All Forum Posts by: Rachelle Bisaillon

Hi All

I am a STR expert but new in the long term rental game. My previous LTR were professionally managed and Im trying to do it myself this time.

Questions: 

What kind of application do you have them fill out?

What tenant screening tools do you use? Currently using SmartMove and Im not impressed but dont have anything to compare it to.

What are your requirements?

What documentation do you ask for as proof they can pay?

*I had someone apply for my rental but there were two fraud alerts that popped up on one adult, 2 collections and 4 late payments on the other though the credit score is 725. They also are quick to want to move in which makes it seem like they are jumping from place to place. Something seems off. They both work for themselves so I suspect that the income proof might be untraceable. 

St John here.

@Richard Bechtol So essentially are you saying that you would establish the property in an LLC and then have the trust work as a holding company and have the LLC in that? I also heard Delaware is the best state to do this? Thoughts? Thank you!

@Kerry Hoyle I am a STR manager in the Caribbean and have been considering jumping into the Blue Ridge market. Keep us posted on how you're doing! Also post the link! Looking for a vacation up that way to check it out.

@Dell J. Good to know! Thanks for the heads up.

@Dell J. I am in St John and haven't seen any issues with sarcasm. Lived here about 25plus years and can only remember a handful of times that it was any kind of issue at all, if that. What island are you referring to? St Thomas usually runs about the same as St John. Are you referring to St Croix maybe?

@Simmy Ahluwalia

No this project is in Florida but I am an US Virgin Island resident of 25+ years and a realtor there so I am always interested in lenders that supply creative loan products there so feel free to send along if you have anything or know of lenders in the US Virgin Islands.

@Mike Lambert

Hey Mike

What area of Mexico are you talking about? I had looked at Tulum but heard but heard there is an over saturation and they are not getting the occupancy and they are still building. Im concerned that the bad press they have been getting over last 5-8 years about killing Americans will make it worse. Ill be there in June so I will check it out again but open to looking at other areas while Im there but not convinced. Would love more details for further investigation.

@Jared Beard Feel free to message me and Ill send my contact info.

@Kingsley Thomas Yes living and working in Paradise is different than vacationing and has its challenges, that's for sure. 25 plus years here. Lost 3 businesses and 5 properties in Hurricane Irma. Life is def not always easy as they want you to believe when you look at the island magazines. But I def live in one of the prettiest places in the world.It makes going on vacation hard because I can't find anywhere prettier. LOL

I am sure this is a big no but can you 1031 a property and then buy a house that you also own but under a LLC? Trying to move the money to build on second property without paying tax on sale of first. LMAO It was worth the question.