All Forum Posts by: Dan MacDonald

@Joseph Vilkoski how is the STR treating you so far? My wife and I have been thinking about doing this in Ocean City too. Curious to hear how it's been going for you guys.

Place looks nice btw. Is it on the water (bay)? 

@Sean McDonnell thanks I'll look up the book. I also figured connecting with local agents would be the next step. Bottom line is it sounds like there is currently no national/international database of towns that are more/less accommodating for STRs. 

@Jillian Kemmerer thanks, I'll try that. 

I had a feeling you did. You learned enough to move west, so figured you had a quality upbringing.

Allegedly Yorktown is still the best in the area. But if you went off of the parent's opinions on Nextdoor, you might not think so. We'll see.

You might be right about getting OOS. For the long run, it might be safer to look south (like OBX). A little further drive then I'd like, but might be worth it if it means staying in business. 

@Bruce Woodruff oh really? Yeah I hear ya, the development in Arlington is relentless. We bought a place in the Yorktown school district, expecting that we're probably here for the long haul...

Regarding places to consider for STRs -- do you have any experience/knowledge of the rules in Virginia wine country and/or Maryland/Delaware beaches? From what we can tell - about wine country - STRs are banned in Middleburg, but we still see quite a few listings out there in near by areas. Not sure if each town sets its own rules, or if it's by county or what.

And then the beach towns, from what I can tell they seem to be generally permitted on the Delmarva peninsula, but perhaps HOAs (if applicable) set their own rules? So may be a case by case basis depending on the house. 

@Bruce Woodruff ok thanks

@Luke Carl yeah I figured that, but are you aware of list somewhere - maybe on AirBnb's site - that shows counties or towns that are considered accommodating? So I don't have to search county by county and research their laws. 

We're interested in starting to invest in STRs, but our area (Washington DC) is generally heavily restricted. Is there an efficient way to find areas in the country (ideally areas in the mid-atlantic), where STRs are permitted/unrestricted?

Thanks @Joe Splitrock. This is helpful. 

@Adam D Rinehart the $6k was meant to be net after operating expenses (cleaning, management, etc.). But regardless of the numbers in the example, you answered the question. I hadn't been considering depreciation, the furniture depreciation, or the $25k safe harbor rental income and ability to deduct losses if a professional. Thanks for that info - exactly what I was looking for. Sounds like still a good amount of deductions can be had beyond interest/taxes (and obviously the operating expenses).