17 May 2024 | 5 replies
I mean once you talk to them, it's pretty easy to spot if they know what they are talking about.I've work on STRs before and to be honest, it is not the most fun aspect of accounting because the volume of allocating income from all sources (airbnb, vrbo, stripe, direct booking, and so on) to a bunch of random expenses (cleaning, supplies, repairs, advertising, commissions, and all typical real estate expenses).I had to strictly rely on the client's input on what the expenses belong to which property or even units, if the paperwork doesn't say.
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16 May 2024 | 2 replies
They take 40% as a management fee and charge $30/cleaning.
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16 May 2024 | 1 reply
I live in Phx,az and recently friend of mine sold his bank (ex bank of america) literally as is and profiteed $300k , he purchased it right out cash last year (I think) and it was in real bad shape in a shady part of town, before him taking possession of the bank homeless people where living inside it an using the bathroom anywhere in the building, he put maybe less than $5k in just cleaning it up and just a couple of days sold it.Basically the idea is to find super cheap homes in ****** conditions but the price is so cheap that you could still make profit by selling as is, investing as little as possible..
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16 May 2024 | 4 replies
As far as I know neither of these are a necessarily deal breakers but just means we need to have really good logs to back this up in case of an audit.4) I have a management company handling the scheduling of guests, cleanings after guest leaves, and check-in/check-out duties.
16 May 2024 | 7 replies
I handle early terminations basically the same way.It also gives the tenant an incentive to leave the property clean and move in ready
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17 May 2024 | 25 replies
I have a clean criminal background, and the 3 evictions have all been dismissed.Sadly I heard a realtor(here) make the claim that people who get evicted had to be due to neglect to pay their rent.
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16 May 2024 | 8 replies
Make sure when you amend the lease that you include the tenant needs to care for both appliances (ie clean the lint trap after each load) and use appropriate detergents.
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15 May 2024 | 35 replies
Zillow says it’s worth over 500k, but there are things wrong with it: The pellet stove needs a new tiny door to work, two sliding doors are off kilter, needs some cleaning and the deck could use painting.
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16 May 2024 | 22 replies
My STR and LTR's are all schedule E.Unless you are cooking them breakfast or offering daily cleaning with a turndown service you will be on a schedule E.
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15 May 2024 | 23 replies
No need for any overpriced education, just read books on real estate investing during your down time (I would recommend the "ABCs or Real Estate Investing" by Ken Mcelroy if you are brand new) and listen to the BP podcast when you're commuting, cleaning, cooking, etc.