All Forum Posts by: Stephanie Peterson

Hello All,

I have a short term rental, that is not in an HOA. My neighbors called the city code enforcement officer stating I am running a commercial business out of my home. I spoke with the city and was told short term rentals are fine to do but I cannot host events. I had approved a few groups of people to host 15/20 people for a baby shower via Peerspace and Airbnb. So I stopped hosting anything other than short term rental stays ( although is such a grey area to me because can't you legally host and the family booking your airbnb use the space how they wish?)

I did make a mistake of making a website for my space and using it for direct bookings, and the city has copied my website and claims this is proof of "Residential Home being used as an event rental facility"

I removed the website but got ANOTHER letter form the city this week saying my neighbors have sent in yet 4 more complaints of my home. I would like to say we've not had any bookings for over a week.

Overall I just need some legal advice if anyone wants to become attorney.  ha! 

So I feel like at this point it won't matter who is in my driveway or how I book guests, my neighbor  will call to complain because they are doing what they can to get me to STOP renting my space in any form.

Also I would like to add this home was in bad shape and we fully renovated it. I have been kind and I try my best to do what is right. So this is beyond frustrating to me.

Thank you,

Stephanie Peterson 

Hello All,

I have a rental property (cabin) that does well, but it has some overhead that I want to get away from. HOA fees, propane fees and the location could be better. This house is also at the point that it needs upgrades. I am not against upgrades but is it better to invest 30k back in or 1031 up? With rates being higher I will lose cash flow but I can refi if rates drop again?

I have about 300K in equity if I do a 1031. I want to buy a newer property with a bit better location, no 4,000 a year HOA and no 3,000 year propane bill lol

What do you think? I ran numbers and my cash flow is reduced because of interest but in the longer game I think I could take advantage of the equity..........

What would you do?

Thanks so much!

Stephanie 

This is the perfect response! THANK YOU! I only have 3 properties so I will stick with Stessa!

I really appreciate the in depth response! Very helpful. :)

I have a bookkeeper you may like that uses QB. I will share here info here!

Hello All,

I use Stessa but am looking to change to quickbooks because I can't reconcile my accounts quick and easy on Stessa. Maybe I am not seeing how to do this but I am curious what others are using to track their businesses? 

Thank you!!

Stephanie Peterson

Hey! 

I manage my STR's long distance. Rather than looking for books specifically for STR teach yourself about PM and hospitality.

I've found that asking your real estate agent for whom to contact as far as " boots on the ground" is a great place to start. I wish you the best of luck! 

Stephanie 

Hello All!

I am looking to buy my 3rd investment property, but I am running into the issue that I have to have 20 percent down because this will be an investment property. Anyone have other advice or options? I'd like to not have to put 20 percent down. :0)

Thank you!!

Stephanie

Thanks!