All Forum Posts by: Wilder Fuentes

Great, thank you for the information. I surely will look into those!

Hello BP Community,

Airbnb Host Liability Insurance is a great start for a vacation rental owner; however, what do you look for in a supplemental STR insurance? Any recommendations? - Thank you!

Aurelie Bell

Good Morning BP,

I am ISO of a house cleaning team in the area of JACKSONVILLE, NC for an Airbnb. Thus far, I have received several quotes above $145 - a few companies decline washing linens and sheets. A few declined sharing references, while others merely don't complete W9. 

Would you care to share the contact information for your house cleaning team or a stellar house cleaning team you know about in the area?

What might be a reasonable turnover fee?

I look forward to receiving guidance on this topic by experts like you.

Amicably,

Aurelie Bell

Howdy BP Community,

This question has been circling in my mind, and it's time to get answers.

I recently read an article in a professional publication for realtors that indicated that when one sells a secondary home, the owner will be hit with a tax bill on the profit of the sell. In his case, what is considered profit?

1) The difference between the original purchase price and the sell price? OR

2) The equity in the house + any amount over market value?

Essentially, I am curious to find out if my downpayment, which truly appears as if I have equity in the house, will in turn be taxed upon resell. That would be tragic!

I can't wait to read all the response from experts like YOU!

Thank you for sharing your knowledge and expertise.

@Michael Baum

Thank you for your insight. The property is located in a RMF-HD zone of Jacksonville NC. Thus far, I haven't had any luck with my research of city ordinances or zoning ordinances. So, I am trying a new avenue with the Jacksonville Tourism Development Authority. It is true that Airbnb advertises several homes in the area. Some of which are managed by owners themselves while others are managed by a management company. Quite frankly, I am loosing my Latin here!

Good news (I think) to all of you, who have taken the time to respond to my previous post (What would you do in this situation?)!

Thanks to all the responses, I took the time to circle back to my city's bylaws, and I did not see an entry regarding short term rentals being prohibited. I also reached out to Navy Federal, and the second rider of my home disclosures doesn't mention STR or MTR. In other words, I am allowed to rent the property providing that I continue to meet the 14 days criteria of residence (vacation home loan) and I do not relinquish control to a management company. The lawyer who conducted the closing confirmed the later.

With regards to the response that I obtained from a member of the Planning and Permitting Division and the city not "permitting" STR , my lawyer's response went something like that - "permitting" as if "issuing a permit" or "allowing." My lawyer continued by saying - I own a rental in your city and know quite a few others who do as well.

So, with that said, what are your thoughts on the lack of details regarding STR in my city bylaws and my lawyer's response with regards to operating a STR anyways?

I am eager to read all your response that are thought provoking and push me forward on my real estate journey - thank you, thank you, thank you!

Thank you everyone for participating in this discussion, this was truly helpful!

 Hello There, 

Thank you for your response. This is a good point! 

Here is the thing, the city doesn't allow STR (Although I have seen a few folks advertising their property on AirB&B as STR), and my lender doesn't allow LTR. Looks like I am walking a fine line.

Hello BP Community,

In September 2022, I have acquired a property in North Carolina, which I plan to make available as a medium term rental. This will be my first MTR. Unfortunately, it look like I need to wait 1 year cycle prior to launching this business per closing documents with Navy Federal - this is a secondary home loan.  Rehab and furniture purchase is underway; however, waiting 1 year is a long time, and I was wondering what else should I be doing to prepare for the day I will advertise my MTR in Airb&b. What would you do in this situation?

I look forward to receiving guidance from this community.

Thank you,

Aurelie Bell