All Forum Posts by: John McRae

Quote from @Michael Lamb:

Nathan,

All of that makes sense and I appreciate you explaining it. I listened the the Seeing Greene episode that you referenced. Maybe that is one of the things that got me going. Another one, was listening to an older episode with Pace Morby that spoke on the mindset shift. This is something that will help me legitimize (internally) what I am doing. That's probably the bigger reason to set up an LLC.

I guess I am mostly concerned about not knowing all the rules financially to be able to take advantage of tax benefits.  This is where a good CPA comes in. Probably overthinking. I just need to get started. Make some mistakes and learn from them. Messing something up in year one shouldn’t hurt too bad. 🤣

Thanks again for sharing!

Mike 

There are no tax benefits to the LLC. Don’t get hung up on LLC’s or you will never get started 

I have one STR in that area. I would suggest getting a recommendation for a cleaning person instead of a larger company. Unless you are going to build out systems, checklists, etc, etc, etc....you will be constantly training and re training their staff. Turnover can be high. I have been doing STR for about 20 years, just one property. Been thru 3 cleaning people. 2 were great and one not so much. Once you find someone, treat them well, as they can be life savers for other little issues that can arise and save you from driving 3 hours to remedy. Wish I could provide a recommendation, but my person is not taking on any new clients, as STR have exploded in the area last few years. Happy to answer any questions.

I am a small multi family investor in the Seacoast area....mainly Dover. No issues finding tenants here in A and B classes. Tons of development still going on in Dover. 
High property taxes are the killer and town will revalue quickly after you buy. 

No.  Entry only for advanced notice.  I self manage and do not let them know when I plan on mowing the lawn...

Short term rental market is strong in White Mountain area’s. I’ve had good luck in Bartlett. Strong winter and summer. Shoulder seasons can be very slow so need to factor that in. Also, keep an eye on regulation changes in the works in Conway. Definitely more regulation coming and will likely spread to neighboring towns. 

Have been doing STR in Bartlett for last 15 years. There is quite a bit of competition and the market has saturated a bit. While North Conway does draw tourists year round....keep in mind that Spring is VERY slow and need to make sure you account for that. Would be happy to share any specifics questions.

Appreciate the heads up on this.  Absolutely ridiculous..and very little chance it is going to pass.  Clearly, the bill sponsors are not landlords.

Not sure I can help you on STR management company, as I self manage. But am familiar with the area for short term rentals and would be glad to help. I also have a property in Bartlett.

also make sure you understand sprinkler requirements. In some towns Going from above 2 units will require the units be sprinklered. Very expensive 

Agree that North Conway area is great short term rental market. Look towards Bartlett for more favorable real estate taxes. Just expect that April and November will be almost non existent with regards to rentals. Summer is by far the most profitable followed by ski season.