All Forum Posts by: Amit Shukla
Amit Shukla has started 12 posts and replied 36 times.
Post: New STR Restrictions Coming for the Asheville Area
- Beaverton, OR
- Posts 36
- Votes 21
@Mitch Davidson I purchased a property recently and closing in May. Is it true if I rent it out on Airbnb for at least 2 days before the 100 days are over, I should already be grandfathered in?
Post: I was just delivered a lawsuit yesterday
- Beaverton, OR
- Posts 36
- Votes 21
Quote from @Collin Hays:
Well, not really. But I have been before. Now that I have your attention, I want to talk about your and my liability as property owners and what we can do to limit it.
The first order of business when you acquire a property is evaluating RISK MANAGEMENT of your property. I recommend a thorough risk management survey, preferably by a third-party professional that is trained to spot problems. One of the biggest - and often overlooked - responsibilities of STR ownership is risk management. It is your responsibility to ensure that your property is safe for guests. Don't assume that it is.
If a liability claim ever arises against you for injury or death on your property - and it DOES happen - your risk management will be intensely scrutinized by a plaintiff attorney and potentially a judge or jury. If you have been negligent in your risk management, your insurance company could deem your negligence "gross negligence", which means 1) They will not defend you, and 2) You may be on the hook for not only actual damages, but exemplary damages of up to 4X actual damages, depending on the state.
Here are some claims we've heard of over the years in the Smokies:
1. Broken leg due to a fall down rotted steps. $200K settlement.
2. Allergic reaction to yellow jacket sting. Owner ignored yellow jacket nest near the porch. $310K settlement.
3. Drowning in pool. Security gate latch had been disabled. $1.3 million settlement.
4. Car totaled by falling tree that was dead. $44K settlement. Had the car had occupants, there would have been fatalities.
5. Child sustained broken leg and concussion from falling through rail spindles that were too far apart. 3 days in the hospital, surgery. $281K settlement.
Not only is it important to take care of all potential risk management areas in your start-up, but essential that you are regularly checking your property to identify emerging areas of concern.
Stay on it or your day in court is coming.
what kind of companies do these risk management surveys? Any examples of them?
Post: Discount Helix Mattresses
- Beaverton, OR
- Posts 36
- Votes 21
How's Helix compared to Zinus?
Post: Unbooked weekdays and need better content...Marketing Hack
- Beaverton, OR
- Posts 36
- Votes 21
Great insights, Theresa!
Post: Help with AirDNA
- Beaverton, OR
- Posts 36
- Votes 21
Quote from @Andrew Steffens:
What state is it in? I have access statewide to FL.
I know folks here say that don’t rely solely on AirDNA. This is why my original message said that I have done other homework already. Now, need to plug in AirDNA numbers.
Post: Help with AirDNA
- Beaverton, OR
- Posts 36
- Votes 21
Hello
I am planning to put an offer on a property. I have done research in other places, have the proforma etc. I want to double check with AirDNA. Does anyone here have AirDNA pro account and is willing to help run the numbers on a property and the sub-market? I can DM you and you can send me the screenshots, please. l would highly appreciate it.
thank you so much!
Amit
Post: Minut Cigarette Smoke/Noise monitor
- Beaverton, OR
- Posts 36
- Votes 21
Is there anything in the market without the monthly subscription fees?
Post: LLC for vacation rental
- Beaverton, OR
- Posts 36
- Votes 21
If you
- own a short term rental in your name
- have a mortgage on that property
- self manage
Do you still create a LLC to manage your rental business or do you manage it under your name and then file income and expenses as part of your tax filing?
I understand that one needs to have separate bank account and possibly credit card to separate rental income and expenses but just asking about from the tax filing purposes.
Post: Pre and post purchase task list
- Beaverton, OR
- Posts 36
- Votes 21
Quote from @John Underwood:
I know I have seen people posting about this multiple times in the past.
You can search for this on here to find this info.
Thank you, John! I have not seen the list. Do you know what I would search for?
I have seen people posting tips like above, to check for STR license etc. But I'm talking about a comprehensive list of the tasks before and after closing.
If it has been shared before, please let me know and I will do a more rigorous search.
Post: Pre and post purchase task list
- Beaverton, OR
- Posts 36
- Votes 21
I’m sure people who own multiple STRs have all the tasks memorized on what do prior to closing and post closing and before going live.
Wondering if anyone has the task list jotted down onGoogle sheet or Asana for someone else to use it as a starting point.
would love if someone would be willing to share.
Example of tasks I’m looking for are
When: pre-closing
category: design
Task: research on interior designer
When: post-closing
category: team buildind
Task: find cleaner and backup cleaner
The above are example tasks and not meant for discussion. But hopefully, you got the point. I’m looking for task list like this that I can use.