All Forum Posts by: Katie Hartung

I was contacted to help manage a STR in my market which is Midwest WI as I already own and manage 3 of my own STRs and am doing well with them. Their property has a TON of potential and I can envision it being a great success. Below is the package I proposed to them as they want to be completely hands off when it is furnished. I would be using my own software and doing the day to day. I have never managed anything other than what has been in our own portfolio which is 3 (although we just closed on our 4th and are going to BRRRR it) long term rentals and 3 short term rentals. When I sent this to the property owner he thought the commission rate was too much. Am I completely off base? I am totally open to ideas and constructive criticism as I stated I am new to this and would like to learn from all of you experts:) Thank you so much in advance!

Here is what I proposed:

• Setup fees : Administration Setup:

One Time Fee: $400

Guidebook: Using professional photos give the guests a professional tour of the house and how the home works (Wifi passwords // How to use grill // How to use propane fireplace // Hot tub instructions // Sauna instructions //Check in and check out instructions //where extras may be stored

OTA (Online Travel Agency) setups: taking professional photos and actively updating your listing on popular platforms;

PMS (Property Management System) Setup

Smart Pricing Set up

Website integration

Other (furniture arrangement / design / décor shopping and set up)

$50 per hour

• · Placement fees
• · Marketing Cost: Variable depending on needs/wants for marketing
  • Facebook Ads
• Google Ads
• Cleaners: Set up procedures/take pics of expectations
• · Management fee—30%

Guest communication

Cleaner communication

Setting Rental rate

Dealing with small maintenance issues

Booking Coordination

Smart Lock integration

Keeping supplies stocked (TP, paper towel, all cleaning products, coffee, filters, creamer, sugars, teas,)

(Receipts would be submitted on a monthly basis for either reimbursement or book keeping purposes)

Encouraging guests to leave good reviews by periodically checking in, providing a review template, and ensuring guests receive the amenities they are looking for

Continued marketing

Major Maintenance fees—Owner

• Cleaning and laundry services fees: Cleaning fee to the guest depending on how cleaner wants to charge

@Joshua Messinger hi! Yes, this helps a lot!! Thank you!!!

@John Underwood thank you! Very appreciated!

@Lien Vuong thank you for the advice!

@Leslie Anne Morris thank you for your input!

@Luke Carl got it. Thank you so much for your input!

@Luis Ramirez we are going to try out Host GPO if the seller does not include furnishings.

@Gulliver R. We really like Guesty for Hosts. I absolutely LOVE the automatic messages and rating. They are also very prompt in the event we have an issue.

My husband and I are ready to make an offer on a property for a STR. The numbers make sense. Upon touring the property I realized I would furnish and decorate very similar to the current owner therefore we would like to offer asking (as the market has made an incredible shift in the last few months) but also ask for them to include the furnishings and decor. We are not super experienced investors (2 duplexes and one house long term in addition to 2 short term rentals) meaning we are super green to negotiating. Can anyone offer any insight/recommendation?

Hello all! I am so excited to be part of this forum! I am pretty new to investment properties, or at least starting to take them seriously. After listening to the BiggerPockets podcast for a few months we bought our first property with the intention to rent to travelling professionals and this has been working great so far. Recently we purchased another property and are using that as a short term rental. Otherwise we have 2 duplexes and one single family home for long term rentals. 

What/Who I am seeking is a CPA in Wisconsin that specializes in REI. I have listened and read the tax strategy books by Amanda Han and Matthew MacFarland. I found these intriguing and would like to learn more about how to be more lucrative with our investing and make smart investments. We did meet with a CPA today, but he was not exactly what we are looking for. We have another meeting set up on Friday so hopefully we are more on the same page with this person. 

I want to make smart calculated moves and I want my tax advisor to lead me in the right direction. Does anyone here have any recommendations for a great CPA in Wisconsin that specializes in REI? Thank you so much in advance!!!