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All Forum Posts by: Tyler Work

Tyler Work has started 3 posts and replied 169 times.

Post: Investor Airbnb conversion and remodel

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

Hello BP community!  I run a very small Airbnb property management company in Colorado and I recently had an investor ask me for guidance on upgrading a run-down duplex and optimizing it for Airbnb.  I wanted to see if anyone out there had success converting their rentals into Airbnb or if there were any property managers who had success advising clients on home improvement projects.  I am also being asked to find contractors, kitchen/bath designers, painters, etc so they are really letting me run with the project, although needless to say I am nervous doing this type of consulting since it is not my money being invested.  Would love to hear success/horror stories and also had some general questions:

-Has anyone had success using interior designers or online interior designers such as Havenly?

-Kitchen and bath designer typical costs

Thank you!!

Tyler

Post: Question for Airbnb Co-hosts / Property Managers

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

@Selena Walsh I do the same here in Denver.  I think its wonderful that Airbnb pushes hosts to keep the personal touch and keep property managers out of co-hosting but the reality is that running an AIrbnb is a business and property managers are a much needed part of the short term rental industry.  As Airbnb grows guests expect better more “hotel like” service, and here in Denver you may only rent out your Airbnb if it is your primary residence.  Therefore many of the current listings are rented out when the owner’s go on vacation and are not available to address guest concerns, further requiring a property manager.

In regards to your post I also use a property management agreement that says that I am acting as a manager in regards to my LLC, not as an individual. This agreement is signed with the owner and is totally separate from the Airbnb agreement. I also have a $1 million general commercial liability policy that covers me if anything were to happen. I am definitely going to ask my lawyer how co-hosting as an individual would change anything regarding my agreement or insurance coverage but I currently have no idea how the Airbnb terms and conditions come into play, although I doubt they have read them in any detail.

I also know that the larger property management companies take your listing over completely and don’t use the co-hosting feature.  Some of them leave your photo and profile but change the bank account to their account info and pay the owner monthly, similar to a traditional property management service.  I will probably eventually have to go to this but for a small PM company with little reputation, you can imagine some owners are weary of turning over all their payouts to a small firm, so for now the co-hosting feature works great.  

If you find out more from your lawyer I would love to hear how it went and anyone else’s opinion on this matter as well.  Hope this helps!

Post: Buying a property to live in and Airbnb in Denver

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

Hi @Tiffany Miller sorry I'm a bit late to the party here.  I recently did a cost projection for a duplex in East Colfax. I use my subscription to the AirDNA investment explorer for market data and would be happy to share some insight.

Best,

Tyler

Post: Vacation Rental Management

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

Hi @Adam Faber, welcome to short term rental management!  I manage 9 properties in Denver and it has definitely been an eye opening and exciting experience.  Feel free to connect if you'd like some insight on getting your business started, it has its own challenges that traditional property managers don't have to overcome. 

Best of luck!

Tyler

Post: Should I build a tiny cabin as a STR?

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

@Ryan Evans I think you could have the potential for a great Airbnb if you can navigate the laws and taxes which @James Carlson explained.  I also think @Aaron Mazzrillo has some great points, but not every Airbnb needs to have full running water and bathrooms.  Check out the most wished for Airbnb listing in the country:  http://www.today.com/home/airbnb-treehouse-themost...  

It has no bathroom!  There is one nearby, but my point is don't rule out a great potential because your property lacks common amenities.  People are looking for cool and unique experiences and if the space and surroundings are beautiful and accessible, people will rent it.  

I've seen some listings use a composting toilet and reclaimed rainwater filtration system for applications in mobile "tiny houses", which sounds like what you're going for.  The tiny house thing can be very cool and there is definitely a niche market for that type of thing.  

As far as managing the property, it is going to be tough to find a cleaning and linen service to turn over your unit if it is somewhat remote.  I would suggest making a deal with a nearby property owner or someone who lives close who is looking to make the extra cash.  There are also PM companies that can manage remotely if you don't want to deal with it at all.

Hope that helped!

Post: Newbie here in SWFL!

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208
Berea Fair hello! David Healey had some great points and covered most of it. There is another way to find hosts called the "co-host" feature. Airbnb allows you to find other hosts in your area and will let you communicate with them. The only other way to do this that I know if is to pretend like you are inquiring about an Airbnb to stay in. The co-hosting feature can be a good way to pick the brains of your fellow Airbnb hosts, I found a great cleaning crew this way. Hope this helped! Tyler

Post: Do you need a Real Estate license to manage vacation rentals??

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

@Marc Cunningham I would be very curious to hear what you find out as well.  Airbnb is really pushing their "co-host" feature which allows anyone with an Airbnb login to "help host" someone's listing.  If you actually require a license in CO to manage short term rentals then basically everyone on the Airbnb co-hosting platform is breaking the law.  Airbnb markets it as Jimmy from next door helping out with guest communication, but in reality its a property management feature. 

Co-hosting allows property managers to collect a percentage of revenue along with any cleaning fees, if applicable, directly from Airbnb so there is no need to collect any payments from guests or owners except for incidentals and property maintenance.  

Post: Do you need a Real Estate license to manage vacation rentals??

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

@Alex Zemianek I would recommend calling other vacation rental property management companies in your state and asking if their employees are licensed real estate brokers.  In Colorado, you do not need a license, but in PA you do, so it does vary by state.  I've found that talking to your local real estate board doesn't help since most people are unfamiliar with what exactly your role is as a short term rental property manager.  It sounds like you might want to get your license anyway, but I found out in Colorado by calling my competition and talking to  a real estate attorney.  Hope this helps!

Cheers,

Tyler

Post: Renting vs Airbnb with Walkout Basement in Thornton

Tyler WorkPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 179
  • Votes 208

@Ericka Medina have you looked into what the local laws and taxes are regarding short term rentals in the city of Thornton? Also, does the walkout basement have its own entrance or do you have to enter it through the main house?  In my experience most Airbnb guests don't really cook, especially in smaller listings, so I don't see the stove top as being an issue.  As long as you keep an accurate listing regarding the amenities in your Airbnb, no one should complain about it.    @James Carlson might know more about laws in Thornton, but they are probably pretty similar to the laws in Denver.  

Thanks!

Tyler