All Forum Posts by: Eric P.

Hi All,

I'm planning on securing a property in Seattle WA for the purpose of a STR unit. But on the Seattle.gov website it says one STR unit must be my primary residence. I don't actually intent on living in the unit. So how do I prove to the city of Seattle that this STR unit will be my primary residence? Do I just need a Seattle City Light bill with my name on it and the address of the property?

I know it can be done because I've met investors that have STR units in Seattle and they don't live in any of them. So what's the work around here?

Thanks in advance!

Gulliver

I have been using booking.com and Airbnb mostly. People complain about booking.com cancellations. I have fixed that completely. 

Airbnb types are seeking cheap and deeply discounted. Booking.com people pay a premium pricing and are good guests. I don't get a huge amount, but it is a good stream.

My secret is I use the one-hour window to allow cancellation. They made an error or are just confused, it weeds most of them out. I use strict / flexible cancellation policy. Any cancellation within 60 days I get the full payment.

I realize there are Regional differences. Booking.com leaves Airbnb in the dust in my area.

Thanks everyone!

@Derek Robinson we never really considered Asheville. Good to know that it performs better than Boone. If we're going that far we'd probably lean more towards Smokies I'd think but I'd consider. Good point on the weekend getaway.

@Avery Carl is <$200k a possibility anymore in the Smokies? I haven't really looked in the area at all.

Good Morning,

My wife and I live near Charlotte NC. We have loved visiting the mountains for last several years have always talked about owning a 2nd home. We are in position to buy but would likely only use a few days a month so primarily intent is to use as a STR. We really enjoy the Gatlinburg TN area but I think it would be too far to enjoy as a weekend spot and too difficult to self manage from that far. We have been considering Boone area. Any regulations in Boone/West Jefferson that would restrict AIRBNB/VRBO? Anyone on the forum who owns a STR there? Does it perform? Anything we should look for in our search. We'd like a cabin with a view but trying to stay around $200,000.

John

I have a couple Airbnb's now. My wife also has a home business that we would like to promote to our Airbnb guests. Does anyone have any experience or advice on this? Is it an appropriate thing to do in that setting?

We are going to house hack our first home and make it into an airbnb downstairs. We would live upstairs in our lair, while the short term tenants stay downstairs. 

What are some numbers to consider that make these homes a no brainer? 

Would a 2 story home, with 4+ br and an undermarket home be all that is necessary? 

Are there other factors to consider in the Airbnb space? 

Thanks in advance everyone and stay awesome!

Hello , i am thinking of investing in the sevierville gatlin burg area and was hoping if someone can share some tips & suggestions ? for Short term rentals specifically?  i know its a high demand and supply area but residing in NJ and investing in a longer distance property with good Airbnb Cap rates is what i am hoping for.. 

It always baffles me how many people ask if they can have early check-in to "drop off their bags" or "to make the most of the weekend" or whatever... like it's impossible to do anything at the destination until suitcases are stowed in the rental?  Why does this matter to people?  If you had cold groceries okay, I get it, but your clothes are not going to be hurt by sitting for another couple of hours.  My rentals are in places where odds of your car getting broken into are slim to none (unless it's by bears).  

What am I missing?  Why is going on a hike or out to eat or whatever so much less pleasurable if your suitcases are still in the trunk?

Newbie here!

We have a secondary home we plan to start to use as a STR next summer. The home is currently in our name and we have a conventional mortgage on it.

-For those with a house in your name, do you have an LLC? If so how do you maximize the tax benefits of it? Do you ‘rent' the house to your LLC?

-Has anyone found a benefit to transferring the title to an LLC while still having some sort of lending on it? If so, how did you do it? I'm under the impression you can't have a conventional mortgage in your personal names with a property titled to an LLC. What type of lending have you found to be best?

Thank you so much!!

@Jason Breton - I use AirBnB to assess demand and pricing. Search AirBnB for comparable listings using future 1-month periods (Oct 1-Nov 1, Nov 1-Dec 1, etc.). Look for the listings with a lot of high ratings. Their pricing is a good market indicator. I generally find below-market-rent properties on Craigslist, decorate them nicely and then price them in the bottom 30% on AirBnB. My vacancy rate is 5-10%
2 pitfalls to avoid: 1. A unit missing any of the main features of a decent arbitrage unit (located near large employers, good neighborhood, at or below-market rent, private  entrance, easy parking, private bathroom, kitchen or kitchenette) 2. A unit that has serious maintenance problems (insufficient electrical capacity, pest problems, mold, etc.)

@Eric P. - Most of my  medium-term bookings come from AirBnB. I have also gotten some from Zillow. When you post a listing to Zillow, it also posts automatically to Trulia and Hotpads. My Home Away/VRBO listings produce very little action.  

NINJA TIP:  look for a place for rent that has two units in one.  For example, a single-family home with an Inlaw unit with separate entrance.  Sometimes the owner will rent out a place like this as a single-family home. But the second unit has a ton of value as its own furnished rental. I have two places like this and they are very profitable.  

Now go out, get your first place and kill it!  :)