All Forum Posts by: Blair Russell

Won't that 15/yr loan mortgage payment really affect your profit though? 

@James Palassis There are also tax implications to the claim which you might not like.

@Account Closed Yeah but is the type of person you are going to get to live on a mattress on the floor with no other furniture, and a couple towels, going to really take care of the place? Might as well let the house sit and hope for the best. 

There is no rule about the number of nights you stay in a property determining whether you can  claim it as a primary residence. Like most things it's about risk and how it will look if you are questioned/audited on it. Anyone sniffing around would see right through you pretending a place is your "primary residence" if your mail, license, vehicle, and all you stuff goes to a different address that is only an hour away and you rent your "primary residence" for 10 months a year. Your loan will be called, house foreclosed on, and you won't be happy. 

WP: A little lie on mortgage application can cost you big

That's probably a question for their techies. I was under the impression if you listed on one you would also be on the other (assuming you don't have an old grandfathered subscription). I'm not sure why they still bother to act like they are separate. The Homeaway app has always been a piece of junk so I'm not surprised it may not function properly, I would definitely get in touch with CS. 

Your listing on Airbnb looks great. You probably don't need picture #11 the other ones are so great, that one brings them down. AND the first sentence under you "The Space" section is a little jumbled. I would make it something like: 

"This 2 bedroom 1 bath unit is positioned on the brick lined streets of Palma Ceia. Make your self comfortable in the 850 sq ft of beautifully remodeled space."

or better than that but you get the idea. 

@Rachan M. I think the reports you are hearing are from people renting full houses or units vs. rooms. And of course most people share only the most positive experiences, but don't lost hope! 

My first question would be how are your reviews? If they are all 5 stars it might be time to raise your prices to be more inline with your competition. 

You should also find inexpensive but effective ways to reinvest and make sure you are offering the best accommodation you can. A few options are: nicer linens, eclectic and fun decor and furnishings, quality lighting fixtures, toiletries, faster wifi, full guidebook, bike rentals, discounts to local attractions or restaurants,etc. Could you offer pickups or breakfast?) If you offer more you can in turn raise the price, and generally your reviews improve increasing your listing presence and the demand on your place. Also make sure to get great photos and get someone to review/edit your listing to make it sound excellent. 

I suppose the next step is to start saving your money,  and thinking of the next step for growing your business. Depending on how fast you want to grow it might be time to keep really good books and then maybe you can use your experience to find a partner for your next venture.

@Scott V. You have made the right choice! I can tell you that it works (I'm writing from Asia, with STRs across the US funding the travel). You can manage as much or as little as you like depending on how much profit you wan to make. Your situation sounds perfect for it. If you need advice for remote managing reach out. Good luck.

@Nate S. If you're worried about costs, Condo fees could kill you profit then and there, Condo vs House doesn't really make a difference, it's the size of the property that is more important. Your utilities aren't going to "skyrocket" from one night stay in fact they will probably be lower than average because you will have vacant days. I'm sure there are horror stories, but people don't just come and turn on all the faucets and lights, lol. Even if they do, just get a wifi connected thermostat and home control system and you are set. Damage is no different than any other rental, injury, the same, you have insurance for a reason (STR specific) there is so much information about Airbnb on the site, a cursory search will give you a lot of results and forums to read.

https://www.biggerpockets.com/forums/81/topics/356583-airbnb

I had policies with Farmers andTravelers that they said allowed us to do STR, but I have switched recently to Proper because they add income loss protection and seem better suited to handle cases with short term renters. The price increase was not that much but definitely worth it for income loss protection, general liability, and for being certain that I have the right type of insurance.

Be careful about where in "Las Vegas" you choose. Clark County vs. City of Las Vegas vs. North Vegas can make a big difference. Area near the strip is in Unincorporated Clark County, the most strict about vacation rentals, and Condo Associations and HOAs will be happy to quote that when they shut you down. Still it's possible as you can see from looking on Airbnb people do it, the more trouble you will have with HOA or Neighbors the harder it is.