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20 January 2025 | 8 replies
., desks and Wi-Fi for professionals, cribs and baby gates for families).Evaluate Your Own SpaceYour property’s layout, amenities, and location may naturally cater to a specific audience.A cozy 1-bedroom apartment downtown might be ideal for professionals or couples.A 3-bedroom house with a yard might appeal more to families.Proximity to nightlife might cater to party groups.Experiment and AdjustIf you're unsure, start broad and monitor who books your property.
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10 January 2025 | 9 replies
With your background in lease management and site selection, that could be a natural next step.Regarding STRs, I can understand the hesitation—accurate expense tracking is critical, and not having that data can make evaluating deals frustrating.
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19 January 2025 | 56 replies
So when we did not receive any response to our emails for several days, this naturally triggers concerns and emotions.
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9 January 2025 | 18 replies
Quote from @Michell Chase Chase: I registered my LLC in Wyoming and was not told anything to that nature..but my investment property is in NY so I also have to register my WY LLC as a foreign entity LLC in NY as I will be generating income in that state...
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6 February 2025 | 58 replies
You just need someone who understands the "block-by-block" nature of the city and surrounding areas.
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6 January 2025 | 2 replies
Due to the nature of the shorter lease terms, I am spending an excessive amount of time updating my Excel spreadsheet, MLS, business website, Airbnb, VRBO, and other platforms.
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30 January 2025 | 47 replies
Human nature is fallible and any business that exists out there is run by humans.
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9 January 2025 | 16 replies
@Matt Meier, thank you for being sensitive to the lenders and their commission.
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29 January 2025 | 20 replies
You should have a good idea of every expense you have in your primary home, then add the STR specific: (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal: $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses.
13 January 2025 | 7 replies
We are seeing big increases in HI because of the natural disasters in FL, CA, etc.