All Forum Posts by: Michael Baum

@Andrew Steffens, nope. Spot on.

Hmmm. So I am not going to agree on some. No way I would buy in Seattle. Too tenant (yes tenant) friendly and I wouldn't want to lose my house. Portland is similar.

Bend has a ban on STRs in the much of the city. Plus licensing is crazy expensive.

There are issues all over the place here and getting anything to cash flow is a tough row to hoe. Seattle is an excellent example. If you make the 75% at $200 on $820,000, that is only $54,000. You are looking at about that much on P&I alone.

My 2 cents.

Yeah there are some cool ideas here, but I do believe she is skirting some local permit laws. Hard to tell but I know some of those wouldn't fly in some places.

Hey @Thanh Lu, so you didn't say where you are located so it is important to check down to the city level what constitutes a tenant vs guest.

Most often it is 30 days or more, but there are some that state 28 days or even more vague for squatters rights.

Make sure that your area states it directly.

Otherwise, let the booking site handle things. 28 days isn't that long IMHO depending on the area or reason for traveling. 

I just have it all in the guest document.

I do post some info on the fridge. Check out time, where to take trash on Tuesdays, things like that.

https://getpocket.com/explore/item/meet-the-woman-who-builds...

Fun article about the woman who created a few interesting STRs including the Potato and the Hobbit Hole.

Cool beans!

+1 for @Shiloh Lundahl @Eric DeNardo.

Search for his posts and you will see he has some fine STRs down there. Pretty sweet places.

Hey @Brandon Wallace so first, you are managing a Short Term Rental, not an AirBNB. AirBNB is a platform where you list a short term rental.

Next, like others have said, it is a pass through cost and you should simply put in what the cleaner charges. Our cleaner charges us $300 and we charge $250. A lot of the cost is associated with the drive to get out and back to our lake house.

If your friend isn't listed on VRBO, she is missing out on revenue and bookings. 

Hey @Kwanza P., I would do a search on here for Galveston and you will find some info.

There are a lot of STRs there so you will be forced to compete on price so self managing is going to be the way to go.