In my book, I share an example of a DIY Landlord who lost over $20,000 in two years with just one of her five properties.

The plan is to put the rentals in SCH E of our joint return and file with TurboTax-We live in Florida-Leases under my wife's name, Airbnb app under my name, dedicated bank account for all rentals activity in the name of both-We have umbrella policy for liability protection for the rentals-We leverage some contractors (for example cleaning lady for the Airbnbs or lawn maintenance guy) that we pay >$600 for their services in a year and they are not our employees.

But, when 1 party has a clean sweep that means a lot of legislation gets passed, and that spokes the markets.  

Note: Our initial goals are to wholesale to build immediate working capital (targeting $150k) and hold for cash-flow to build 10k/mo FCF (free cash-flow).We have made some cash buyer connections, identified and underwritten potential deals on hundreds of current deals, and developed professional relationships in our target community (cleaning, construction, governmental). 

I’d be miserable if I had to drive in traffic to LB every week to clean trash.

Can you imagine taking a couple days off work, looking for a new place, paying for new applications, putting down deposits, renting a moving truck, finding friends to help you move, paying to clean your old place, and so on to “Save” $300/yr? 

Newer appliances, free nice laundry, 2nd floor, yard space, storage, clean bathroom, included heat, installed window A/C.Appraisal suggested the unit was worth 2,300 a month, which I felt was a bit high, so I listed it for $2,150 with no move in fee and a 2k deposit.

Signs of this are poor lease quality, maybe M2M tenants, high expenses (unnecessary things like high trash bills, internet, cleaning, security).

I am a big DIY guy, however for those jobs that are too big or just not interesting enough I sub contract my own jobs and hire the skills I need for the task at hand.

Will you lose money on the clean?