All Forum Posts by: Joe Kern

Quote from @Ahmed Omran:

Hi Joe,

This is normal, but we would only charge our owners 82% percent of the cleaning costs in your situation. We help manage Airbnbs for owners like you and found a way to avoid taking a percentage from the cleaning fee by adding our cleaners as Co-hosts with calendar access only. This way, the cleaning fee gets sent directly to the cleaners, and now we only get our percentage of the nightly rate instead of going back and forth with the owners collecting cleaning fees.

I own and manage a few short-term rentals in Indian Rocks Beach, Largo, and Seminole. If you need any advice or help with your rentals, just let me know: I would love to help

Thanks

 Thank you for the feedback Ahmed! I will be in touch once, would love to learn more about your current rentals within your portfolio.

Quote from @Tim Baldwin:

One thing I commonly see is that PMs charge the guest the cleaning fee. If they are charging you the cleaning fee, perhaps you should inquire why they are not charging the guest that fee. 

Thanks yea it appears the cleaning fee is being charged to the guest but being reported as part of my net take home. So he’s also charging the 18% on top of that while already taking the cleaning fee as well. Feels like a double dip scenario. 

Quote from @Tim Baldwin:

18-22% management fee is common in Florida for vacation rentals. What I question is the cleaning cost bringing your cost to 30% of the rental income...?

Hey @Tim Baldwin I guess I was under the impression 18% was the total covering the PM fees which included cleaning. Now that I’m paying 18% (which includes cleaning fee) then paying out the entirety of the cleaning fee as well feels like double dipping. The 18% in my opinion should be coming out of the net income - cleaning fee since that’s already going to the PM. Cleaning fee has been on average between $175-250 per booking. 

Hello All - just finished setting up and putting my first short term rental live on Airbnb. I just rented out most of the previous month , and agreed to pay the property manager 18% of the booking fee host payout so net of any guest service fees or occupancy taxes airbnb takes.  Now - I just noticed they are taking 18% of that (total payout)  which is inclusive of cleaning fee + nightly room fee (which is fine). But  They are also taking the full cleaning fee as well separately …is this normal practice? I feel like now the effective rate is much higher than 18% (closer to 30% +)  we agreed on… since they are taking 18% of the net total AND the cleaning fee sum. Any guidance would be helpful thanks! 

Quote from @Devin Peterson:

Quote from @Joe Kern:

Hello all ! Just got pre approval for an investment property , and am curious what the pros /cons would be id I added my wife to this as well? Also - I currently have an FHA on my primary which she is NOT on. Can she also use an FHA in her name only, for another property in the future.

Thanks in advance !

You just got an approval for investment property? If it's DSCR the number of qualifying guarantors should not matter. Income is not a part of the preapproval. What type of phone did you get preapproved for?

Hey @Devin Peterson approved for conventional loan options not DSCR yet*

Quote from @Caroline Gerardo:

Are your IRS taxes filed separately 2021 2022? Does she have her own separate W-2 income? Those two things determine the answer. FHA will require a reason in writing that can be verified. "Joe lives in New York and I live full time in Florida, my job is in Florida we live separate lives...Subject property in Florida."

Thanks for the response @caroline  

@Caroline Gerardo we live together and file taxes jointly married so I guess that answers my question on the separate FHA, being not likely. Curious what your thoughts are on benefits if any of adding her to this second investment property vs just keeping in my name. I'm thinking maybe this can keep her record free of any additional debt or could take another mortgage loan out in her name later down the line ?

Hello all ! Just got pre approval for an investment property , and am curious what the pros /cons would be id I added my wife to this as well? Also - I currently have an FHA on my primary which she is NOT on. Can she also use an FHA in her name only, for another property in the future.

Thanks in advance !

Hey All! Looking to purchase a short term rental (airbnb) in Florida and am curious how I would protect myself against potential lawsuits in the unfortunate event of an accident on the property? Is there STR insurance products for this ? Should I look into an LLC? Many thanks in advance!!

Hello ! Looking to Purchase within myrtle beach SC market, and am interesting in connecting with a local agent or to learn about How others have leveraged platforms like Airbnb , local property management ,etc. thanks in advance !

Joe K

Hello ! Starting a search within the Myrtle Beach SC market , and am looking to connect with a local agent who knows the market to discuss working together / representing me as I look to purchase a home I intend to Airbnb within the next 3-6 months. Thanks in advance !

Joe K