All Forum Posts by: Andrew Steffens

Hey Alex - I am in FL and not an accountant at in any state but this really is a question not just for any CPA but a CPA with real estate experience and in CA (or very well versed in CA law and practices). We do have clients who have out of state LLC's owning property here in FL if that info is of any use to you.

 I agree with the other comments above, but if you really want to know average annual occupancy rate as well as average nightly rate, we (as a 60 unit management company) use AirDNA.  Analyze the comps and weigh the ones most like the subject property heavier.

Hey Matt - Im not a lending professional but have some experience in this. Did you purchase it with a FHA, Conventional, VA or other loan?

We use Streamline which is designed for Property Management Companies.  They, as well as other software, handle this and more.  If you are only listing one to a few properties it likely is not necessary, or there are lighter software designed for smaller portfolios.

We use Streamline - which is designed for medium to large Property Managers.  However, they do have an app for cleaning and maintenance which integrates reservations and can incorporate checklists and work orders etc.  Hope that helps!

 Thanks Luke!

Hey Michael congrats! We own a local STR company in Tampa/Cleatwater/Saint Pete. We do STR and Mid Term Rentals. I am going to shoot you a PM now. I look forward to hearing from you!

Tampa Bay Area (Clearwater/Saint Pete)

I cannot speak for the Smokies but on the Suncoast of FL the more bedrooms and bathrooms a place has the income increases exponentially, not linearly. 

For example and using round numbers: A 1/1 will do $20k a year, a 2/1 will do $30k a year, a 3/2 will do $80k a year, a 4/3 will do $140k, a 5/4 can do $250k a year.  There are obviously many other variables to consider such as location, finishes, amenities, etc.

The reason for this is supply and demand.  If you do a search on Airbnb as a guest and look at 1 bedrooms you may find for example, 3,000 options (not to mention you are competing with hotels, 2 bedroom (still sort of competing with hotels) 1,200 options, 3 bedroom 600 options, 4 bedroom 200 options, and 5+ bedrooms 100 options.  There are a lot of large groups out there or smaller groups who desire and can afford larger spaces.  You become one of the only games in town and can almost set your price in times of peak demand.

I hope this helps!