All Forum Posts by: Lisa Graesser

@Douglas Anderson Hi Doug, I am considering becoming a signing agent and my question is...Do you know if this profession qualifies for Real estate professional status, such as a Realtor or an Appraiser would. I have 3 vacation rental homes and a part time W-2 job, but I want to accumulate more hours in real estate than I do at my W-2 job

I am not a tax professional,, but have learned a lot from books and podcasts.. A good book to read "Tax guide for short term rentals" by nolo, my husband and I are considered sole proprietors so we file on schedule E. You will need to check with your State Dept of Revenue for short term rental taxes , you most likely will have to pay a sales and use tax monthly based on rents received, VRBO and Airbnb remit taxes for you in some States.

You will only be able to write off start up expenses up to a specific amount(?5,000), prior to having your property available for rent. Once you have advertised it, ready to rent , you can deduct expenses, furniture is usually depreciated but with new tax laws, I think you can take more deductions in the same year vs. Depreciate.

As far as I know, this is still consider passive income so I do not consider myself self employed .  Like I said, I am not a tax professional, this is just what I have learned on my own, so maybe we will hear from a real tax expert .

I definitely agree with your article. I am not making a killing since the pandemic began like others in more secluded mountainous or lake side rentals are, but I have been steady in my low rental season with last minute reservations. So hopefully this is trend that will only strengthen from here out.

I do not have a go to place for linens, but I know alot of people do. I have never ordered linens online, have only gone to stores like Home Goods or Tuesday Mornings. I like to be able to look, feel, get good quality and good price.

I have 3 sets of sheets for each bed available. We do not use white sheets or towels, just use colors that match our decor. I will in the future use the same color towels for all baths in each house because I find they are always mixed up in the linen closets for each bath. My houses sleep 4-6 so I keep 6 towel sets in the master and 4 towel sets in the guest baths. We get booking anywhere from 2-45 nights.

We do the same as Avery mentioned, I have some traditional comforters and some quilts. When the comforters need replacing, I will go with all quilts, they wash well, are less bulky and provide plenty of warmth, especially in Florida temps.

Well...That doesn't seem surprising considering the description you give us of your clientele.... you give a scary description, although I know they are all hard workers. But I know this is not that unusual. I have had experience with renters that are mentally unstable, not in short term rentals, but long term and yes we had to evict them not for lack of payment but for lack of letting us take care of problems and threats.

@Luke R yes, I have 3 in The Villages, FL. I soak up as much info as I can listening to podcasts 

Vaction Rental Success with Heather Bayer, Short Term Rental Revenue , Vacation Rental Revenue, STR Success Stories, Sarah and T the profesional Rental Managers podcast, Unlocked with Matt Landau, Short Term Rental Riches