Are short-term rentals like Airbnb the wave of the future? Or should investors stick with the traditional renting model? That’s the first question I’m tackling on this episode of Investing in Real Estate!
On this Q&A episode, I’m taking three listener questions about short-term rentals, finding the right accounting team for tax time, and the importance of LLCs for investing in real estate. To hear my answers to your questions, press play on this episode of Investing in Real Estate!
On this episode you’ll learn:
- What you need to know about short-term rentals.
- How to find the best tax team for real estate investing.
- The main benefit of investing in an LLC.
What You Need to Know About Short-Term Rentals
Short-term rentals like Airbnb can be incredibly profitable. Here’s my best advice: be careful and do your due diligence. Things can change quickly in the short-term rental space. Airbnb now has a required COVID-19 safety protocol, and in many markets, the rules and regulations regarding short-term rentals can change in an instant. Make sure you know your market and budget correctly before choosing to invest in short-term rentals. And if you decide to move forward, make sure you’re informed. I suggest taking a class on Airbnb so you’re prepared!
How to Find the Best Tax Team for Real Estate Investing
There’s no company better suited to help a real estate investor get their taxes in order than the team at Wealthability. Wealthability was founded by genius CPA, Tom Wheelwright. We use Wealthability in our family and our business, and the team has helped hundreds of our clients. You can schedule a call with the Wealthability team at morrisinvest.com/lower-taxes.
The Main Benefit of Investing in an LLC
One piece of legal advice that has stuck with me through the years is this: it’s not if you’ll get sued—it’s when. Unfortunately, lawsuits can be part of the real estate investing business, so it’s important to be prepared. A legal entity like an LLC offers liability protection by separating your business from your personal assets. If you need help setting up an LLC, I recommend the team at Corporate Direct.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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