All Forum Posts by: Wesley Myers

Reading another post about people stealing items in STR's got me thinking about damage or security deposits. Do you use one? If so, does it work? If not, why? How much do you typically "hold"? How do you handle stolen items and this deposit. Very curious to know.

Thanks. No big renovations just redecorating pictures, furnishings, lights and some appliances. A few thousand dollars worth.

In the process of getting our STR ready for next season to begin renting in March 2021. We've been spending quite a bit of money updating but I just realized we won't be able to claim these expenses in 2021 when it's producing income because we're spending the money now. Is this correct? Really don't want to wait until 2021 to finish with the updates as we're trying to get er done. Am I missing something here?

Another question. How are you paying yourself out of these accounts? Can I just transfer money out of the business account to my personal accounts?

@John Underwood yes we’ve been doing that already. Trying to offer what everyone else does and more.

Found the enemy post. Great info!

Other than going through VRBO or ABNB and looking at similar properties how do you determine what your nightly rates should be for specific days/months/seasons of the year?

On another post someone mentioned “fierce pricing” to obtain less reservations but the same income as if you priced it lower with more turnover. In theory less wear and tear on the unit itself, furniture, less cleaning, etc...

What’s your method for determining your nightly rate and how do you ensure your maximizing your potential?

This forum is awesome. I've learned a TON as a new REI. Adding these to my "list".

On the LLC establish it in just my name or myself and my wife?

@Luke Carl

Thank you sir!!