All Forum Posts by: Sastry Srini

@Colleen Cupp I would suggest using TurboTax deluxe , which will guide you through step by step to prepare the taxes. STR is not be very different from regular LTR taxes. TurboTax do provide live CPA support Incase if you signed up for it.

Either way, doing yourself provides familiarity. 

@Luke Carl @John Underwood  Thanks for your comments. I will get the book.

One more question, if you may please answer.. How would  you manage any emergency issues or minor issues guests may have during the booking. Any contact on ground to help out or some other way to manage this?   

Hello BPers,

Thanks for all your posts and knowledge sharing. I see several folks recommending self-manage STRs remotely with reliable  team (handyman+ cleaners) to support operations.  A few basic questions  on on how to manage communications with team and handling emergencies . 

1. Once you get a guest booking, Do you inform the handyman and cleaners informed right away?  Do you share  handyman's number to guests for any emergency issues? Will the handyman also act as a contact, if guests have emergencies or questions ? How often handyman checks the STRs in between  guest bookings? - In short, what are the responsibilities covered by the Handyman and how do you structure the service fees?  

2. Do you need to communicate with cleaners and schedule cleanup every time of guest turn-over. 

3. what is the typical service fee structure for handyman to provide the services outline above? is it on number of bookings or a flat fee? 

Hope someone be kind to share their experiences and best practices to remotely self manage STR .

Surprised Orlando does not show up on top 25.. Any thoughts?

Here is an article from Vacasa listing top 25 places to buy a vacation home. Hope this helps.  

Top 25 Best Places to Buy a Vacation Home 2021 | Vacasa

Snippet from the article..

Top 25 markets for buying a vacation home in 2021

@Basit Siddiqi Thanks for your post. What you pointed out are good guidelines. One other guideline I would add is to check how many properties a PM has to handle-  which has a direct impact on communication and care you would get as a investor. 

While I had my share of  problems with Suncoast, I am still with them. The biggest problem is the communication from Suncoast PMs. That is because of number of properties assigned to each of the Property manager, which makes them impossible to communicate with owners. 

I have seen a little improvement in the communication, but it always a good idea to evaluate periodically and make a decision for yourself.

@Crystal Townley Thanks for your input. Would you please recommend other PMs in Jacksonville area that you are using/recommend. Thanks!

Hello BPers, I have a SFH near to Eastern Michigan University ( AnnArbor zip code). I would like to explore the possibility of converting it to Duplex. Does someone have done this in the past? any pointers on where to start - zoning consideration, feasibility analysis.. etc. Thanks in advance. Srini

@Jennifer Roberts Thanks for starting the thread. I have purchased couple of properties out of state without visiting them. There is a lot of information that you can get online.  Of course, the purchases were applied with criteria like  a) less than $200k , b) brand new or recently built constructions c) B+ and growth market . As long as you can have the criteria met, engage a reliable agent to identify/narrow/negotiate.  BP is one of the good sources you find the agents and referrals.  Good luck with your investments.  

Thanks! @Justin Boltz. Appreciate updating us.  

Here is what I figured out. If I go with a partner ( Joint partner) buying the STR, then my partner ( having no insurance claims for past five years on any of his properties) can get the insurance. The lenders can give loan to Joint owners as long as one of the partners have insurance on the property. Hope this helps someone who will encounter a similar situation. Thanks!