All Forum Posts by: Elizabeth Conklin

Everyone here self manages for the most part. Your post says you manage but you have a property manager. A bit confusing. Just cut out the manager and hire your own cleaner and use GUESTY for hosts 

Thanks Luke! I am concluding I need a new PM and potentially manage myself. I live overseas so I rely on local providers.

Hello BP family! As I bounce around from one idea to the next, I was wondering if anyone in the community has been successful with starting up a short term business in the Dominican Republic? When I search properties mainly in Punta Cana I always run into sites where condos are in development and have about 1 - 2 years till completion. So, in particular I am wondering if anyone has successfully purchased and started up a short term rental? Has anyone ever purchased these pre-construction condos with little to no issues (mainly no scam)? If you do have a successful business, how did you go about finding the team or person to run your rental? 

Any insight on this topic will be appreciated.

@George Brown I purchased a land in the Dominican Republic, Punta Cana. My plan is to use it as an Airbnb. Airbnb is booming in Punta Cana and I believe is a great investment. My sister and cousin purchased one of those properties. The best time to purchase is before they are finished. I can get you in contact with my realtor.

@Elizabeth Conklin what state is your primary home located in?

@Elizabeth Conklin I'm not really tracking this - it sounds like your accountant is not your CPA?  Or at least doesn't file your taxes?  My questions are..

1. If your rental income is not under Schedule E...then where is it?

2. If you are using a tax professional to file your taxes then calculating your depreciation is part of their job.  That's something they should absolutely be doing.

3. Tax advice is different than legal advice. If you should shelter your current primary home in an LLC for liability reasons should be addressed by an attorney. Each state is different on how they count a home as your "primary home" and what protections you get with said primary home. Depending on why you live overseas, how long you live overseas, and what state is your US residency are all going to be part of the equation here.

Hope some of that makes sense.

Get out ahead of it. Change pricing for that time of year very early and consider any bookings gravy 

I use Google ads but I’m targeting direct bookings. You can change them based on the season and what type of guest you are targeting.