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Looking for advice regarding short term rentals
Posted on 6/12/24 at 8:23 pm
Posted on 6/12/24 at 8:23 pm
We’re kicking around the idea of listing our camp as a short term rental. With young kids, we aren’t spending as much time there. Figured it would be an easy way to cover our cost.
Looking to get a few questions answered and any feedback from anyone with experience.
1. For a mix usage property (personal/rental) what kind of insurance do you carry?
2. Did you move the property into an LLC? Also, what is the process of creating an LLC in Louisiana?
3. What’s your experience with a property manager? What kind of work load is it to manage yourself?
4. What site have you utilized to determine best listing price?
5. Is Airbnb the best option for listing through?
Looking to get a few questions answered and any feedback from anyone with experience.
1. For a mix usage property (personal/rental) what kind of insurance do you carry?
2. Did you move the property into an LLC? Also, what is the process of creating an LLC in Louisiana?
3. What’s your experience with a property manager? What kind of work load is it to manage yourself?
4. What site have you utilized to determine best listing price?
5. Is Airbnb the best option for listing through?
4
Posted on 6/12/24 at 8:55 pm to GeauxTime9
STR and easy don't go together. STRs are oversaturated in just about every market. So that means less bookings and less revenue. Make sure you do a ton of research and see if it's even viable.
STRs are a shite ton of work. Wait until you get the guests that complain about everything. Or lock themselves out at 2 am and can't figure out how to use the smart lock.
I own about 10 airbnbs. I wouldn't recommend it if you're looking for easy.
STRs are a shite ton of work. Wait until you get the guests that complain about everything. Or lock themselves out at 2 am and can't figure out how to use the smart lock.
I own about 10 airbnbs. I wouldn't recommend it if you're looking for easy.
Posted on 6/13/24 at 5:59 am to TheOcean
Appreciate your feedback.
Not necessarily looking for easy, just trying to identify what it would really take.
quote:
wouldn't recommend it if you're looking for easy.
Not necessarily looking for easy, just trying to identify what it would really take.
Posted on 6/13/24 at 6:18 am to GeauxTime9
I somewhat disagree with Ocean - wouldn't say it's easy, but he's painting a picture that it's some daunting thing you shouldn't pursue.
I'll try and help out.
1. No special type of insurance - I'd just make sure you have a decent amount of liability on the policy. You could tell your insurer it will be rented and want to bump it up.
2. You don't have to necessarily move the property into an LLC, but you should run all expenses and income through one.
3. I manage a few properties I own in Baton Rouge and I live 6.5 hours away. Sure I wish I was closer, but there has never been an issue that required me to be there immediately. The main thing is to set it up right on the front end. i.e. smart systems, good reliable cleaner(s), etc. I'd only say a property manager is worth the 30% they charge if you owned a spot on the beach or some other high dollar, high traffic area.
4. I use both airbnb and vrbo. They both have smart pricing systems built into them and I adjust bigger weekends myself.
5. I thought airbnb would be the more popular option but I see more bookings through vrbo.
Hope this helps.
I'll try and help out.
1. No special type of insurance - I'd just make sure you have a decent amount of liability on the policy. You could tell your insurer it will be rented and want to bump it up.
2. You don't have to necessarily move the property into an LLC, but you should run all expenses and income through one.
3. I manage a few properties I own in Baton Rouge and I live 6.5 hours away. Sure I wish I was closer, but there has never been an issue that required me to be there immediately. The main thing is to set it up right on the front end. i.e. smart systems, good reliable cleaner(s), etc. I'd only say a property manager is worth the 30% they charge if you owned a spot on the beach or some other high dollar, high traffic area.
4. I use both airbnb and vrbo. They both have smart pricing systems built into them and I adjust bigger weekends myself.
5. I thought airbnb would be the more popular option but I see more bookings through vrbo.
Hope this helps.
Posted on 6/13/24 at 6:51 am to TigerChamp2009
Pay a management company to handle every single thing. It will be the best 15-25% you spend. Yes it cuts off the profit but it also leaves your phone number off the call list for bookings, issues, complaints etc.
Don’t go cheap on a management company though
Don’t go cheap on a management company though
Posted on 6/13/24 at 7:26 am to TigerChamp2009
I own a couple. Your reply sums up my experience pretty well. The liability insurance is important. We have an umbrella policy tied to our auto insurance and also carry a separate general liability policy.
We have had long term rentals for years and short term for about 5 years. We have had more problems from long term and are slowly getting out of those.
We have had long term rentals for years and short term for about 5 years. We have had more problems from long term and are slowly getting out of those.
Posted on 6/13/24 at 7:37 am to GeauxTime9
Make sure everything is in very good working order. It needs to be better than just good enough for you. One bad review can really hurt you.
Posted on 6/13/24 at 11:39 am to GeauxTime9
I’ve got 3 in Hot Springs Arkansas and all are on Lake Hamilton They rent fairly well. I’m listed with VRBO and AirBnB. I also rent directly through me and save them some booking fees.
I don’t use a management company. I have a regulate housekeeper that I use after each renter. She lets me know how it looked and if supplies are low. I have a supply closet she has a key too and also an owners closet that only my wife and I have access too.
We don’t mind answering calls and clarifying any issues that might arise. We’ve had to make quick trips up there before to fix something that the HK or her husband couldn’t take care of. Not a really big deal.
We enjoy the area so we bought them. I’m not a big fan of the beach, so we didn’t even look at any of those.
It’s a good place to store money if you have a 1031 account that you are deferring taxes, but I wouldn’t sink money into one if I didn’t already have it on hand.
I don’t use a management company. I have a regulate housekeeper that I use after each renter. She lets me know how it looked and if supplies are low. I have a supply closet she has a key too and also an owners closet that only my wife and I have access too.
We don’t mind answering calls and clarifying any issues that might arise. We’ve had to make quick trips up there before to fix something that the HK or her husband couldn’t take care of. Not a really big deal.
We enjoy the area so we bought them. I’m not a big fan of the beach, so we didn’t even look at any of those.
It’s a good place to store money if you have a 1031 account that you are deferring taxes, but I wouldn’t sink money into one if I didn’t already have it on hand.
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