All Forum Posts by: Jeff Oberts

Thanks, Julie!

Hi, guys! I'll double check with our attorney or accountant, but does anyone know if a STR property, purchased under a residential mortgage as a second home, is covered by an LLC (should I choose to form one), from a liability stand point?

Thank you!

Thank you, Gord!

Message sent, Lucas. Thank you!

Thanks, Jon!

Great.  Thank you, guys!

Jeff

Hi all!  I've searched but did not locate any spreadsheets that you all may have shared for revenue and expenses.  If you could possibly share any spreadsheets or templates you use to help me develop my Excel spreadsheet, I would greatly appreciate it!

Thanks,

Jeff

@Paul Sandhu   Thanks for the response Paul.  All the points you mentioned will definitely have to be taken into consideration.  Luckily, our current jobs will allow us to get away at a moment's notice in order to respond to any emergencies at our property.  Also, we plan on researching all housekeeping and maintenance options in the area, prior to making an offer on a property.  We have done extensive research up to this point on taxes, insurance, marketing, legal issues etc., and have spoken to many accountants, attorneys, insurance agents and other VR owners.  Although we cannot prevent (most likely) all of the things you mentioned from happening, we plan on being as prepared as possible prior to jumping into this business.  

Your post definitely made my wheels turn, though, thank you for that.  It's a reality that I no doubt will have to deal with at some point.  I realize we'll take our lumps when starting this business, but it won't be for lack of preparation.  We'll just have to troubleshoot, grow, and learn from our mistakes as challenges arise.

Thanks, Paul.

@Lucas Carl   Thank you for the response!  I did not know Airbnb and VRBO were planning on collecting and remitting taxes.  Is that in all areas? 

The other guy actually approached me to become part of the business.  He is a very good friend (I was his best man), and together we can pool our money, brains, resources, researching, workload etc.  I have contributed a lot of things he had not thought of, and he has as well.  He is also very skilled in the IT world (I have some IT knowledge but not nearly as much as him). Together, I believe we're off to a pretty good start on this journey.

Thanks again.

Duly noted!!!

Thanks, Paul.

Hi all! I am very new to the VR business (still in research mode!), and could use your help. My business partner and I are looking to begin this journey by purchasing one VR lakefront cabin in Wisconsin. I could (and probably will!) ask 1,000 questions from now until then, but tonight's puzzler is should we form an LLC? I've read a few people state that an LLC isn't an option if you have a mortgage on the property.

Also, what licenses and permits will we need?  Is it worth paying $99 to a business who researches and notifies us about what permits/licenses we'll need? 

We are grateful for your help, and your precious time,

Jeff