All Forum Posts by: Luke Carl

I shoot for 83% (25 days) and I've never been that low. I generally obsess over numbers and my spread sheets contain more data than they need to but this isn't a number I pay attention to anymore. 100% happens sometimes. 

@Julie McCoy is always right (although it may be schedule C if your average booking is 7 days or less). 

Just run the numbers! This question is really not VR or STR specific. It's all about math. If you can make enough to make up for the interest you're paying and the numbers work for you then go for it. If the interest is going to cause you to lose money then maybe don't go for it. Also, check with Brandon Hall but it's my understanding you can still write off HELOC interest (It's not called a LOC if it's attached to your house, you should add an H to it) IF You use the HELOC to buy an investment property. If you use a HELOC to put a new deck on your primary you can't write off the interest. (Referring to the new tax reform)

Good Luck! 

It doesn’t get too terrible cold in TN and our properties are always booked and functioning so I don’t worry too much about it. If we’re leaving town I’ll drip the sink in our primary. We came home to a busted main after thanksgiving but it wasn’t cold related. Just a shark bite that didn’t like living under ground.

CBiz and Proper are the same policy. Proper was started by a dude that worked at CBiz. @Chris Mason is right as always but..... I've spoken to proper about this and they have a work around. Just ask them, they do this every day.  All this being said I use a local company. Nice score on the 5% btw Chris I thought second home was 10? Not that it matters for me I can't do any more second homes. 

It’s funny you say proper coverage. The vacation rental insurance company is called Proper. Give them a call and don’t over think it. Won’t be a problem. :)

@Charles Kennedy I have digital deadbolts and a lock box with a key in case something happens like we forget the change the batteries. This is not common. I have the batteries on a schedule. One time we had someone that couldn't figure out the lock and pushed the buttons so many times they killed the battery. It was a Saturday night I was at a no cell phone dinner with the wife. Half an hour later when I'd gotten to my phone they already went back down the mountain and got a crummy hotel. I ended up raising the rates for her nights and got it booked again within minutes for more money. 

Why hire a PM you can do it yourself in a couple minutes per day. Don't waste your money. I have a day job and I manage 6 of them and I'm an idiot. 

Big John Underwood and Jon Crosby always have great advice. Just call 4-5 different lawyers and see if they all have the same opinions. If not pick which one you like best.

I don’t know why I bother posting wen Julie McCoy and Paul Sandhu are already on the case. Devan Mcclish is a big fish here in Nashville and had his own podcast in BP I’ve heard him speak at local reia meetings. He’s a very big fish. Me being small potatoes, I wouldn’t touch a STR in Nashville. Then again I’m having trouble touching anything in Nashville. Devan however is crushing it. Yeah, so I’m jealous. ;)

I’m a huge Paul Sandhu fan, but my gut tells me don’t bother mentioning the competition. Just tell them why you’re the best. BUT how often to these folks come back? Is it always a constant new crop or are there repeat visitors? The reason I ask is why not just try it for a month and see if your numbers change or how they change. Keep us posted. Say hello to your housekeeper for us!