Episode 067 - Interview with Napa Valley Chris (Young) on His $6k Airbnb Settlement - Part 3
SHOW NOTES & LESSONS
Part One of our interview with Napa Valley Chris, Christopher Young.
Links to his Facebook Page:
https://www.facebook.com/Napa-Valley-Chris-2271342579571610/
Links to the interview ABC News did with Chris:
Links to the story of this robbery:
Episode 066 - Interview with Napa Valley Chris (Young) on His $6k Airbnb Settlement - Part 2
SHOW NOTES & LESSONS
Part Two of our interview with Napa Valley Chris, Christopher Young.
Links to his Facebook Page:
https://www.facebook.com/Napa-Valley-Chris-2271342579571610/
Links to the interview ABC News did with Chris:
Links to the story of this robbery:
Episode 065 - Interview with Napa Valley Chris (Young) on His $6k Airbnb Settlement - Part One
SHOW NOTES & LESSONS
Part One of our interview with Napa Valley Chris, Christopher Young.
Links to his Facebook Page:
https://www.facebook.com/Napa-Valley-Chris-2271342579571610/
Links to the story of this robbery:
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
Please use our Affiliate Links whenever possible and help support the show. Thank you!
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Episode 064 - Seven Things You Can Do to Prevent Parties in Your Short Term Rental
SHOW NOTES & LESSONS
Here are Seven Things you can do to prevent parties in your Short Term Rental:
- In your listing and in your House Rules, make it very clear that NO PARTIES ARE ALLOWED EVER. Be so clear as to add that those who break the rules will be responsible for any damages, all repairs, all fines, and fees, including but not limited to all legal fees by you and the owner to recover costs, lawsuits, fines, and fees you incurred.
- Use tools like Noise Aware: a noise detector that measures the sound in decibels without infringing on a guests’ privacy. When the level rises above your set amount, you will be notified by text and email. You should then notify guests by message THROUGH PLATFORM and by a quick phone call right away. Document everything.
- Party Squasher (please use our affiliate link below) can be purchased on Amazon for the same price as on their website. This device allows you to monitor the number of devices...
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...
Episode 058 - You're Doing It Wrong: The Biggest Mistake You May Be Making
SHOW NOTES & LESSONS
it can't be personal (ie. emotional) if it's business...
Do yourself and your business a favor and stop renting out your
personal space as soon as you possibly are financially able to.
Always pay yourself and even your kids for jobs that you perform. This is an expense for your business, which lowers the income, which lowers your business' tax burden. As long as your kids make under a certain amount, $12,200 in most cases, they do not have to pay taxes on it.
Get your mindset away from your old thinking. Employees and Self-Employed people think incorrectly about money - which usually is one of the main reasons they're stuck on the E and S side of the Quadrant!
THINK AND ACT like a business owner. Pay yourself! Hire the right professionals to get the job done! Don't step over dollars to save cents!
Stop Thinking Like an Employee
and
Start Thinking Like a Business Owner!
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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...
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...
Episode 042 – Interview with Attorney, Carolita Oliveros on LLC Protection – Part Three
SHOW NOTES & LESSONS
Sole Proprietor vs LLC Liability
Issues for the Sole Proprietor or Single-Member LLC
Insurance to Cover Liabilities
Protecting Real Estate through Multiple LLCs
How many rentals in each LLC?
Looking at the Big Picture
Estate Planning Issues
Protecting your Assets through a Trust
Every State Law is Different
Every Foreign Country Law is Different
Every State Taxing Authority has Different Rules and Regulations
Every Foreign Country has Different Tax Laws
Can a Trust own the LLC (or Corporation or Partnership)?
Understanding State and Foreign Country Probate Laws
Avoiding Probate with Trusts
USA Reporting Requirements for your Ownership of Foreign Real Estate
Get This Episode's Show Notes in a pdf form...
Show Transcript
[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...
Episode 041 – Interview with Attorney Carolita Oliveros on LLC Protection – Part Two
SHOW NOTES & LESSONS
Advantages of the LLC
Especially in Real Estate Investments and International Real Estate Investing, there are countless advantages of investing through legal entities.
Other types of Legal Entities that Protect Assets
Multi-series LLCs Corporations
For-Profit Partnerships
General and Limited Non-Profit Corporations and Charitable Organizations
Trusts
Living Trusts
Asset Protection Trusts
International Trusts
Get This Episode's Show Notes in a pdf form...
Show Transcript
[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.
[00:21] Hi, this is Michelle, the Master of Money Mindset, and you are listening to the Short Term Rental Revenue Podcast...
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