Personally, I wouldn't buy an STR just for the STR tax loophole unless there's an intentional strategy behind it, like needing to buy properties every year to offset nonpassive income. After the bonus depreciation in your first year, you don't get that giant cost seg deduction again. And when you sell the property, the depreciation would be subject to depreciation recapture. Buy an STR because you want to be an STR host and think you'll enjoy it. It's a lot of hard work because it's a very active hospitality business. You can hybrid STR/MTR, but if your STR has all the bells and whistles needed to succeed, you may have a property in a location that isn't great for MTR or has amenities that have a negative impact on MTR desirability (e.g., a game room in a converted garage).

Thanks for watching! I went fast but tried to give a lot of tips and you hit it right on the nail @Luis Font and I like the phrasing you're using! 👏🏼👏🏼👏🏼 We generate a ton of inquiries on the OTAs by design. It's intentional and it works. Allow 24 months availability and 730 max nights in your settings. This is how we get 1 year it's bookings, too. Let peope know early in your listing description that you have a portfolio and you can match them with additional properties that may be an even better fit. A clear call to action that entices them. Give them an incentive to reach out ASAP during the early stages of their search. Otherwise, you're the last stop on the train when they've finally decided to message you after going through many listings. The 24 month availability calendar will generate more inquiries, especially further out. While we don't take those bookings, we tell them we will follow up 45 days before their earliest desired check-in date. And then we do because they're qualified warm leads. Most will have found housing already by the time you follow up. But some are still looking and you've reintroduced yourself as that strong option. If it's no longer a good fit, then refer the lead to your local MTR Operators community. We have a solid WhatsApp group chat where everyone shares leads, referrals, vendors, volunteers to build furniture, and help one another. Our community has scored 6, 8, 10+ month bookings from internal leads. I call it the invisible OTA. And if you don't have a portfolio, mention that you have a network so you can provide additional housing options. It's just as powerful as saying you have a portfolio because you're helping a traveler with their stressful search. Even if you know 1 other person in your area, that is still a network. Be a connector. And of course, work on finding a local MTR private community / groupchat or build one yourself. This is just the tip of the iceberg. Jesse couldn't attend his Airventure coaching class today because he was speaking at a meetup, so I filled in for him and taught. The mentees got a screenshare walkthrough of my listings, systems, and software to see how it all looks in real life 😬. But still, my Midterm Monday YouTube live with Jesse had enough gems to help everyone generate more inquiries, direct bookings, and referrals. It'll also be a podcast episode on the JV Pod in a few weeks as well. Go implement my tips on your own listings ya'll!

@Kate and Jason Stolarczyk Thanks Kate! You are too!

Congratulations!!! 🙌🏼

👋🏼 Former Baselane Ambassador here! They're a great platform and have raised a lot of capital. You can make unlimited checking and savings accounts, which is why I prefer it over Relay (max of 20 accounts, and 2 savings) though it is also excellent for business banking needs and Profit First strategies. Having separate bank accounts is so important to keep proper accounting and cleaner books. But also data to track performance and analysis. The bookkeeping is getting pretty solid with Baselane. I use it for parts of my businesses and also my personal real estate portfolio.

I'm a former Baselane Ambassador. They've come a long way and have made big improvements to their platform now that they are well-funded. They've done a good job of implementing feedback when I was still involved. I'd say Baselane is solid and it costs $0 for rent collection. It gets the job done. Their banking & bookkeeping features are a big reason to use them, too. TurboTenant is only ~$200/year for their full list of features and is easy to use. I use a different LTR PMS called Innago. Free to use and is better for corporate leases with businesses which is my favorite in the MTR space. It has a big learning curve because there's a lot of customizations, so I don't push people towards it unless they have the same needs as me. I like that my VAs and cohost owners have their own accounts with customized / limited access. I taught a masterclass on tech stacks for scaling MTR operators for Jesse Vasquez's Airventure Academy private mentorship that was a big hit. The overall message is to use the most cost effective tools. Aim to have the fewest cost-effective tools that can perform the widest range of tasks. It's what made Jesse switch from iGMS to Hospitable. Anyways, all of this to say. Start with TurboTenant or Baselane as they're cost-effective and easy to use. Try it out and if it's too cumbersome then switch to something else next time. They are all good but also far from perfect. I do not recommend Zelle, Venmo, or CashApp.