All Forum Posts by: Tyler Work

@Jennifer Soelberg I get brand new mattresses from a local vendor for 50% off if you agree to advertise their brand in the listing.  It lets guests know that they are sleeping on a nice new mattress and gets you and your clients super cheap beds. 

Hey @Jim Sestito we had a pipe burst in one of my properties recently and I rebooked the guest quickly at a local hotel for the same price and they were thrilled.  Technically you only need to cancel but guests very much appreciate it if you can go the extra mile and find them alternate lodging.  

@Linda Weygant I used to remit this way but was told by city that this was not allowed.  They used to have a document online explicitly stating not to "bake the taxes into your rate" but have since taken it down.  You probably know better than me but I did find this online for those trying to make a science project out of this:

https://www.denvergov.org/content/dam/denvergov/Portals/571/documents/TaxGuide/Short_Term_Lodging_Rentals_at_Primary_Residence.pdf

@Jason Henning I spoke with someone on the STRAC (short term rental advisory committee) earlier today and they said Airbnb is collecting tax "soon", whatever that means.  

In the meantime - hosts have been using the Resolution Center to collect tax after they book.  The 10.75% is calculated based on your booking rate + cleaning fees or any other fees required to "secure the booking".  

I've found that guests think you are scamming them when you go to collect so I'm paying the tax out of pocket and counting down the minutes until Airbnb can start collecting and remitting on behalf of the city.  

Hey @Kevin Wattenbarger I've got a little experience as the tenant.  You'll need to get a policy that allows for short term rentals since you are the owner and have the insurable interest (advice I got from my broker).  This should be a very common policy down there and shouldn't raise your premiums much, if at all.

If he is sharing the profits with you it could be a great way to boost revenue, you just need to be aware of your increased liability.  Our lease allows it to be sublettable and assignable and also has a 60 day out clause in case the poo hits the fan and your tenant isn't making good on rent or you decide to go back to renting long term.  If he creates an Airbnb (or VRBO, or whichever platform they end up using) profile, you could require him to hand it over to you when the lease ends.  That way you'll have tons of reviews and a proven business model on your property when the lease is up.  

Dare we venture into........ bath mats?!?!?!  

@Erin Carpenter we operate a bunch of them in Denver - all operating within the law,  if you'd like to reach out.  

I second @James Carlson has great info on investing, the laws leave it wide open for Airbnb. I ran some projections on a few sample properties listed on the MLS and the numbers looked great!

@Adam Ferro if your condo's HOA allows it Airbnb can be a much more profitable option. You'll also have to contend with their rules and regulations, the main one being the primary residence rule.