All Forum Posts by: Bruce Woodruff

Randy - We just bought 2 fixer uppers in the Prescott area and got into the STVR game. So far it has been incredible, we had no idea what a huge tourist town little ole Prescott was gonna be. Just the town itself, not to mention the surrounding attractions and little towns, not to mention the Grand Canyon up north!

1) Check with another accountant

2) I was never told about this, might be true, might not.

3) No

4) No, just block it off

I don't like the idea of a big company running this for you, try to find a local to help out, maybe a Realtor? And you run the bookings and calendar, just have them in charge of maintenance, cleaning and such.

Just my .02

You can do it your way if you want the extra headaches. But it's not how it's done, ask your accountant. When I was a big-time :-) General Contractor, I used to have a separate bank account for each property, it seemed to make it easier handling the P&L for each job. But if you own a business call XYZ Vacation Rentals, that business owns all of the rentals and they should all be run through the same bank account. If you feel like you have more control know the exact ins and outs of each property, then you can always run separate spreadsheets for each one. Your choice, but you will eventually find your method to be cumbersome and time consuming.....

No experience with renting boats, however the topic caught my eye. My opinion would be that unless there is a huge ROI, forget it.... Not only is there a serious liability risk, there is the general headache issue. Calls, texts, about every little thing.....do you really need that? Even for $100 a day...? You're going to have your hands full just with the rental, why add more potential headaches? Although it does sound kinda sexy to offer a watercraft.....still, I'd pass. Keep it simple is the motto for our 2 rentals....