All Forum Posts by: Tyler Work

@Sam Crochet I've been on the other end of the deal, but make sure that your homeowners/landlord policy covers vacation rentals i.e. subletting for stays of less than 30 days.  This is an item that might be easily overlooked.  

Hey @Brent Blum you can always sign up for Smartbnb and set up email alerts to anyone you want and hire a Craigslist 1099 contractor if it is just one or a few properties.  I've got a craigslist ad I can send you if you'd like just shoot me a PM.  

@Travis Rasmussen @Julie McCoy

Maybe I'm missing something but Airbnb and VRBO charge much more than 2.5%.  VRBO charges either $500 per year or ~15% per booking to list on their site and Airbnb is about 4% on the host side and about 15% on the guest side. 

Airbnb is the cheapest on host fees and an incredibly valuable platform in Denver where we operate.  I look at website as a bonus that you build over time.

One other thing I've had success with is creating and promoting a Facebook page for your property.  Eventually it will show up on Google search results.  Awesome to hear @Peter Hagemann has done so well with his website.  As he said, I think its more of a guest benefit.  Does it translate to more money in your pocket?  

All, just curious what the tax benefits from having the home in an LLC are? I'm guessing there are more expenses you can write off?

I had a client/colleague who recently went to sell their property in Tennessee to buy in Denver. The property was in an LLC and they wanted to do a 1031 exchange. They ended up having to get a commercial loan at a higher interest rate than a regular mortgage. I'm sure there are ways around it but having the home in an LLC created huge problems for this couple when they went to do a 1031.

@Tanner Crawley I have no experience personally working with any but L&D construction is constantly having ADU events/meetups and it looks like they have a lot of experience building them locally.

@Matt Loewenstein I found this info for Philly.  Looks like you can't have more than 3 unrelated guests staying in a home at any one time.  This could be a real deal breaker if this law is enforced and will limit your ability to make money.  Also make sure you factor in 8.5% hotel tax as well as any applicable state taxes.  

http://www.phila.gov/li/PDF/Limited%20Lodging%20Information%20Flyer.pdf

@Benjamin Ervin awesome remodel!

Just curious - what do you think your profit would have been if you financed the property and had the work 100% contracted out?  It looks like most of your profit is coming from you doing a lot of the work and paying cash.  

@Chris Baber you could also try posting your question on the Vacation Rental & Airbnb Investors Facebook group or some of the other Airbnb focused groups online.  I guarantee there are a few that use Vacasa and can speak to their experience personally if you're having trouble finding someone on BP.  

Thanks for the shout out @Travis Rasmussen!

@Tim Walker I manage a property near 38th and Pecos and it does fairly well, but it is in Denver and very close to downtown.  If you shoot me the address I'd be happy to provide my thoughts.  

@Amy H. you should talk to @Craig Curelop he is the shared-space Airbnb king in Denver.  

I would make sure your homeowners policy covers "shared areas" and not just the specific bedroom you are renting.  

Everyone I have talked to who rents out individual rooms loves it.  You have to be a specific type of person and be comfortable with strangers sleeping in your home, but I think once you get over how weird it is at first it can be a cool experience.  Just make sure to protect yourself!