STRonomics New Short Term Rental Purchase: Now what?
Bill and Kenny emphasize the importance of having a game plan when purchasing properties and qualifying them for material participation. They discuss the need to focus on value additions and timely refreshes to maintain property appeal. The conversation includes tax strategies, particularly around cost segregation and the potential benefits of expensing renovations in the year of purchase. The hosts provide examples from their experiences, such as managing operations during off-seasons and effectively scheduling and budgeting for property upgrades. They stress the importance of execution and planning in achieving successful short-term rental investments. The episode concludes with advice on maximizing property profitability and leveraging tax codes, along with a reminder to subscribe for more valuable insights.
00:00 Introduction: The Challenges Facing Short-Term Rentals
00:11 Meet the Experts: Bill Faieh and Kenny Bedwell
00:28 MarketmySTR: The Ultimate Marketing Platform
01:26 Welcome Back to STRonomics
01:51 Post-Costing Season: What's Next?
02:46 Steps to Success: Setting Up Your Property
05:08 Understanding Cost Segregation and Material Participation
06:42 Tax Strategies and Renovation Tips
13:51 The Importance of Refreshing Your Property
18:06 Conclusion: Long-Term Planning and Tax Strategies
We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/
Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA
Instagram: Kenny_Bedwell
You can find more of Bill online at:
Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1
Build STR Wealth: https://buildstrwealth.com/
Instagram: @BillFaeth73
Tik Tok: @bfaeth
Learn more about your ad choices. Visit megaphone.fm/adchoices