All Forum Posts by: Patrick McCandless

Hi all. So I've been managing a handful of STR's for a few years now. Two listings are my own and seven others for STR owners who don't want anything to do with managing on their own. I have a business set up for all of my real estate operations aside from my own STR's (real estate sales, real estate photography, and STR managing). I know this is a question for my CPA (who I have already emailed), but curious to know if anyone else is doing this already and if it is advantageous financially. I have always kept the management it's own business (S Corp) and then my own STR's their own separate sole-prop business. Should I "hire" my S Corp to "manage" my own personal STR's? In other words just treat my own STR's just the same as my clients STR's where my S Corp essentially charges myself a commission to manage the STR's. All income and expenses would flow through the S Corp first and then my S Corp would pay me and my wife our net payout each month just like I do with my STR owner-clients. I hope I painted that picture well enough to understand! TIA!

Started the process with WaFd because I was informed they did HELOCs in second position on investment properties and then of course after taking an inquiry to my credit he informs me that he was wrong. Frustrating. 

Any update on how things went with Figure? @Neil Patel

@Trent Stevens howdy neighbor! I live and invest in Paso and am a broker with Oak Shores. I'd be more than happy to chat and answer any questions you might have. Shoot me a DM if you'd like.

 Hi Ryan! I am a broker and invest in Paso myself. I also run 7 short term rentals. I LOVE it here. Obviously I don't have a crystal ball, but I see nothing but upside potential here. It is constantly growing with tourism and is perfectly smack dab between the Los Angeles and San Francisco bay areas. Let me know if you wanna chat.

Feeling deceived is grounds for making a lower offer? lol. Ok back to basics here. The information within a listing should never be assumed to be 100% accurate. A realtor is simply going by what he/she has been told about the property by the owner and any inspections that have already been performed and that is hardly ever 100% accurate. But regardless, I'll reiterate what Preston Dean said. You won't recoop that $25k. Personally, unless you are needing to prove to the city/county that it is a permitted bedroom for a reason like getting a STR permit then I would just leave it alone as long as it is done in a workmanlike manner and everything operates as intended. But I'll end by also saying to seek professional guidance and not just take my word for it. :)

What is the reasoning for your concern about whether or not she is "allowed" to? It doesn't effect what you can or should offer on it.

What do you consider "STR friendly"? Like Jon Martin mentioned, unincorporated county area in San Luis Obispo is pretty much apply for a permit and you're up and running. The city of Paso Robles is a fantastic town for STR's. I run 7 STR's here and they all do really well, but the city is very regulated with how many STR's can operate unless you go the "Homeshare" route. Personally, I would prefer to buy and operate a STR in an area where regulations have already been implemented rather than an area with no regulations. If no regulations then the area will just get oversaturated with STR's which is obviously not good. Regulations help keep oversaturation at bay.

Congrats!

Right on!