All Forum Posts by: Eric Carlstrom

That's what I intend to do as well. I can be relatively sophisticated in Excel to handle something like this.

I'm sure there's a million posts about this but would be happy to hear your POV on vrbo vs airbnb.

 Thank you, that's helpful. I do have a CPA who is knowledgeable and involved here.

@Garrett Brown I hadn’t considered bookkeeping software or dynamic price software. Can you elaborate on the value they add for you and how you use it?

I plan to use Airbnb / VRBO and understand they do a lot of this legwork for you, but would love to hear what I’m misunderstanding if that’s the case. Thanks for your detail!

@Zach Edelman

Self-managing.

@Lauren Kormylo

That's helpful, thank you. You are correct, no HOA and my plan is for no TV, just internet, as you noted. This area is remote-ish so i plan to use Starlink (and have done adequate research to ensure it'll work well.)

Thanks a ton!

@John Underwood

EDIT: I meant mainly the consumables and pest control. Permitting I have researched and am in the clear on.

@John Underwood good feedback I appreciate it.

I am viewing the property Friday so will have a better POV on landscaping maintenance then.

I hadn’t considered the other items you mentioned, so thank you!

Hi all,

I have a few long-term rentals and am exploring a STR for the first time, and am seeking guidance / advice on my expected expenses (and ideally what i'm missing that i should factor into my calculations). Part of the value of the STR is that we will plan to use this property 4-8 times per year.

The property is a few hours from the major metro that I live in, and is a vacation destination for lots of people in my area. So much so, that according to AirDNA data there are 4000+ properties on airbnb / vrbo in this destination, though the property that I am evaluating has been used as a primary residence and has no rental history. As I'm sure most of you know, a long-term rental is simple since the only recurring expense I own is the mortgage, whereas with a STR I'll own the mortgage, internet, utilities, furnishings, cleaning fees, etc. which just makes my projections a bit foggier.

I'm looking for feedback on the below expenses and wondering what else I should be thinking about, that I don't currently have listed. I have spoken with the realtor at length and gotten copies of utilities bills, internet expenses, trash fees, etc. so I have reason to believe most of these are pretty accurate, but again, would like some feedback from the community on what i'm missing and what else i should be considering. Here's what I'm accounting for currently:

Mortgage (P&I)
Insurance
Taxes
Electric
Water
Trash
Internet
VRBO/Airbnb fees
General/Repairs
Cleaning (though these will be passed through)

If i'm super conservative on my monthly rate, I will need to rent the unit 10 nights/month to break even, if I am more realistic with the rate (according to my realtor who runs two STRs), i'll need to rent it 7-8 nights/month to do so. Also looking for best practice guidance on the risk tolerance based on these numbers. Thanks in advance.

Hi all,

I recently spoke with my attorney who said, very confidently, that I should have the ownership of my rental properties in my LLC, versus owning them in my name. My attorney has been doing this for 30+ years and I tend to really trust his guidance. I also have friends who deploy this strategy and believe it's common.

However, I inquired with my lender who let me me know that Freddie and Fannie do not allow ownership of their loans to be in an LLC, but instead a Trust. This is news to me and I would like to crowd source a better understanding. Thx in advance!

@Cassi Justiz happy it’s going well! Congrats!