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

 
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Episode 063 - Why Now is the Best Time to Think About Retirement

 

SHOW NOTES & LESSONS

 

 

WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...

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Recommended Article or Blog Post Related to This Week's Podcast:

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https://www.eventbrite.com/e/2020-wealth-building-summit-cleveland-oh-registration-68835768637

 

https://www.daveramsey.com/blog/teach-your-kids-how-to-save-for-retirement

 

 

 

Recommended Podcast Episode that is paired with this one like a Fine Wine:

Get This Episode's Show Notes in a pdf form...

PICTURE OF PDF

Go To Our Download...

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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 056 – Part Two of You Can’t Fix Noise & Other Things to Avoid When Property Shopping

 

SHOW NOTES & LESSONS

What you want to look for when acquiring properties for you STRs or your Portfolio:

Look for a Neighborhood that Looks & Feels Good.

Check it out at all times of the Day and Night.

#1 Thing - as always - Location, Location, Location!

How's the Parking?  At night?  I look for Designated Parking!

What to Avoid:

Noise! - Whether it's being backed-up to a busy street or barking dogs, noise is one of your worst enemies when it comes to renting out a property.

Bathrooms - Optimally, one bathroom for each bedroom.  At the very least, no bathrooms that force you to walk through bedrooms.  No good!  Masters need their own bathrooms, always!

No converted rooms or quirky floorplans.  A house has to have flow & it has to be re-sellable.  You have to be able to sell fast and quirky floorplans and converted rooms JUST DON'T SELL WELL.

Stairs should be wide and clear, and everything should be standard.  Steps' risers...

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Episode 055 – Part One of You Can’t Fix Noise & Other Things to Avoid When Property Shopping

 

SHOW NOTES & LESSONS

What to do when the neighbor's dog won't stop barking...

First, knock on your neighbor's door and try to talk to them.

If they aren't home, leave a note. Give them time to fix it.

Check your HOA or city ordinances. Follow their guidelines, which usually asks you to contact the police or a local authority, make written notices, keep a (video) log, and follow up.

Reminder: Do your due diligence before signing on the line!

That airport didn't just go up overnight and that dog has most likely been there the entire time. Make certain you do your due diligence BEFORE you rent or buy a property. Know your neighbors. Knock on their door. Ask questions like, "is there anything you wish you were aware of before you bought your home? Is there anything you think I should know?

Michelle has an entire list of what type of house not to buy!

We split this episode into two parts because Michelle began going into the Types of Things She Avoids when Purchasing or Renting a...

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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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Investing in Out-of-State Real Estate

Investing in Out-of-State Real Estate

 

Buying real estate rarely goes smoothly, and buying property out-of-state has even more potential challenges. If you are planning on renting property out-of-state, there are similar challenges involved.  However, either are entirely manageable if the potential trouble areas are planned for and addressed.  Many people rent and own property out-of-state, and you can too. 

 

Also, whether you decide to buy a property or rent it, let’s just call it what it is: Controlling the Property.  Whether you rent or own, you are “controlling” the property in order to run a Short-Term Rental Business out of it and you must be able to “control” the use of that property within the eyes of the law.

 

Reasons for Buying Out-of-State Real Estate

 

There are several reasons why you might consider owning or renting a property in another state. Maybe local real estate prices are simply too high...

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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 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...

Go To Our Download Page 

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...

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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...

Go To Our Download Page 

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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