All Forum Posts by: Matt Burr

@John Underwood I appreciate the feedback a lot. I will be doing some price adjusting. I will also be updating pictures as well. There was a hang up here because a friend moving to town has been staying out there so I couldn't get and didn't have any set up bedroom pictures which I know I need. 

I have informed my insurance agent if the boat and the intent to rent the house. 

On the positive note it did rent over the Fourth but I am still kicking myself because on AirBNB I didn't have the settings right and they got it for only 2 nights at only 200 a night. But gotta start somewhere. 

I am glad to hear VRBO is the best performer. That is what I am treating as my primary listing. I also have AirBNB and Tripadvisor. I have already been playing with pricing. The listing number on VRBO is #1018915.

Thanks for the help

Hi all I have a lake house for rent on VRBO. This is my first time doing a short term rental. I have had the place listed since about February 18th so about three weeks with no listings. I am starting to get cold feet. My question is from others experience what part of the year do people see the most bookings in this area. Keep in mind the season up here is Memorial Day to Labor Day. I am hoping I didn't miss people booking already. Any advice would be great. Thanks Matt

Erica Muller can you send me your vacation rental comparison sheet?

Absolutely. So to rephrase the questions what should I be asking them to be convinced they will do just that? I admit I did the whole walk into HR Block routine and I know I didn't make money on that deal. I just left feeling quite jaded.

Chris Hines there are a lot better ways to gain knowledge about real estate investing. Starting with spending more time on BP, numerous podcasts and webinars. Clearly you have the funds. Look around for a cheap place that will work as a turn key buy and rent for a while. Or if you really want to do a flip find your own small place that you can afford to hold a little extra while while you learn things about the business. Things such has contractors can be your best friends or can turn a deal sideways in the blink of an eye. Reading your description of the deal I would highly encourage you to rethink other ways to gain knowledge. You may can knowledge but it has hard lesson knowledge written all over it. At the very least own the property unless you are happy to just be the HML.

Reading through this post I am sold on the idea of a CPA. Currently I own 3 rentals but that will double this year. In the Ann Arbor area of Michigan does anyone have a feel for what is a reasonable cost to pay a Cpa?

Thanks for all the good advice on this topic. As I have looked into it farther I am not sure it makes sense for me to pursue right now

Richard Anderson thanks for the information. I will check out that book. I had not heard that term before so I will start looking it up.

Every so often I talk to someone who thinks there is a way to structure yourself so you can actually use your 401K. Basically invest your 401k into your own LLC.

I have never been able to find anyone that really has the specifics on how to set this up.

1) Does this actually work and does anyone out there do it?

2) If it works how do you go about setting it up? Head to a lawyer, accountant, or a tax advisor?

Thanks

Matt