All Forum Posts by: Blair Russell

@Kevin Romines  It was just when you said that the loan required you to stay there 15 days a year that was a red flag, one day more than the IRS allows for investments. So you're going to have to break a rule on one side or the other...they are quite tricky...

@Robert Adams I heard there was supposed to be some licensing but I haven't seen (or really searched for) any updates.

Latest News, seems fairly positive - http://www.bostonherald.com/business/business_markets/2017/04/marty_walsh_eyes_short_term_rentals_with_new_executive_order

More work, more money pretty much sums it up.

That will be interesting for traffic but hey it's close to my properties! 

 The catch being you can't deduct some rental expenses and it limits your losses.  

@Selena Walsh

During your peak season in a beach vacation place you will probably want a week minimum with a specific turnaround day like Friday or Sunday.  You don't want to lose 3 or 4 nights of income a week to people just coming in for a short time during high season. It also makes scheduling changeovers easier. Low season doesn't matter as long as you can do the changeover on whatever days people come. Check which owners use around you because often depending where the usual guests are coming from certain days are better for them to begin their holiday.

@Nick Winikoff 
I think for now it will be. We can talk all we want about Homeaway vs. Airbnb but they are not really even competition at this point. The problem is those companies would have to "come down" (renting rooms, couches, airbeds, tents, etc.) while Airbnb is only scaling up.  Plus it is the market leader by a wide margin in all demographics despite some people's personal experiences as hosts. So while a guest can grow with Airbnb from couch to room to whole house, they can only find one option on HA with let's face it piss poor technology (o if it has improved it's still way far behind). It's quite a battle trying to be the second company to do something, especially with these kinds of business, to make headway you either have to be the first with a major innovation or innovated and be attached to an already leading brand. Lyft has a very small market share even with Uber's recent snafus because people don't really want to change if there isn't a compelling reason. Now if someone comes along with a whole new way of renting and the right marketing they may be able to take over, or if Expedia starts really  marketing Homeaway but it's unlikely because of their other customers. Airbnb won't go down easy. 

@Dan Mead Yeah, It helps to be in different locations especially as STR rules keep changing, and the markets shift. My rentals can support each other and I learn things in each location that benefit the others. I sent you a PM.

That's the problem with discounts, people who ask for them and negotiate for them heavily seem to find ways to screw you out of money later on and you wish you had just kept it vacant. For the future have a monthly long term rate that allows you to cover all costs, stick to it ( and maybe offer a menial discount to seal the deal with prospectives) no negotiating, know your worth. 

Clarification: How involved do you plan on being with the management? That makes a big difference.