STR with Airbnb or any other platform?

Question

Hello,Happy New Year! Hope everyone had a great holiday season. I am new to Airbnb. I would like to start out with a 3 bed , 2 bath in Ybor city/Tampa, Florida downtown area. Is anyone doing it already in that area? I need assistance form the experts on .. 1. Initial setup related with property preparation.2. Registration with Airbnb3. Yearly tax management4. Individual or LLC or Inc .. Which is better to operate this under? 5. What type of liabilities are expected? How to cover them? 6. Is there any better platform than Airbnb? if so pros and cons.7. What is optimum number of bedrooms to have in that area? I mean which type have more demand.I appreciate your help. Thank you,Sasi M

Nate Meeker · Answer

@Sasidhara Manthena I agree with @Andrew Steffens in regard to your 4th question. As a CPA, I would need to know more information regarding your REI portfolio to give you the best advice. Reach out if you'd like to talk!

Bruce Woodruff · Answer

Make sure to list on VRBO as well. They are much better IMHO than AIR, and in some areas they will outperform ABNB...

Andrew Steffens · Answer

Responding to your DM :)

Sasidhara Manthena · Answer

Great stuff, Andrew.. Thank you for your reply. I am looking for properties and have few that I am interested in that area. Also I have 1.66 acre 3bed property in Thonotosassa area that I am looking into. When can we meet?

Sasidhara Manthena · Answer

@Bruce Woodruff , Thank you, I will defiantly look into it.

Andrew Steffens · Answer

Hi Sasi, It sounds like you need a property manager! We manage about 90 doors total with many in Hillsborough County and quite a few in Ybor and nearby.  Here are some quick answers to your questions, I am happy to dive deeper if needed:

1. We do have an onboarding department who can assist with all set up.

2. We list with Airbnb and all other platforms during onboarding.

3. We remit all your state local taxes on your behalf and prepare a 1099 for you to take to your accountant for your personal taxes.

4. This depends on your personal and tax situation.  We can accommodate either.  You should consult a CPA.

5. There is liability with any business.  We highly recommend additional liability insurance on your homeowners or a separate umbrella.  You should consult an insurance professional.  It is not too expensive.

6. We list on 15+ platforms including Airbnb, VRBO/Homeaway, Marriott Homes and Villas, Booking.com, JetBlue Airlines, Allegiant Airlines, and more!

7. The more bedrooms the better, but in that area it is tough because most of the houses are small.  3 Bedroom works, 4 bedroom is better, any more would be a positive but very rare.

Do you already have the property or are you shopping? I am also a broker and assist investors in acquisitions in the area.  I will send you a DM as well.  Best of luck!

STR with Airbnb or any other platform?

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