All Forum Posts by: Wayde Hall

I have LLC's based in both my home state and in the state where we own. You can do either. Ask an accounting advisor if theirs any benefits to one or the other, but I haven't found anything significant beyond if theres a lawsuit, the LLC's state laws can be involved.

You're correct, many lenders have requirements against "true log cabin" but not if looks like one. There are homes that have a architectural style where they just resemble a traditional log cabin, but are actually wood frame or something else with a foe-wood on the exterior. As long as you are able to prove its not a "true log cabin" you should be fine.

Materials listed, it looks like that may be one that just resembles, but be sure to ask your agent first, or the seller before you spend time and $ on it. 

You know, im not really one to believe in property managers, but I do respect them. The first property I purchased was a 3 bedroom in Disney that was producing around 52k and it was impeccably run. With some slight changes we brought the production to 75k. Theres a time and a place for PM's but if you have the opportunity to self manage and are willing to learn, it can really help you with cash flow early on. I spend about 20-30 min a week for each home, the rest is completely automated to give you a bench mark. 

If you take over - ABNB, VRBO, Booking - will be your priority platforms. Most managers are on just these sites and perhaps their direct websites, but the others are realistically the primary source. Once you get familiar enough and perhaps create a booking page you can go to FB pages as well for direct books. I get quite a few from that route but it takes time. 

You can not transfer previous reviews or bookings when buying a home. ABNB does not allow it, VRBO it depends, and im unsure on Booking but 99% sure they don't, if someone else knows please comment. The manager though will most likely refuse to transfer them anyways though, wanting to keep the revenue and have the booking moved to another home under management. 

First off, great job with at least trying! So many don't even make the jump and Im glad you are actively moving forward in your journey! 

Analysis wise - theres a ton of variables that come into play when seeing how well a home will perform. A perfect example from my day today, lol, I showed two homes, 2-bed A-frames next to one another, one was producing 120k, the other under 70k (Both with views). Production depends on the owner and the home. Have you considered getting a pricelabs subscription and getting a little more in depth #'s on amenities, management experience, review count, pools, view vs non-view, etc? AirDNA I find to be somewhat Lackluster on homes that have unique features if the home you have fits that. Pricelabs provides much more information from the Market dashboard tool.

Also, ask your agent! See what they have to say and if they have data you can review! An agent cant do analysis for you, and I never encourage you use someone elses #'s, but you can at least get info from every source possible. 

You did the exact same thing I do. Napkin math on offers to get a rough idea, then a deep dive when under contract. If things don't work out, protect your $! Become more familiar with your analysis, take a beat and digest that info, and if you decide to back out its on to the next one. 

Smokies is awesome, I hope you join the club! Hard barrier to enter, but its a very resilient market. Great when it comes to being an owner long-term. 

As im reading - you go off the zoning of your home. Even if theres not a planning or zoning board, there should still be "Zones". This is how we pay our property taxes after all - Ex. Agricultural vs Residential (R1, R2, AG1, ETC).

I believe you'll be fine as long as theres no HOA or local legislation against STR's. I know of plenty of owners in the area that have success. I think The Short Term Shop has a video series specifically on STR Legislation in Branson on Youtube as well. Could be something to watch!

Be sure you contact the county first to verify if you are allowed to operate as a STR in the area you own. If you're in an HOA there also may be regulation against having a short term.

After that, go for it! My first STR was a primary of mine and its doing great! Check out the Short Term Shop for education! They have a lot of good videos on Youtube. 

 A Co-host in my opinion, likely wont need someone as an assistant in that regard. I think one angle to consider is instead of learning how to manage, learn how to own and then adapt that to become a co-host.

Something like owners work/hire you to pick up slack in regards to being a "on the ground" person to handle problems. Beyond that, so you see where this is as a host, it doesn't require a team. I have 3 STR's and 2 LTR's and spend less than an hour a week really managing my properties. Its not something someone can shadow me on. Its all mobile through phone, you'd need to be on the host account to view anything, or in the car with them to learn anything. Alternatively what we do need is someone who is a resource like a vendor on the ground where the homes are.

Work on networking with host in an area you live in and offer hands on services and then grow that to hosting/co-hosting. I know two that have done this successfully in less than 6 months to 10 homes. Something like "I offer home walkthrough services between cleans to maintain standards of the host". This doesn't require any experience and you'll begin seeing homes and problems that come with them. You could add being available to schedule repairs and make remedies to owners out of state or are too busy to do it themselves. You're essentially reviewing homes, and showing the host what they need to doo to keep standards up without the title of being the home manager. From there you will likely naturally grow by referral, and host will give you experience in how they manage what it is they need you to do (something you would do yourself when you're a host/co-host). Over time, Ill put $ down people would ask you directly if you're willing to take over their management of properties.  

 What specifically are you looking for them to do? Are you wanting a co-host for your portfolio and are interviewing candidates, or someone to show you how to co-host for others? 

If you’re wanting to become a co-host it’s no different than being a regular host in my opinion. You’re responsible for managing the home as normal, now you just charge someone a fee for what you normally do on your own homes. Don’t offer tax services, and that’s really all in my experience. 

Turn it ON! 
Instant book has been my #1 avenue for bookings. People have very short attention spans now, and making them jump one extra hoop to book your home is an additional hurdle you do not need. 

My cleaner has a app that she has me pay through and its completely free. Resortclean I believe is the name. She makes an account for her owners and then bills them off of each clean. It integrates right into my calendar as well so it notifies me for each clean and when the billing has been made. Very nice as a whole.