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
Start Thinking Like a Business Owner!
If a family likes your home and they enjoy their vacation destination, they can potentially come back year after year after year! Make certain you do all you can to make your place family-friendly so you can build that "fan base."
· High Chair
· Portable Crib
· Inexpensive Strollers
· Baby Bath
· Baby Monitors
· Sippy Cups
Get This Episode's Show Notes in a pdf form...
[00:01] Over the last two centuries, nearly 90...
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...
Here are the books Michelle referenced in today's podcast. Note, these are Affiliate Links.
[00:00] 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 and I'm here with a short term rental revenue podcast and today we're going to talk about the types of short term rentals that you can have. Most people, when I'm talking, I'm thinking of one type of rental and then somebody said something in a comment and I was like, oh my goodness, I have not touched on this very well. Have I? So today, I wanted to make sure I clarified. There are so many types of short term rentals. Now when I'm talking about short term rentals, I'm usually talking about an entire property. Every single one of my short term rentals are...
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