regarded and recommended to me by friends, they were just really good at hiding their discrepancies. It became a personal challenge for me to uncover their bullshit. I didn't care about the few bucks here and there, I get pissed when someone tries to cheat.

 

[kidwoo]

It became a personal challenge for me to uncover their bullshit. I didn't care about the few bucks here and there, I get pissed when someone tries to cheat.

Hire me next time.

I have knives

 

[gonefirefightin]

I had a few property management companies when I rented my house out while exercising mid-life retirement shenanigans. Every single one tried tried to rip me off in one way or the other. I had to confirm every invoice, have all the work inspected and audit the accounting monthly. There were $20 accounting errors here and there, always in their favor. Invoices for gutter cleaning, that I had my former neighbor confirm never happened. These were all highly regarded and recommended to me by friends, they were just really good at hiding their discrepancies. It became a personal challenge for me to uncover their bullshit. I didn't care about the few bucks here and there, I get pissed when someone tries to cheat.

I dealt with the same issues when I was renting them out to full time tenants as well, seems to be a huge difference between the slumlord prop mgnt type companies versus the transient vacay rental managers these days. I get a very neat monthly portfolio of the dealings via email and they are very descriptive and easy to follow versus the cryptic emails and vague invoices from the rental property managers. Two different entities from my experiences at least.

 

[Westy]

Hire me next time.

I have knives

I rented it to people who needed a place to live while I lived on a boat that cost less than your truck so I had a place to live after was broke and got tired of sleeping above a tank of my own shit.

 

[kidwoo]

I rented it to people who needed a place to live while I lived on a boat that cost less than your truck so I had a place to live after was broke and got tired of sleeping above a tank of my own shit.

Hopefully you've learned your lesson about what altruism in america gets you.


Good knife coulda helped drain that tank-o-shit
just fyi

 

[Westy]

Hopefully you've learned your lesson about what altruism in america gets you.


Good knife coulda helped drain that tank-o-shit
just fyi

I think that is about a $10,000 fine

 

[gonefirefightin]

got tired of sleeping above a tank of my own shit.

If you poo enough it can be used as warmth, and the sloshing is kinda like a soothing lullaby

 

[Westy]

If you poo enough it can be used as warmth, and the sloshing is kinda like a soothing lullaby

Thankfully pissing off the back wasn't an issue.

Or sink I guess.