Re: TV Absentee Landlords
 

As an absentee landlord, where do you store your personal belongings, such as clothing, so that you don't have to bring down as much when using your home.

Re: TV Absentee Landlords
 

For info on IRS requirements for rental property see Pub 527, found at IRS.Gov under publications. Property is not considered rental if used for personal use more than the greater of 14 days or 10% of total days it is rented to others at fair rental price. There are many expenses you may deduct, such as expenses to and from rental to collect rent, manage, maintain property. I suggest you keep a diary. The IRS likes that. However, don't use the same ink so that it looks like you put all the info in at one time. Hope this helps with IRS question.

Re: TV Absentee Landlords
 

If you use TV property management you can not leave any personal items in the house. When we come down we bring everything we need with us.

I use a speadsheet to document my expenses when in the house and keep reciepts for everything related to the stay.

Re: TV Absentee Landlords
 

The house we rented last December had a tall rubbermaid lockable cupboard in the garage that the owners used for their personal effects. Since it was locked, I don't know what kinds of personal effects they kept in it. I would probably use it for shoes. I can easily fill a suitcase with nothing but shoes ;)

Re: TV Absentee Landlords
 

We also do not keep personal items at our home. Also, as far as stocking what TV prop. manager wanted, I actually liked having the list! As crazy as that may sound..Here is why..We took the list they gave us and purchased everything and now our house is 100% livable when we go down with linens, etc..As long as we pay the 20% fee and cleaning fee like I stated , we can come and enjoy our home as much as we like, anytime we want, and get to deduct all the expenses related to it! I personally think it is a big win win...As far as the house staying empty..... From what I can tell so far, the only empty months appear to be July and maybe parts of August,..July ( so far ) is the only month we have not had some sort of tenant..Like I stated earlier, most tenants are only 4-7 day tenants and we Love that..No wear and tear, they mostly eat out...

Re: TV Absentee Landlords
 

I really liked having the list too. It certainly made the house very livable when i used it. We had everything - if it was on the list. Property Management did a great job of taking care of the place too.

We also installed a lockable cabinet in the garage (the intent was to make folks feel like they were "home" so TVPM wouldn't allow a locked closet or room). We kept things like soap and other toiletries mostly. We also stored lots of stuff in the attic - suitcases with our clothes as a for instance. We had to unload the attic and load it again every time we visited, but it was better than carrying it back and forth.

Re: TV Absentee Landlords
 

Be carefull what you store in the attic, Steve, it gets real hot up there.

DC

Re: TV Absentee Landlords
 

Thanks for the tip. We have mostly dishes and clothes in suitcases and Christmas decorations.
What should I avoid storing up there?

Re: TV Absentee Landlords
 

We rented our villa out ourselves, and never had any " problem" tenants. We made it clear that it was for 2 people only - more people and we charged extra. The people who can afford the rents in TV are retired, not likely to do a lot of cooking for 1 month stay. They were required to notify us if they were going to have more people staying,to get our approval. And of course, we said no smoking, no pets. And we had a security deposit, renters seem to realize that its a person's home and treat it as such.

Re: TV Absentee Landlords
 

Ice Cream.

Re: TV Absentee Landlords
 

Any particular flavor more or less affected by attic storage? ;)

Re: TV Absentee Landlords
 

We bought a CYV north of 466 and TV Property Management refused to take it -- too old (built in 1993)! They are only interested in putting visiting prospects in places closer to where the new homes are selling. Too bad because it is a wonderful place.

However, we have had no trouble renting it when we want by advertising on 3 internet sites. I've hired Redwitch as my go-to person on the spot. Her rates are lots more reasonable than whatever percentage any management company takes. And she figures out what we need and makes it happen. I don't know of any management company that would do all that she does.

I used the TV list of what they wanted their rentals to have and bought all that stuff. I found it very helpful and not at all unreasonable. As we stay there I add other things as I want or need them. (Granite counter tops are my latest "need" -- October they go in! And I will keep the cotton in my ears until my husband quites asking why.)

We have had no "problem renters" in a little over a year (or nothing that Red couldn't handle -- one story to tell) and it has stayed rented for most of the time we weren't using it. We don't store personal items there although we did leave our bikes and extra golf clubs. Our renters are free to use them.

We are not claiming it as a business expense because we knew we wanted to use it more than the IRS regs would allow. Even without the deductions, all our costs are covered and then some, and we get to spend time there rent free. We don't have a mortgage, but as others have said, the rental wouldn't begin to pay that.

I am very glad we bought even though we are still working. TV is such a beautiful, fun place and we adore our villa. As an investment my guess is that it will do at least as well as a bond and at worst it won't lose money. But really, we didn't buy it as an investment.

If you can swing it CIB, I'd say go for it!

Could you please give us the name and number of your rental management service that you are pleased with?

Boy Peachie. I agree with you on this too. Are we twins separated at birth? Maybe I was spoiled and not forced to share my toys but I would have a REAL problem somehow with having strangers live in my house. Even if they were nice strangers, and former girl scouts. ("cleaner than you found it")

What a difference two months makes !!
 

Since I originally posted this topic two months ago, I was toying with the idea of buying now - as an investment and future home - BUT then IT HAPPENED ......... the economy took a dump :cus: I took my FSBO sign down, and, I just don't think I want to put myself out on a financial limb at this time - just dunno :confused:


Any thoughts - ? :undecided: