All Forum Posts by: Christopher Oliva

@Kerry Baird Thanks for the input! This info is really helpful, having access to financing is a big deal for me since I'm not in a position to put up cash offers for properties, and if having my STR in an LLC makes financing difficult for me then that's going to be an issue.

@Jason Foy, thanks for the input! I don't think I'd be overleveraged on the STR since I don't have a mortgage on it, my concern is being able to use the 100% equity I have in the STR if i put it in an LLC. Good point on the gross income piece, that's another thing that concerns me about putting the STR in an LLC - Would banks take my personal income into consideration or would they only look at the income I make from the STR?

I'm going to keep doing some more research but I think I'm starting to lean towards keeping it in my name until my portfolio has grown a bit.

I own 2 investment properties in Texas (1 STR, 1 LTR). The STR is paid off, the LTR is financed and I don't have a ton of equity in it - maybe about $60-80k. My plan for this year is to leverage the equity in in my STR to purchase more investment properties (probably more STRs or maybe some land to build an RV/Mobile home park)

Would it be a good idea for me to create an LLC and hold my existing STR under it? From the little bit of research I've done it seems like having an LLC would protect any assets I have outside of the LLC, but then would that make it more difficult for me to work with a bank to leverage the equity in the STR and get financing?

Hi everyone, for those of you who use smart locks I'm curious if you're putting a smart lock on all exterior doors or just the front door? 

My STR has 3 doors leading to the exterior of the house (front door, back door, door in garage that goes to backyard). Right now I'm thinking of putting a smart lock on the front and back door and then putting a regular deadbolt lock on the exterior garage door and just keeping it locked all the time.

Thanks in advance for all comments! 

I'm putting the finishing touches on my first STR and wondering if anyone has suggestions on security cameras and where to place them? I won't be putting any on the interior for obvious reasons, but on the exterior I'm thinking the front door, garage, and back door. My only worry with a back door camera is there's a decently sized patio in the back and I don't want guests to feel like they don't have privacy.

What do you all do for security on your STRs? 

Thank you everyone for your input, it's much appreciated!

@Leslie Anne Morris that would be great if you could sure the insurance contact that you use for your STRs - thank you!

Hi everyone, I'll be getting my first STR on the market soon and I've started to wonder about liability if a guest gets hurt or something happens to them during their stay.

Does airbnb have a built in liability waiver that guests agree to when renting STRs on their platform? Do you all know if other STR platforms like VRBO have built in liability waivers?

For whats it's worth, I do plan to get an umbrella policy and the correct type of insurance before I begin listing my property on airbnb. 

If I own an STR under an LLC and use funds from my personal bank account on that property for things such as repairs, furniture, etc., can those expenses still be claimed on my taxes?

Or would the bank account that is used need to be listed in the name of the LLC for those expenses to be able to be claimed on taxes?

Also, feel free to DM me any good recommendations for a CPA in Texas. I have someone I've used for a few years but they don't specialize in REI tax situations/planning, so I think it's time for me to look at other options.

Thanks for the input everyone! I'll call the city and get clarification just to be safe.

@Rick Pozos Thanks for the heads up on the meeting on 8/10, I'll check the info out and see if I can make it. Also, great idea about a sofa sleeper in the den and living room, I hadn't considered that.

I'm getting my first STR going in San Antonio and I know that per the city ordinance the limit for adults is 2 per sleeping area. But what about children, is there a limit on how many children can sleep in any one room?

The reason I ask is because my STR property has 2 large bedrooms upstairs that could easily fit 3-4 twin beds each but I don't want to waste the money on buying the beds if it'll put me out of compliance.

Thanks!