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Episode 065 - Interview with Napa Valley Chris (Young) on His $6k Airbnb Settlement - Part One

 
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Bookkeeping & Taxes for Your Short Term Rental

 

Bookkeeping is an integral part of a vacation rental business. This is because the government recognizes it as a business activity and levies income tax over the income earned by the owner. Companies like Airbnb, Booking.com, VRBO, and others have become very popular and more and more owners are using these platforms to earn attractive incomes from their properties. Here are some useful tips to save your hard-earned money from being charged as tax by the government.

 

Learn the 14-day Rule

You are not required to pay any tax on your income if it has been rented out for no more than 14 days in a given year. For this rule to apply, you must have lived in the same property for at least 14 days. However, be careful that you do not rent out your home for more than 14 days as otherwise, your income attracts income tax.

 

There are Some Exceptions Regarding Rooms

You cannot rent out one room in your property and hope to get exemption just because you continued to live in...

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Episode 059 - Addendums: What to Put in Them & Your Co-Hosting Contracts

 

SHOW NOTES & LESSONS

What Type of Things Go into an Addendum?

 

Title the Addendum to Link it to the Original Contract, Date, and attach to the original.  State effective dates and any additional payments (or state the fact that there are none).

 

Define everyone involved and what roles they play. Make it crystal clear who you are, what you do, and who your guests are and what part they play in your business.  Be clear in and make it understandable to those not in our business.

 

State clearly, in easy to understand language and using examples if possible, what each term is meant to do.  You may wish to restate things in your lease that are remaining the same and things you are adding to or taking away from that changes the original terms of the lease.  Terms usually add to your lease, like the fact that you won't be the main resident, but plan on using it to clarify what each party is responsible for and exactly what they have...

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Money-Saving Tips for Heating & Cooling Your Short Term Rental

 

The comfort of your guests during their stay inside your vacation rental is paramount for the success of your business. Whether your property is in the US, the EU, or Canada, your AC or HVAC unit(s) needs to be working optimally to make it comfortable and convenient for your guests. This way you can not only keep guests happy but also keep a tab on your monthly energy bills.

 

Monthly Cleaning of Filters

Filters in air conditioners catch a lot of dust all the time form the environment. It is imperative to clean the filters of your air conditioners once a month to make sure that your air conditioning is working at an optimal level.  Because you may or may not be in your unit all the time, you need to come up with a way to remind yourself and your maintenance staff to change these filters every single month like clockwork.  If your STR is in your home, you can install thermostats with lights reminding you to change the filters.  This is especially necessary...

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Episode 047 – Lessons from the California Exodus

 

 

SHOW NOTES & LESSONS

OVER 5 MILLION PEOPLE HAVE LEFT CALIFORNIA NOW DUBBED "THE CALIFORNIA EXODUS"

Although people are moving into the state while others are moving out, Cali has still lost more than 1 million people and the population continues to shrink.

 

Who's moving in?

Those making $200,000 plus per year with higher education from tax-burdened states like New Jersey, New York, and Illinois (also seeing massive Exoduses).

 

Who's moving out?

Those making $55,000 and below with no college education.

 

Where are they moving to?

States with much more affordable housing like Texas, Arizona, Nevada, and Oregon.

 

CALIFORNIA HAS 5 OF THE TOP 10 MOST EXPENSIVE RENTAL MARKETS

 

What a One Bedroom Rents for in:

Los Angeles $2249 month

San Francisco $3400 month

Las Vegas $925 month

Phoenix $945 month

 

What a Two Bedroom Rents for in:

Los Angeles $3200 month

San Francisco $4500 month

Las Vegas $1122 month

Phoenix $1137 month

...

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Episode 046 - Why You Shouldn't Treat Your Short Term Rental Like a Long Term Rental

 

  

SHOW NOTES & LESSONS

COMPARE INCOMES FROM A SHORT TERM RENTAL TO A LONG TERM RENTAL

2 Bed/1 Bath

Long Term Rental

1 Year Lease

$1200 month

 

2 Bed/1 Bath

Short Term Rental

Daily Rate

$87 per night

82% occupancy

$2140.20 month

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Weekly

10% Discount

$609 for 7 days

-$60.90 discount

$548.10 per week

rent out 3 times

$1644.30 per month

A Loss of $495.90 mo

or $5950.80 per year

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Monthly 

28% Discount

$2610 for 30 days

-$730.80 discount

$1879.20 per mo

 100% occupancy for

$1879.20 per month

A Loss of $261.00 mo

or $3132 per year

 

Use Vacancy Instead

Short Term Rental

Our Monthly 

18% Discount

$2610 for 30 days

-$469.80 discount

$2140.20 per mo

Same as your original Single Day!

 

WHERE DO I FIND MY PER DAY RATE AND OCCUPANCY RATE?

If you've been a host more than a year, use last year's numbers.

If you haven't been a host for a year yet, then use...

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Episode 045 – To Nest or Not to Nest: Controlling Your Guests’ Experience

 

 

 

SHOW NOTES & LESSONS

Forums are a Great Place to _____________.

A. Learn from other Hosts.

B. Bitch to and with other Hosts.

C. Learn from Guests' Experiences.

D. All the Above (Hint: This one!)

Nest is a great way to control your units when there's no one in them.

An AC unit works best when it's set no lower than 68 degrees.  Under that and you're asking for trouble because that's when units will start to freeze up, which could potentially harm your unit.

What is the definition of Host?

What is the definition of Guest?

Be a gracious host and allow your Guests to be comfortable.

A locked thermostat screams, "I don't care if you are comfortable!"

Stop the Madness!!

  • No more War and Peace sized Rules
  • No chore lists for Guests (they're not your kids!)
  • No "fixing" the washers and toilets so they use less water (unless they are BUILT that way, ie. Energy Efficient)

You only need a few rules.  Here are mine:

01)  No Smoking

02)  No Pets

03) ...

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How to Launch Your Vacation Rental Business

Running a vacation rental business seems attractive and easy but it is not a cakewalk for most owners. You must be prepared to face stiff competition from not just hotels and hostels in your area but other vacation rental owners in attracting guests to your property. You must spruce up your property and provide amenities that appear attractive to potential guests.  

 

Here are some useful tips to keep in mind when launching your vacation rental business.

 

Use More Than One Platform

 

I use two platforms for my properties.  One is great in the west and the other is better in the southeast.  The success of your vacation rental business depends upon whether you can reach your target group of guests or not. By using different platforms, one at a time or more, you can make sure that your property becomes visible to all tourists coming to your area whenever they conduct a search online. In addition to listing your property on Airbnb and other short-term...

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Episode 005 - BONUS The Actual Cost Breakdown of a 1Bed/1Bath STR Unit

costs expenses Sep 17, 2018

Get our free Excel Spreadsheet here that has the complete descriptions and costs of every item used to furnish and stock a 1 bedroom/1 bath STR from this week's episode.

[00:01] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave with less risk and less capital while creating greater income is your host, best selling author and Speaker, Michelle Russell.


[00:22] Hi, this is Michelle, the Master of Money Mindset, and I'm here with episode number five of the short term rental revenue podcast. And in this episode we are fulfilling a request by one of our listeners who asked for a line by line description and price itemization of all the furniture and items that we put it inside one of our short term rentals. And so luckily we have a short term rental that we have been doing a type of experiment on down in Tucson that we literally had that for. And you can get...

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Episode 004 - The Seven Steps to Start Up and the Real Cost Involved

costs expenses Sep 14, 2018

[00:08] Over the last two centuries, nearly 90 percent of the world's millionaires created their wealth through real estate. Here to tell you how you can ride this wave with less risk, less capital, while creating greater income is your host, best selling author and Speaker, Michelle Russell.

[00:27] Hi, this is Michelle, the master of money mindset and I'm here with podcast number four of the short term rental revenue podcast and today we're going to talk about the seven steps to a startup and the real cost involved. So I am your host, Michelle Russell. I am the master of money mindset. I have a business called the prosperity process. You can find us online at www.theprosperityprocess.com and one of the questions I get all the time is how to make money with no money and there are a lot of ways to do that. I talked about that on previous podcasts, but the one thing I wanted to do was cover the fact that I think it's better and you'll make more money if you have a little money to...

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