All Forum Posts by: Yitzchok Carmen
Yitzchok Carmen has started 7 posts and replied 88 times.
Post: Airbnb/ VRBO double booking
- Posts 88
- Votes 55
So for the record I was actually given a nice hack by a VRBO rep. Basically instead of cancelling the vrbo booking, I adjusted the dates and sent a msg to the guest explaining what happened and that I needed to mover her dates and that she can cancel her booking if those dated dont work for her. Of course those dates didnt work and the guest cancelled. But it was the guest that cancelled and not me so no penalty....:)
Post: Airbnb/ VRBO double booking
- Posts 88
- Votes 55
Hi Folks,
I just got an airbnb and VRBO booking for the same dates the exact same minute. Both at 954am this morn. The calendar sync was not fast enough. Pretty crazy. Which one should I cancel? Same price for both, I have both airbnb superhost and VRBO premier partner. Bets way to ho about this? Anyone had this happen?
Post: Stessa or something else?
- Posts 88
- Votes 55
Check out Rentalhero.io. I use it for my STRs and enjoy it very much! I tried QB and hurdlr and Stessa and I think that Rentalhero is the best. Low 10$/mo fee
Post: Bank Accounts for STR’s? What do you do?
- Posts 88
- Votes 55
Originally posted by @Julie McCoy:
Originally posted by @Yitzchok Carmen:
Oh, Avalara does that for me too. The monthly fee is billed separately. But I have four properties, the taxes aren't separated out into four separate bills for me, it's all one bill.
I get the tax portion billed separately as well. So with my 2 properties I get 4 billings. 20 x 2 and the taxes for each cabin separately
Post: Bank Accounts for STR’s? What do you do?
- Posts 88
- Votes 55
Originally posted by @Julie McCoy:
I like the concept of Profit First but it sure made my bookkeeping a nightmare. I've simplified: I have one Income account that all my AirBNB/VRBO deposits go to (since they get sent to me in lump sums, not split according to property, it doesn't make sense for me to have Income accounts for each property). I have one OpEx account for each property, I keep a float amount in there for my expenses and just top it off from time to time from the Income account. (since Avalara pays all my taxes in lump sums, not split according to property, it likewise does not make sense for me to have OpEx accounts for each property. I bill everything possible to credit cards and have separate cards for each property, that keeps almost everything straight) All the profit stacks up in my Income account now.
I 100% agree that since you own the property outright, @Wesley Myers, you will likely be well served by an LLC (consult your CPA first, though), and then get a HELOC so you can utilize the equity. Though it may be a bit tricky getting a HELOC in an LLC, especially since Covid has made banks tighten up on HELOCs. Def do it if you can.
I second this. All these bank accounts were a nightmare. So I have just one account for everything and I use rentalhero.io to keep track off all the activity going in and out. Its an excellent piece of software and costs only $10/mo. It is much easier for me to mentally segregate all the costs that way ten to have 10 different account to keep track of (and all those accounts needed $1500 min balance in them to not get charged a monthly fee also) Im surprised about Avalara though, bc they dont lump it for me. I get a separate $20/mo charge and separate tax withdraws for each property. Not sure whats up there...
Post: Cabin furniture sourcing ideas
- Posts 88
- Votes 55
Another vote for Smokeys! Great section, competitive pricing and friendly service. Whenever I go they had what I wanted and got it delivered the next morning. Oh and the Delivery boys were great also
No this is not a paid ad:)
Post: Vacation rental management software
- Posts 88
- Votes 55
Originally posted by @Collin Hays:
Originally posted by @Jake Cohen:
@Collin Hays are you referring to https://bookonthebrightside.com/#features
What do you like about it?
1. Affordable
2. Expandable
3. You can talk to the owner any time you like.
4. Fully customizable
5. Every bell and whistle I can think of.
No Airbnb integration isnt a problem for you?
Post: Is it "wrong" to invest in an STR as your first property?
- Posts 88
- Votes 55
Honestly I think its a great Idea. Thats what I did. As long as you can get the cleaner and are within the Zoning rules. Heres why I think its actually better than LTR.
1) They're often almost turn-key. No major rehab needed to start making money from Day 1
2) No Evictions. For a guest not to leave is extremely rare and if it happens you can just call the cops (as long as theyr'e not there 30 days). Evictions are the Number 1 thing that I dont like about LTR
3) Money upfront. You dont pay you dont come
4) IMO the screening process is much simpler. No credit checks etc. People on vacation are not interested in trashing your house usually (unless your rates are too low, that will get bad guests who are looking to party). If a bad guests does come, they're out in a few days at most! You're not stuck with them for years like in a LTR!
Yes STR is a dif animal and its not for everyone. And you really need to know your market and its potential esp post Covid. Also its a lot less passive and its really a hospitality business. But for the higher returns I think that is worth it.
Good luck!
Post: Accounting software for small short term rentals?
- Posts 88
- Votes 55
Which version of QB is necessary to manage a few vacation rental properties? Is the "simple start" version for $12.50/mo powerful enough?
Thanks
Post: Short Term Rental Book Recommendations
- Posts 88
- Votes 55
Once youve got a place, Optimize your bnb by Daniel Rusteen is great!