All Forum Posts by: Luke Carl

Julie McCoy and Kevin Lefeuvre summed it up perfectly but I’d like to add that if this property is financed you’ll have to refinance it into the LLCs name so ask yourself 2 questions 1. Is it worth the extra ~5k plus LCC fees 2. Will your bank even let you hold the property as an LLC. And think of it this way if it’s a 200,000 property that is financed and you owe 150,000 what can they come after? The 50 grand in equity you have? If you’ve got 1 million in insurance and your platform (AirBnB vrbo) also give you 1 million in insurance, why form an LLC to protect 50 grand when you have 1 millionX2 already? Julie is right though look into umbrella policies. **Google “business attorney” in your area and call and ask some question as we, (especially me!) are NOT legal experts.

It is my belief and the general consensus of the regulars on this forum that airdna is a joke (correct me if I’m wrong. AGAIN. Paul Sandhu Julie McCoy Avery Carl Sorry Big John and Jeff it wouldn’t pull your names up). Airdna is perfect for over thinkers who want analysis paralysis. Call me crazy but from watching this forum every day I really do think there are some people that are subconsciously looking for an excuse NOT to buy. Do your own market research. Study AirBnB.com and vrbo.com in the area you’re looking and in the property size/style you’re looking at. Send other owners messages and see if you can get them to talk to you. I’ll be happy to answer this question again next week :) Good luck we’re here if you need us!

Hey @Kennith Osborne

@Jeff Piscioniere is totally right! 

and @Avery Carl is also right! She is always right. 

We love the area! In fact I was just looking at pictures of the view from one of our porches when I got the email the Avery tagged me. 

Also... to your point that there are many for sale.... It's important to remember there are around 10,000 of these cabins in the area. Lots of folks assume there's a small number of cabins. Not true. The area gets 12+million visitors per year. Folks need a place to stay! 

Happy to help! 

@Jay Fradd is right. In this market you can make big returns if you are willing to self manage. Which is easy, I self manage 5 cabins remotely with a day job. At 250k I could gross 40k on the very low side but I’d be pushing for 45k+ 

@Paul Sandhu we too have chickens. And too many. And way too many eggs. You're my hero. 

** Sits here anxiously awaiting @Paul Sandhu reply

But no seriously. Don't do it. You could do it if the host has an excellent track record and lots of reviews and looks like they know what they're doing. But..... the short answer is don't do it. 

If you want to rent the condo my advice is just do it yourself. It's easy I rent 5 of them remotely with a day job and more properties locally. One condo will take you 2-3 minutes per day and you'll enjoy it. 

How to sync the Calendars between the two major platforms: On AirBnB go to Calendar. Click advanced settings on the top right. Click export. Copy and past. On VRBO, once the property you want has been selected click Calendar on the left or hover over it and select Reservations. Then click the button that has an up and down arrow. Select Import Calendar. Then Paste. Then do the reverse. VRBO Calendar on the left side then Reservations. Click the Button that has an Up and Down arrow. Click Export. Copy and paste the URL. Go back to AirBnB. Click Calendar. Click Advanced Settings. Click Import. Paste. The process is basically the same with the little guys too like tripadvisor booking.com etc I did all of that off the top of my head could be a bit off but I think I got it right. Good Luck!

@Paul Sandhu refering to me as the resident expert of anything is an honor. 

@Simone Koga I manage 5 properties remotely with a day job. It can be done. 

Otherwise some pretty decent advice above. Althought I would not rely on any sort of "company" to do anything. Hire people to work for YOUR "company" otherwise someone is generally taking a cut of your profits. Just because you're in a different state does NOT mean that you're not the boss. It's your property, YOU are the boss. 

And.... it's true.... In this business, if you're not self managing, you're not making money. 

Good luck! 

what @Julie McCoy said. 

When I was getting my first VR policy I called 48 different insurance providers and asked them 24300 stupid questions. Eventually I found 3 or 4 I thought were worth reading through the policies. 

You've got 24299 more stupid questions to go! 

@Paul Sandhu I tried that. No one wrote me back over there either. Thought maybe I'd get a bite over here on the page I frequent. Guess not lol