All Forum Posts by: Collin Hays

I am seeing a crackdown on STRs not so much as a result of any hotel lobby, but as a result of regular citizens complaining to their elected officials that they don't like living next to a hotel.

Can't really blame them. It needs to stop. 

We are not a fan of Airbnb. They consistently place homeowners in the position of insurers, all while aggressively marketing their own "insurance" that they practically never pay a claim on.

Highly unethical, and I am quite surprised that Airbnb hasn't faced a class action lawsuit from damaged homeowners.

In 2013, I completely cashed out my $430,000 401K to do just this - buy two small cabins for $280,000.  After my taxes and penalties, I "lost" about $145,000.  Since then, my cabins have tripled in value - worth easily $800K or more, and have produced $696,XXX in rents.  

Don't let tax implications drive investment decisions. Ever.  

This is not sound advice. Buying rental properties in a self-directed IRA is fraught with tax minefields. Been there, done that.

Don’t put too much faith in books, podcasts, and YouTube videos. A lot of this content was produced in the mid stages of a vacation rental frenzy, and those concepts don’t necessarily work any more.

In fact, many, though not all, of these “experts” are washed up and no longer active in the market.

 Google interior photographers in your locale.  

I would recommend MLS and realtor.com.

Buyer beware:  Any "new" cabin built in the bubble period might well be a pile of junk. Most are flimsy, thrown-together with uber cheap materials. 

 You don't want to play a plumber so that your guests can have water? I'd recommend you sell the place and put your money in a good mutual fund.

Cut rates until it rents.