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Short-Term Rental Property Tips

January 4, 2023 By Dan Leave a Comment

Are you considering buying a house to use as a short-term rental property? It can be a lucrative investment, especially in areas with a high demand for vacation rentals. However, it's important to do your research and carefully consider all the potential costs and challenges before making the leap.

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Table of Contents

  • Finding the Best Location
  • Short Term Rental Management
    • Maintain The Property
    • Proper Insurance
  • Conclusion
  • Questions

Finding the Best Location

One of the first things to consider is the location of the property. Is it in a popular tourist destination, or a city with a strong job market? These factors can significantly impact the demand for rental properties. It's also important to research local laws and regulations regarding short-term rentals. Some cities have strict rules and may even prohibit them altogether.

Once you've found a suitable location, it's time to start looking for a property. It's important to choose a property that is well-maintained and in a desirable location. This can help attract renters and ensure a high occupancy rate. It's also a good idea to consider the size and layout of the property. A larger property with multiple bedrooms and bathrooms may be more attractive to families or groups of friends, while a smaller, more intimate space may be better for couples.

Short Term Rental Management

Once you've found the perfect property, it's time to start thinking about how you'll manage the rental. You'll need to consider how you'll handle bookings, payments, and communication with guests. There are several online platforms that can help with this, such as Airbnb, VRBO, and HomeAway. These platforms charge a fee for their services, but they can help streamline the process and make it easier to manage your rental.

Maintain The Property

In addition to managing the rental, you'll also need to consider the costs of maintaining the property. This includes things like cleaning, repairs, and any necessary upgrades. It's important to set aside a budget for these expenses and to be prepared for unexpected costs as well.

Proper Insurance

Another important factor to consider is insurance. It's important to have proper insurance coverage in case of any accidents or damages to the property. You may need to purchase additional coverage specifically for short-term rentals. It's a good idea to speak with an insurance agent to determine the best coverage for your specific needs.

Conclusion

Finally, it's important to be prepared for the possibility of periods of low occupancy. Even in popular vacation destinations, there are typically slow seasons when demand for rentals is low. It's important to have a plan in place for how you'll handle these times and to have a financial cushion to help cover any losses. Overall, buying a house to use as a short-term rental property can be a great investment opportunity. However, it's important to do your research, consider all possible costs and challenges, and have a good plan in place to make sure your business is a success.

Questions

Does Seattle Allow Airbnb?

real estate with Dan,real estate

If you have an operator's license you may operate up to 2 dwelling units you own as short term rentals. If you operate two dwelling units as STRs, one must be your primary residence. The other may be located in another dwelling until you own it.

How Do I Get My Airbnb License in Seattle?

down payment assistance-real estate with dan-Daniel Terry real estate agent/broker-Bellevue

You can apply for a license online through the City of Seattle. The license costs $75 and is valid for one year. Once you obtain your Airbnb operator's license, you'll need to add it to your listings on Airbnb.

Does Airbnb Pay Better Than Renting?

investing in Seattle or Tacoma Multi Family Properties

Overall, Airbnb yields a higher nightly rate than traditional renting. Some hosts have even reported that they are able to triple the amount they would have made with traditional renting.

Filed Under: Real Estate News Tagged With: property management, Real Estate, short term rental

How to Vet a Property Management Company

April 7, 2016 By Dan Leave a Comment

property management vet

Choosing a property management company to oversee your rental can seem like a daunting task. How do you effectively vet a property management company?

For one thing, you know that the relationship will most likely be a long-term, ongoing one, so finding a solid property manager is important. Additionally, when entrusting one of your largest assets to someone, you’ll want to make sure they’ll manage it properly, and will be able to help you get the best returns possible. It’s a tall order!

But while there’s no shortage of property management companies; it’s important to remember that not all companies are the same. While a great manager will make life easier, and will be able to help you get the most out of your investment, the worst of the bunch will allow unscrupulous tenants in, charge exorbitant fees, and cause havoc with your rental.

But don’t let this scare you off! Fortunately, finding a solid property manager isn’t as difficult as it may seem. As when sourcing tenants, your search for a qualified property manager starts by knowing what to look for. To help you in your quest, here are a few things that you should ask in order to find a property manager that’s not only qualified –but excellent.

Check Out Their Credentials
A reputable property management company should have a number of credentials and accolades to their name. Once you have a prospective property management company lined up, head over to their website and see what you can find. You shouldn’t have to search too hard; if they’ve received recognition in a specific area, they should have that prominently displayed on their website.

See What Their Fees Are Like…Read more

Source: How to Vet a Property Management Company | @ProLandlord

Filed Under: Real Estate News Tagged With: Accounting Management, management, Property, property management

Rental Property Income Finance Retirement

February 26, 2016 By Dan Leave a Comment

rental property income

According to Robert Berger of U.S. News and World Report, rental properties can provide a meaningful source of consistent income as part of your retirement planning and portfolio. He claims, “Buying a property or two could provide enough income to allow you to retire sooner.” However, you’ll need to ensure your investment properties will provide steady, positive cash flow throughout your retired life. You don’t want a rental property to become a drain on your retirement resources! Here are some things to consider before diversifying your retirement portfolio with investment properties:

Explore your Financing Options. In a post-financial crisis world, those with good credit and a steady work history can purchase rental properties through a variety of finance vehicles. One should consider the use of a portfolio lender (like Colony American Finance). These lenders have greater flexibility and can act outside the terms imposed by Fannie Mae or Freddie Mac. That being said, lending requirements are understandably stricter than they have been in the past. Lenders are now requiring increased down payments (25% or more) and more stringent credit and liquidity profiles.

Get Familiar with the Tax Implications. Rental properties offer some valuable tax benefits. To name a few, you can claim depreciation on rental properties (but not the land), reducing your tax burden year by year. Depreciation, along with the interest expense on a mortgage, may enable you to minimize taxes for some time. Keep in mind, however, that you’ll have to deal with depreciation recapture down the road If and when you sell the rental. In many cases, rental properties operate at a tax loss. One of the hidden benefits of being a landlord is that these “losses” can be deducted on your tax returns (up to $25,000 a year). There are some requirements that must be met, so be sure you understand the rules. The tax implications of owning rental properties can be beneficial, but are also complex. Seek out the help and advice of a tax professional before you delve into the world of residential rental investments...read more

Source: Rental Property Income Finance Retirement via @ProLandlord

Filed Under: Real Estate News Tagged With: Landlords, Property, property management, rental, Rental Property, tenant

How to Manage an Investment Property While You Travel the World

January 20, 2016 By Dan Leave a Comment

investment property

Think you can’t invest in real estate because you love to travel? Think again. Here’s how one traveler renovates, manages and rents her investment property, no matter where she is in the world.

Property Managers

Sometimes it’s worth investing in a middle man. Pant describes hiring a property manager after a phone consultation. She signs the contract electronically and keeps tabs on the property’s needs by email. The property management company does all the necessary upkeep, like cleaning gutters, and sends photos to Pant when tasks have been completed.

Even when she’s adventuring around the world, Pant knows her property is in good hands. read more

Source: How to Manage an Investment Property While You Travel the World

Filed Under: Real Estate News Tagged With: Investment Property, property management, property manager, Property Managers, Real Estate

ABOUT ME

Daniel Terry is a licensed Broker and Investor with Jae Evans Real Estate in Bellevue, Washington. Daniel has over 18 years of experience in the real estate industry, including home purchases and sales, property leasing, and various real estate investment strategies such as flipping and wholesaling. Read More…

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