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All Forum Posts by: Nancy Bachety

Nancy Bachety has started 48 posts and replied 982 times.

Post: Guest Issues Unlocking Schlage Encode

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

Like Michael and Luke said, be extremely specific with exact details. Send them in an automated message three days in advance. Send them another one a day in advance, confirm they know their code. Make them read it and understand it, be proactive. It’s usually poor communication (or not dummy-proof) that trips guests up. Their problem=your problem.

Post: Tax question on sec 469 for short term loophole

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

^^read this and you’ll answer your own questions. Then send it to your CPA.

Post: But I thought this was turnkey - what's with all the delay?

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

Sounds like you go above and beyond for your owners. Reminds me of the public bashing of teachers. Everyone claims they’re overpaid yet no one wants to teach their kids. 

Post: PICKLE BALL COURT

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

Yep, I could understand that. I wouldn’t want either within earshot of my house. I wouldn’t want noisy kids in a pool next door either. 
It wouldn’t be top on my list of offerings. Depends on your area and proximity to neighbors.

Post: PICKLE BALL COURT

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

If you played pickleball, you’d know a lot more than 2. Tennis courts are being adapted in lots of places for pickleball because all ages play, they’re teaching it in phys Ed classes in schools across the country and there’s a low barrier to entry, doesn’t require lessons or formal partnerships with like partners. 
But the answer to your question lies in what are your guests coming to your area for and are there public courts available to them? Does your competition offer courts? And then there’s always the liability question.

Post: "No bookings for February"

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

Another voice of reason blog post, Collin. Especially your last sentence!!
@John Carbone What are you basing your comment on about an increase in PM from previous self managers? Do you see that trend @Collin Hays

Post: Where would you buy two STRs to have comfortable weather year round?

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622
Quote from @Erin Estes:

Big Island, Hawaii- Hilo side

We are in Hilo this week, and Kailua Kona too. What are the regulations like here? I was surprised that the nightly rates were not as high as I expected.

Post: Schedule E - filing as non-passive income

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

The ^^ irs guide is your best friend. Trust it before anyone else.

Post: Schedule E - filing as non-passive income

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622
Quote from @John Carbone:
Quote from @Nancy Bachety:

Self managing from a remote distance is the definition of material participation. Unless you don’t self-manage or you rely on property managers to do your work. Doing this work is exactly what qualifies you for materially participation. 

How many different cleaners do you have? How do you document your time working on it for 100 hours?
I have couple of cleaners at each one. I document my hours on a spreadsheet, including what specific task, what time of day starting and ending, total time on each to the nearest minute. Specific property for certain tasks only. 
Because I needed to start this document after the first of the year looking back, I looked at my guest log and knew exactly what tasks would have been necessitated. It was easy, logical and expected and very  realistic. My hours are more than any one cleaner. 

Post: Schedule E - filing as non-passive income

Nancy BachetyPosted
  • Rental Property Investor
  • Sag Harbor, NY
  • Posts 1,009
  • Votes 622

Self managing from a remote distance is the definition of material participation. Unless you don’t self-manage or you rely on property managers to do your work. Doing this work is exactly what qualifies you for materially participation. 

@John Carbone