All Forum Posts by: Taylor Adams

To summarize some of the great posts above, an LLC is complicated, can cause issues, and typically doesn't provide the protection you think it might. It also makes it harder to do things like a 1031 exchange later.

I agree that you shouldn't put too much emphasis on the name. The headline/title is much more important and visible in the apps.

@Ken Boone none of those things have happened at my properties but they’re fair points. In my case I already owned the 10+ TVs so I saved quite a bit of money by buying the sticks. And as I said, we’ve never had an issue. 

You may be able to save a lot of money by buying a normal "dumb" TV and then just plugging in a Roku stick. That's what I did for my properties and it worked great.

Great points @Dan Maciejewski! 

Something that isn't clear to a lot of new STR investors is that you need a lot of good reviews before you can compete with the established listings. Some people say you need 50 reviews before the place can perform at top level. Think about it from a guests perspective. Would you rather book a house with 1 review or a house with 100 reviews? Even if the house with 1 review had 5 stars, you might trust the house with a hundred 4.5 star reviews more because it's been tested by more people.

I agree with the points about discounting the stays, having great listing pictures, and giving them a great (and clean!) stay. That'll get you the reviews you need to have more solid bookings.

Hi Sean! Lots of good advice so far, so I'll just add a couple new points that haven't been covered.

I've personally created an LLC through a title company and it went fine. But I agree with others that this is probably overkill and more of a hassle than anything else for an STR.

It's also true that if your mortgage company finds out, they could activate a clause that says you need to refinance due to the ownership of the property changing. That's typically been pretty rare in the past, but it's possible we'll see more of it now that the interest rates are rising fairly rapidly. So you could get to several months from now and need to refinance at a higher interest rate (meaning higher monthly payments!).

Good luck!

Hi Michael - I have an AirBnB just outside of Boston that my husband and I are actually planning on converting back to a long term rental, but would be interested in a shorter stay until then. I'll send you a private message.

@Sarah W Adler thanks for the recommendation!

Hi all - My husband and I want to get ahead of tax season and make sure we are doing everything possible to put ourselves in a good position. Last year we used a CPA who didn't have a good working knowledge of investing and it felt like we could have been better served. 

Wondering if anyone has a recommendation in Massachusetts (preferably near Boston) for a CPA who works with investors and helps strategize with his clients?

For reference, we now have 2 properties (about to close on another), a house hack, my husband works a W-2 job, I just left my W-2 job, and am now an independent contractor (REA).

Thanks in advance!

@Nathan G. that’s a good rule of thumb! Thank you.