All Forum Posts by: Patrick Tudor

Oh ok! Thank you so much for your advice!! I only have 2 more question i promise lol...
1) I assume you do not have instant book and take inquiries for each reservation prior to them being able to book? Otherwise idk how'd you prevent a booking like a 12/24-12/30 from occuring but still allow a dec 20-26 booking.

2) Do you find the 2 inidivudal 5-7 day reservations splitting christmas from New Years generates you more revenue for those months versus someone just booking up Christmas and New Years together?

Huh I never thought about break it up in 2 week stays. I have had people book dec 24-jan1/2 but doesnt happen every time. Last year one home got 24-30th, and then someone booked like 2 nights for dec30-jan1.. but then the few days following jan 1 sucked...

So in the event someone books christmas (say dec 24-30), will you let someone book the night of 30th to morning of jan 1st? Or would you still require like 5 night stay for New Years? 

What do you all feel like is the most profitable pricing strategy for Dec 24-31st for 3-5 Bedroom Homes? Based on Price and Minimum Stay.

In the previous 2 years, I've just done 5 day minimums and have gotten 5 night stays or a week (10% off). If New Years and Christmas is taken, typically the 1-2 days in between are discounted heavily to get booked in my experience. (I manage in SW FL). I typically get booked far out (3-4 months). 

Hi, me and my business parter started a Vacation Rental Management company and have 2 warm-market-related clients. We are wanting to venture and take on new clients but want the correct systems in place. From my understanding, and correct me if I am wrong, a good method is to have seperate bank accounts for each individual client owned property. In which rent from guests go into said account. PM takes out money for property operating expenses and their commission - and then sends check to property owner. 

2 questions:

1) How does PM ensure each property's funds go directly into each property's account? Services like Stripe only allow 1 bank account per account.

2) Most banks require minimum balances to avoid monthly service fees. Are vacation PMs depositing their own money to maintain the minimum in client's trust accounts? 

I purchased a SFH in 2022 in my name and am doing cost seg/bonus depreciation = large taxable loss. Am I able to carry back the "loss" in tax year of 2021? (Assuming I'm able to write it off against my personal income.)

Hey, would you happen to know of a good handyman I could contact? Just purchased my first rental in the area. Appreciate it 

 Hey Rob, do you know of any good quality/reliable GCs or other contractors in the area? 

 This is a little late lol, do you know of any good/quality/reliable General Contractors (or any contractor) in the area? I will be opening up a restaurant down there and will need one to heavily remodel. 

 Thanks! Please let me know if you receive any good recommendations. The only GC i got a recommendation thus far is Dave Bush Contracting - though I'd like to get 3+ to look at

Does anyone know of a highly recommended GC in Lexington KY?? I am both a real estate investor and restaurateur. I recently closed on a restaurant building that is going to be heavily remodeled. I am currently getting the plans. 

Quality and Speed are my greatest concerns.