All Forum Posts by: Randy Dubiskas

I went live in January 2022 with a 3 br, 2.5 ba on an acre in the foothills north of the Sandia Mountains near Albuquerque.  Bookings are coming in at a good clip mostly 2 to 4 weeks in advance of the stay dates.  Balloon Fiesta booked up in October way in advance at more than twice the normal nightly rate.  It's 3 to 1 AirBNB vs VRBO.  I favor AirBNB to some extent but not a lot of complaints on either platform.  I like the AirBNB analytics on bookings and payouts.  I like the Marketmaker graph on VRBO showing comparable pricing over the calendar months.  That has helped me avoid missing the local timing spikes from various events in the area from a pricing standpoint.

I installed a SimpliSafe system in my STR. Generally positive. One thing I didn't consider was that we have a detached garage which functions as the "owners closet". It's up the hill about 80 ft from the main house. Wifi is a little weak up there even with an extender. Problem was that if the guest has a PIN to unlock the house, the system would unlock the garage as well. I did not want that. So I put an Schlage Encode on that door. The guest pins work well. I have a pin for cleaners, a pin for handyman, and I each guest is given a pin to enter the home. I change it out with each guest. I only have one STR, so this is not very hard to keep up with. If I had numerous STRs, I would be looking for a way to automate the PIN establishment with the guest.

I don't know if he would feed my stray cats at my STR...

@Paul Sandhu, @Luke Carl and what about your phone number?  Do you give all those ruffians your personal cell phone?  Did you get a burner?

How hard can it be if it's only the gross receipts tax and no municipal tax? I am thinking Sandoval County, New Mexico.

Hmm...I am detecting a theme here. I am partial to Arrogant B@$terD

I am closing next week on a vacation home in Placitas, New Mexico, just north of Albuquerque in the foothills of the Sandia Mountains. Only 30 minutes to major airport. I plan to furnish and rent out via AirBNB and VRBO to help pay for it. I was able to get vacation home financing for 10% down and an attractive 3.125% 30 year conventional loan on a purchase price of $415K. We will stay there for some of the year, but I am looking at booking as an STR for as much as I can reasonably get in that somewhat touristy market (Santa Fe/Albuquerque Balloon Fiesta). When you list on the STR platforms, do you have to use your full name or do you use a handle (CB days from the 1970's)? I have stayed at STRs in a few places where the owner email is their full name, but I am not sure if this is required.

You feel you can't get an LLC with a 2nd home loan. I bet you can.

You could try an insurance broker recommended by your realtor. They should be licensed in the state you are purchasing your STR. I would recommend direct contact with Proper Insurance or CBIZ, but check on some of the brokered firms as well.

Standard homeowners insurance or even landlord insurance is not designed for STRs. The number of coverage providers is much smaller than for the regular types of insurance for investment properties.  And from my experience so far, it is more expensive.  But I think the coverage for STRs is a must, given the potential for liability with guests rotating through frequently.  Look for 20 - 30% higher premiums than typical LTR insurance.  Just my experience so far, limited though it be.