All Forum Posts by: Rachel Hughes

@Andrew Freed Thank you! Since we did not live in either of the primaries for 2 of the last 5 years (and definitely do not plan to move back into either of them) we aren't eligible for the max exclusion.

I have never heard of the reduced maximum exclusion so I will definitely speak with my CPA about this. 

Property 1: Purchased as primary residence in Feb/2020. It is a SFH with an attached in-law suite.

Main house has been a short-term rental since March/2020.

In law suite was my primary residence from Feb/2020 - Feb/2021 (1 year).

Both units are now short-term rentals, so property is 100% for investment purposes now.

Property 2: Purchased as an investment property in May/2021. Has been a short-term rental ever since. 

Property 3: Purchased as a primary residence in Feb/2021. I lived here from Feb/2021 - October/2021 (8 mos.). Property has been a short-term rental since October/2021 (7 mos.). 

@Timothy Lewis Ouch... that is rough. I know Tyler mentioned you had a rough time but I had no idea it was that bad. We were actually introduced to Tyler via this purchase and have now used him to purchase 2 more properties in Memphis. 

Atwood is a neat property. The attached MIL was a huge selling point for us. It has done surprisingly well as an Airbnb (despite the location).  

@Timothy Lewis It is! I just checked out your profile...you flipped this property? If so, I have an earful for you! Just kidding :)

I mostly blame the PM company you used for all of the grief this property has caused us. 

@Joshua Savage Cash flow has been great! I bought another property after this and now own/manage 3 listings in Memphis...soon to be 4. Have had my fair share of challenges though. 

Happy to share more detailed info if you'd like to message me directly. 

@Nick Rutkowski I just had a group of students in the exact same scenario stay in one of my Airbnbs for the past 3 months. Overall I am glad I did it.

I had them book the first two weeks via Airbnb as a sort of trial period - I then switched them to a short term lease for their exact dates to avoid the Airbnb fees and other taxes. I gave them a discount - but nothing too crazy. I am happy to share the lease I used if you would like.

Pros:

1) A lot less work to manage

2) They paid on time every month

Cons:

1) The move out clean was BRUTAL

2) I probably made less $$$ overall - totally worth it considering how much less work it was

I would definitely do it again but next time I would charge double for the cleaning fee. Luckily nothing was broken, but I am having to replace a lot of linens, etc. because they are soiled.

@Mark Miles Genius!!

My two cents...Skip the nationwide search and just look in TN.

AirDNA Investment Explorer demo version will give you all of the data for TN for FREE (last time I checked). 

In general TN is STR friendly and there are plenty of great markets to choose from.

@Benjamin Vail @Luke Carl Thanks guys. My calendar is basically empty so I have an opportunity to delete the listing without having to mess with syncing calendars. 

Like I mentioned above I have a group living there late/Aug through late/Nov.Based on your feedback I think I will take it down and then re-list a week or two before they move out. This will give me an SEO boost right around the time people are booking for the holidays. 

Good to know this is a valid strategy. 

@Marcus Johnson Congrats on your success.