All Forum Posts by: Michael Baum

Hey@Isabel Cano, so have you read this forum? There is all the info to get you started right here.

Hmm ok @David N. I would be curious if you can use the property for the LLC as collateral.

I will say that a HELOC would be cheaper. Biz money is usually more expensive.

Report back on your results in your mission @Collin Hays.

I have been very curious about the Angel Fire area. Taos is a little to artsy fartsy for me... :)

Hey @David N., so an LLC is good for protecting against contract issues but is pretty much worthless for negligence which is more likely the cause of suits.

Just pile up the insurance and make sure you are on top of your maintenance. No loose deck boards or broken railing mounts. Those sorts of things lead to accidents and possible lawsuits.

I am curious, you have an LLC already, has that been maintained? Built up credit inside of that entity? Usually you will need some kind of asset/collateral to fund the renovations so I am not sure if the LLC can provide that in and of itself.

Exactly @John Underwood and @Jon Martin.

Lots of good info but some of it is not realistic for new STR owners and/or small operators.

We charge $50 per dog up to 2. No cats. 

So far, no real issues. We have a small Bissel Mean Green Machine and people have busted it out for messes as I have noticed. No one ever reports it.

Only one small pee mess on the living room rug. They tried to get it out, but didn't manage to get it done. I just pulled the rug and swapped it with the spare I have. Took the soiled one home and hit it fully with the big carpet cleaner and ready for the next swap!

Amen!

Hey everyone. Another TV deal! Not bad, not great.

$219 - 58" HiSense 4K UHD LED LCD Roku Smart TV HDR R6 Series 58R6E3

https://www.walmart.com/ip/seort/587182688

Not a bad TV at all. A friend of my wife's needed a TV and this was on sale. I told her about it and she has had it up and running for about 6 months now and she loves it. Easy to use as all Roku TVs and reliable.

58" is kind of a weird size but for around 200 bucks, hard to beat!

Hey @Kiran Asknani, there is no way I would buy an investment property in WA state. 

New regs are going in place and this whole state is now one of the most tenant friendly states in the union and it is only going to get worse.

Most of them are focused on LTRs. Capping rents, limiting rent increases, preventing rent increases period, etc etc. If you are a tenant, you could easily live in a place rent free for years while the owner tries to get you to pay.

Plus each municipality also features regs that affect rents.

If you think that these changes won't affect STRs, they will eventually get to it. I wouldn't be surprised if many of the areas you are considering ban them completely.

Forget HOA's and condos. Not worth it IMHO.

Sorry to rain on your parade but i think that it would be a mistake to buy something to rent in any fashion anywhere in WA state. 

@Hunter Morris, nope. Just say no to arbitrage.