All Forum Posts by: Paul Sandhu

Quote from @Michael Baum:

 We don't have a booking for Christmas yet and might not get one. Bummer.

I've rented to about 2500 people in the last 10 years.  This is how many I've had over Christmas.     .

There are also hotel/motel/restaurant liquidators.  They will have a warehouse full of items from those 3 places.  It may not be the cheapest, but it is the quickest.

Quote from @Himanshu Singh:

Quote from @Luke Carl:

I think you'll find the tax advantages are the same regardless of sole prop or llc on title. Management also won't make a difference if I'm understanding your question correctly.

But I'm not licensed expert! 

 Thank you for your response. 

Are you guys using personal banking accounts for expenses and collecting revenue for the STR or opening a separate bank account for it ?

Separate bank account in a separate bank from my personal account.  Every deposit is revenue.  Every check is an expense.  My credit card reader makes a deposit to this account.  I pay all the bills with checks from this account. It makes doing taxes easy.  There is no commingling of funds.

Great idea!  I recently got a drone with a 6 mile range.  All I use it for is to inspect roofs and check the number of vehicles parked outside my competition.  I can take some overhead shots once the grass turns green and trees have leaves.  I'll put these pics in my ads and replace the money shots.

My strategy is to maximize revenue while minimizing expenses.  Taxes are going to be taken regardless.  There is no strategy.  If there is a strategy, the cost to implement it will be equal to or greater than the tax savings.

The equity can be built up by the amount of work performed.  Suppose the normal hourly rate in your area is $60 for work.  A guy spends 10 hours a week working on the house, that's $600 a week in equity on the value of the house.  Suppose he does work for four weeks and builds up $2400 in equity.  The house is worth $9600.  He would get 1/4 of the profit.  Cap the equity at 50%.

Quote from @Bruce Woodruff:

We put up an artificial tree at one of our places. Just lights, no ornaments. People really like it....

 I had 2 guys build a Christmas tree out of Budweiser cans in one of my places.  Probably 200 cans in the tree.  It must have taken them a week to do that.

Quote from @Michael Baum:

Like saying "Less than 1 million people are bitten by sharks every year." It is a truthful statement, just not terribly accurate and very misleading.

 I heard this on the radio yesterday.  More people are killed in Australia by tipping over soda machines than by being killed by sharks.  I had a refrigerator fall on top of me as I was going up a ramp with it on a dolly.  A soda machine weighs 5x as much as a fridge, and I can see how a person can be trapped underneath one.

Most of my places have a utility closet with a 3 foot pre-lit artificial tree.  It's up to the tenants to put it up.  Some other places have Christmas lights on the deck that have been up for 5 years.  What do you have?

Does the tax go to a municipal entity?  If so, they would have the answers.  My municipality does it annually.  $50 per year plus $2 per property.