All Forum Posts by: Adam Harper

@Paul Sandhu I’m sorry that was an autocorrect. I meant turnkey, not Turkey. LOL

Thanks Eric, she submitted spreadsheet for the past 10 years. The numbers look good but it’s not official reports from Airbnb or other sites she listed. However, there are 2 years that completely managed by a company and when I called they did confirm the numbers of that 2 years. 

What questions to ask before closing on a turkey vacation rental beside the rental history and how to market the place? Thank you.

Starting Jan 2019, STR in Cape Cod, MA will be imposed occupancy tax, 14.45% in Province Town, 12.45% in Truro and Wellfleet. The tax meant to pass on to vacationers. Do you think this new tax will stop vacationers coming to Cape Cod?

Hi all, If I start a STR full-time -- purchase a property solely for STR purpose and set it up as a business -- Can I claim lost at yearend if I don't make profits? In other words, if I don't make enough to cover my mortgage can I claim my lost in my tax return? Thanks in advance.

Thanks Eric. I got that, but I do want to get lower rate as second home, which is true, except for airbandb when I'm not using it. My question is: what would happen if I use my second home as STR? Any negative effect later on regarding the loan?

Hi all, I'm about to take out a jumbo loan for a second home which I will use it as STR when I'm not there. The loan officer said on the phone this is just between you and me, and don't put that information in email. I want it to be transparent so that I won't have problems down the road when they find out I use the home for STR. Any insights in this matter? Thank you.

I’m about to put an offer in for a waterfront single home in Fort Lauderdale and got an estimate of 6k per year for home insurance, not IncludIng flood insurance. It blew my mind! I want to turn this house into a STR but between property tax, estimate at 12k, and insurance, at 6k, without flood, which is required in FLORIDA, I don’t know how STR can make any money. Any insights would be greatly appreciated.

@Lucas Carl thank you for your suggestion. I think asking your would-be competitors would be a bad idea, don’t you think? Ptown is a very small town everyone knows everyone’s business. As an outsider I think I would be ignored. I might be wrong.

I've been going to Provincetown, Cape Cod twice a year for the last 12 years and watching the weekly rental triple or more over the years. I think it's time for me to own a place and use it when I go there, and rent it out for the rest of the year. Any advice for STR in the Cape Cod, Provincetown in specific? What strict rules and regulations I need to know? Thank you in advance!

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