All Forum Posts by: Megan Davidson

I run a blog about running vacation rentals, with links, ideas, and tips on how to be successful in this business. www.thevacationrentalist.com

We use Ecobee for our thermostat systems and we really like it. It's cheaper than nest, has remote sensors, and a fairly easy to use app. 

I'm a big fan of subscribe and save on Amazon. Once you figure out about how much you use in a month and adjust the subscribe and save settings accordingly, it becomes really easy to just get toilet paper or whatever else you supply to guests without having to worry about it. We buy this toilet paper and provide at least 2 rolls to every guest, more if they're staying longer. 

I've found this study fairly helpful in determining friendly cities for STR regulations: http://www.rstreet.org/wp-content/uploads/2016/03/...

The best piece of advice I would give is to learn your area really well. What is the area like? Are there lots of bars? Kids activities? Amazing restaurants? Build a relationship with the locals in the area and make sure they would be open to a short term rental in their neighborhood. Then you can recommend local shops, activities, and restaurants to your guests, which will give you an edge as a host.

Spend on quality and design where it will count, such as kitchens, baths, and comfort. Finishes that look clean and clean easily are worth the money every time. I recommend granite countertops or a high end composite. 
One place that I have saved money is on comfortable, functional seating that cleans up well - microfiber is a favorite - and you can replace the second it gets worn, usually about 2-3 years. 
If you're spending money on floors, make sure that it's durable and easy to keep looking clean. 
Wow your guests with a high end look that you can maintain and not have to worry about being ruined if something is dropped or spilled. Go for a clean and easy to clean design but add unique, locally themed pieces that make a wow factor. 
Local artists are awesome and usually have high quality pieces that add a special touch.  

If you spend on quality, cleanliness and a wow factor you should price accordingly but also competitively on the high end of the market if you're investing for the long term. 

@Cristy George in Florida you also should be registered as a vacation rental dwelling with the Florida Department of Professional Regulation. No use paying tax to Tallahassee and getting dinged for not having a license!

Cash out re-fi on an LLC held property? As @Bob Okenwa mentioned, you'd have to find a bank willing to do that. At the very least if you do find one you'll have to personally guarantee the loan I'd bet. If you have a relationship with a local bank or credit union they may be willing to do a portfolio loan where they hold the note rather than sell it to another institution.

It IS possible though, we do it, but our relationship is with a local bank and we have several LLC owned properties under a portfolio loan.

However I'd recommend you find and talk to a couple local bankers before transferring anything, see what they say. Your best bet would be to ask for a commercial lending officer but be aware, unless they REALLY like you the LTV is probably going to be something like 70% max.

We have short term rentals and charge a $50 fee per pet for extra cleaning costs.