All Forum Posts by: Tom E.

I'm curious what others have found useful for their outdoor camera setup and lock systems (WiFi...?)  

I am renting my new STr out later this year might place a camera indoors as well as changing locks and wanting outdoor cameras. Indoor camera ONLY for the vacant period for safety/peace of mind then plan to remove once renting it out but will keep outdoor cameras. 

Anyone have a favorite brand they go to for linens, towels, kitchenware? I am stocking up my new place and curious. Would like to be systematic to rinse and repeat with future properties. 

Quote from @Tom E.:

Quote from @John Underwood:

Quote from @Tom E.:

Hi Forum,

I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year. I've read the qualifying criteria multiple times and have already notified my CPA who has done it multiple times for their clients previously.

My question is what have people used with success to best track their time/investments over the year? I have a W2 job and look forward to the losses this year to offset some of my income (Not my 'WHY' for running an STR, but a nice bonus). I've looked at Quickbooks, Stressa, Harvest...etc. Hard to really know what would work best and what people have used. Look forward to hearing input!

T

 First person I've heard say I look forward to the losses.

 Only in the first year as I'll be renting it late in q4 of the year so would be foolish to expect otherwise. 

Also just re-read what I posted. Haha, yeah I wasn't that clear. Not looking forward to losses, just meant in the sense that I have a new STR and will expect to incur losses in year 1 and this is advantageous from a tax perspective in a sense. Although, obviously being positive would be the eventual goal.

Quote from @Krishnan Iyer:

Hey Tom, I use Stessa to manage all my income and expenses (bookkeeping) for all my properties. I log my work for Material Participation in a simple spreadsheet - Date, Property, Activity, Time, Description, Vehicle Used, Mileage, Person (my wife or myself), Expenses. The Expenses is not important here but for me, it's convenient because it is part of the travel and work we did in the property. This is a very important log but only to be used if asked (i.e. if audited). 

Thank you! Great to know. 

Quote from @John Underwood:

Quote from @Tom E.:

Hi Forum,

I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year. I've read the qualifying criteria multiple times and have already notified my CPA who has done it multiple times for their clients previously.

My question is what have people used with success to best track their time/investments over the year? I have a W2 job and look forward to the losses this year to offset some of my income (Not my 'WHY' for running an STR, but a nice bonus). I've looked at Quickbooks, Stressa, Harvest...etc. Hard to really know what would work best and what people have used. Look forward to hearing input!

T

 First person I've heard say I look forward to the losses.

 Only in the first year as I'll be renting it late in q4 of the year so would be foolish to expect otherwise. 

Hi Forum,

I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year. I've read the qualifying criteria multiple times and have already notified my CPA who has done it multiple times for their clients previously.

My question is what have people used with success to best track their time/investments over the year? I have a W2 job and look forward to the losses this year to offset some of my income (Not my 'WHY' for running an STR, but a nice bonus). I've looked at Quickbooks, Stressa, Harvest...etc. Hard to really know what would work best and what people have used. Look forward to hearing input!

T

Curious any feedback on SIH?