All Forum Posts by: Yu Liu

I've mainly looked at Home Depot/Lowes for flooring and larger items and got hardware like knobs, faucets from amazon/wayfair but curious to hear where you all get your materials from

Also, need to get a double vanity for master bathroom, any recommendations?

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Hi @Stacey Reeb, interested! I sent you a message as well!

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Tallahassee, Florida

Quote from @James Curran:

Quote from @Yu Liu:

I can vouch for Kin insurance as well for STR insurance

Yu, is this who you are currently using for Tallahassee rentals? Multifamily?

Yes

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Mine moved last year but I've heard good things about Nancy Sunlight photography

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Quote from @Gena Moore:

Quote from @Yu Liu:

1) Main thing is interest rates are high right now so unless the property is in an very desirable area and at a great price, then it doesnt make sense to buy when rates are 8-9% right now.

2) Marketing platforms, MLS is the best way to go followed by social media group (Facebook groups, etc)

3) what makes a house sell comes down to location and price, but above all price. You could give me the best location but if your house is way above what I could afford, I wouldn't want it.

4) you can look into renting it out if the numbers make sense. I can help you take a look at if MTR would be good, could you do STR?

Hope that helps!

"Main thing is interest rates are high right now" --> This is exactly it.

What is MTR and STR?
I've been in touch with a local property manager. It doesn't look good for renting.

STR = Short term rentals (think airbnbs)

MTR = Mid term rental (30 day stays, think travel nurses or corporate housing)

1 Vote

Seattle, Washington

Kissimmee is the most competitive STR market in the USA so unless that property can beat the 100 nearest properties near you with regard to design, finishes, amenities, etc I would stay very cautious.

I do not mean to scare you but just hoping you quadruple check and confirm your numbers as I know a lot of people struggling in that market. Good luck!

2 Votes

Orlando, Florida

AirDNA has the best data out of all the well known ones out there. With that said, they also have a lot of bad data. The best way to filter out the bad data is to do what Avery Carl calls "the enemy method" where you go on airbnb and look at the surrounding properties over it, look at their reviews and their ADR and their future occupancy to make sure it's in line with what Airdna projects it to be.

So just to recap, my method is to:

1. Look at airdna for the property

2. use enemy method to confirm the property is good data

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Quote from @V.G Jason:

Quote from @Yu Liu:

Quote from @V.G Jason:

Quote from @Yu Liu:

Quote from @V.G Jason:

I assume you're just trying to buy one to off-set taxes? Not sure how it applies if you buy at this point of the year and did such little time with it.

That's the main goal to buy by the end of the year but it still needs to be a good deal, can't just be any random deal that doesnt work. And from what I was told, as long as you can spend 100 hours and more than anyone else to get it set up and it was rented as a short term rental (on average less than 7 days) it qualifies.

Meaning, the minute I close, we spend a week or 10 days there documenting that we are setting it up (10 hours a day would be 10 days) and book it out to one guest for one day, it would qualify for us to take it for 2023.

That's such a short sighted reason to get an airbnb in a highly volatile hospitality segment. I assume you come equipped with significant reserves. I opt for oil wells investing before that for tax offsets.

Well, we were looking in Austin as one potential market but could be somewhere or something else. How do oil wells investing work? and what's the tax benefits of that? Would love to learn more

Direct participation programs-- Kind of like a syndication for oil & wells. Goes in as an LP and you get a 50-100% tax deduction. Higher mins($250k is lowest I've seen). Then you can do working interest if you can afford to acquire one(way higher, think $10MM++), huge tax deductions there too.

This objective of you seems like a CPA told you to go buy a STR to off-set taxes. And you looked at markets and said oh Austin sounds cool.

Interesting, guess I need to consider oil wells in the future then.

And correct, most of my STRs are in FL but my partner has an affinity to Austin which is the reason we are looking there first and thought I would give BP a check to see if there's a possibility there.

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Austin, Texas

Thank you @Nate Meeker, it was more so just an example.

From a math perspective, 1 day with 1 stay, average is still 1 day so I don't see it being an issue but I agree to stay on the cautious side and try to do min two stays with 1 day or something.

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Austin, Texas

All Forum Posts by: Yu Liu

Yu Liu has started 11 posts and replied 245 times.

Post: Where should I buy materials for my rental?

Post: Doing my first flip, where do you all source your material?

Post: Looking to sell to investor/flipper in Tallahassee, FL

Post: STR Insurance in Florida

Post: Real estate photographer referral

Post: Selling - bigger hammer needed - Marketing channels & Financing Avenues

Post: Group consensus on a deal

Post: How skewed is AirDNA???

Post: Looking for Austin home to do STR before end of year

Post: Looking for Austin home to do STR before end of year