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!
...
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...
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...
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...
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
...
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...
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...
...
Episode 040 – Interview with Attorney Carolita Oliveros on LLC Protection – Part One
SHOW NOTES & LESSONS
Limited Liability Company (LLC)
What is a Limited Liability Company?
How is it formed?
How is it taxed?
Who can be a member of the LLC What is a disregarded entity?
Single member LLC vs two or more members
Why do you need an Operating Agreement for your LLC?
Liability in the LLC Funding the LLC
How much funding
Capital contributions
Loans
IRAs
How to open a bank account for the LLC
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...
Speaker 1: (00:27)
and in today's podcast...
Episode 025 - Real Estate Investing: It All Depends
SHOW NOTES (and downloadable PDF)
LINKS to SITES
You're getting a free audiobook! Click to try Audible Free for 30 Days and discover the power behind reading a book a month (or more!). With audible, it's easy! Try Audible now, using our affiliate link, and you will get your first book right now for free! After that, you can pay by credit or purchase a membership. With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month. Michelle has been a member of Audible since 2006 and says it's her secret for reading so many books.
Village Impact, formally known as World Teacher Aid, is a Canadian charity dedicated to bringing education to students in rural areas of Kenya. The American chapter works through the publishing company, Hay House. Yes, THE Hay House! Marianne Williamson, Wayne Dyer, Mike Dooley, and Louise Hay - that Hay House!
AFFILIATE LINKS
DOWNLOADS
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