First time landlord trying to avoid world of hurt
Hello all, I am in the process of closing on a beach property and essentially just going for it. I’ve had decision paralysis for years and just decided to take the plunge in an area that my family and I also enjoy. There is almost too much information out there. Any simple Checklists or navigation systems you all used on your first rental. This is also our first crack at real estate.
From the ground up; having the property in an llc, assert protection, cpa who is aware of our plans, Logging hours, starting a website, insurance, management etc?
Worth having any coaching for this process? Any guidance in educational resources and manuals would be great. Thank you all for your vast knowledge.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
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#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
Congrats! My two cents on the items you specifically identified:
1) LLC - An LLC really only protects you from contract disputes not liability. Make sure you have a good STR policy and/or an umbrella for liability protection. If you are doing an STR loan many will allow you to close in an LLC, but if you are doing conventional financing it will have to be in your personal name.
2) Logging Hours - If you are doing the cost seg this year start logging hours now. Get a good CPA for guidance on what counts and what does not. Plenty of free apps around, a spreadsheet is also sufficient.
3) CPA - I recommend Aiola CPA and @Christopher Tile. You can also DM me for their contact.
4) Website - Not really needed for 1 unit but if you must I hear good things about Houfy.
5) Management - If you are doing cost seg you will need to self manage to get hours, or find a limited service management company. I have a limited service product in FL where we handle everything but housekeeping and maintenance which would allow you to get enough hours to claim the benefit, but not sure where you are and what options you will have.
I could go on for hours but if you have more specific questions I am happy to answer. Take a deep breath and break everything down into sections and bullet points and build a plan around the blueprint. You do not need coaching, everyone here has plenty of experience and are willing to help. Good luck!
- Andrew Steffens
- [email protected]
- 813-563-0877
