Quote from @Sasidhara Manthena:
Hello,
Happy New Year! Hope everyone had a great holiday season.
I am new to Airbnb. I would like to start out with a 3 bed , 2 bath in Ybor city/Tampa, Florida downtown area. Is anyone doing it already in that area?
I need assistance form the experts on ..
1. Initial setup related with property preparation.
2. Registration with Airbnb
3. Yearly tax management
4. Individual or LLC or Inc .. Which is better to operate this under?
5. What type of liabilities are expected? How to cover them?
6. Is there any better platform than Airbnb? if so pros and cons.
7. What is optimum number of bedrooms to have in that area? I mean which type have more demand.
I appreciate your help.
Thank you,
Sasi M
Hi Sasi, It sounds like you need a property manager! We manage about 90 doors total with many in Hillsborough County and quite a few in Ybor and nearby. Here are some quick answers to your questions, I am happy to dive deeper if needed:
1. We do have an onboarding department who can assist with all set up.
2. We list with Airbnb and all other platforms during onboarding.
3. We remit all your state local taxes on your behalf and prepare a 1099 for you to take to your accountant for your personal taxes.
4. This depends on your personal and tax situation. We can accommodate either. You should consult a CPA.
5. There is liability with any business. We highly recommend additional liability insurance on your homeowners or a separate umbrella. You should consult an insurance professional. It is not too expensive.
6. We list on 15+ platforms including Airbnb, VRBO/Homeaway, Marriott Homes and Villas, Booking.com, JetBlue Airlines, Allegiant Airlines, and more!
7. The more bedrooms the better, but in that area it is tough because most of the houses are small. 3 Bedroom works, 4 bedroom is better, any more would be a positive but very rare.
Do you already have the property or are you shopping? I am also a broker and assist investors in acquisitions in the area. I will send you a DM as well. Best of luck!
