Hosts here in Tahoe make 20-35% for mgmt, and that does not include cleaning or furnishings. If the concept of 50% bothers you then why not give her long term lease on the lake house and let her keep the profits? But, I think posts above me are correct, your relationship may already be doomed if that is how you are approaching it…
perhaps she can run the boating lake: dish out the life vests, show them how to row, etcs, charge an hourly rate.
“come in boat number 91, your time is up! Oh, hang on, we’ve only got 20 boats…BOAT NUMBER 16, ARE YOU IN TROUBLE?”
Such chuckling, I’m disturbing the others… But I’d love to hear an update from the OP.
Nahhh… it’s so old, we probably should just let it go friends.
Along the 40% thought. For 24 months, I used a property management company for my Str in north Myrtle beach SC USA rent % went as follows. (Not real numbers I used $100 proportionally for ease).
$100 total rent. Linens & cleaning $30. Rental agency fee $15. Taxes $13, to me $42.
In other words they got 45% for renting & cleaning with no investment by them. This was the average in the area.
Uhm, no. You got a lot more than depreciation you can deduct.
You guys are clearly involved domestically to the point where 50% or even 100% isn’t the real concern, keeping it simple is the best strategy here. There are also new tax deductions that open up when she works for you.
I know this is an old post but I’d figure I’d comment since my boyfriend and I host together.
The house is his parent and we live together. He’s incurred all the upfront financial costs of getting the space ready for renting out, whereas I’ve been prepping the space for guests. We have decided to open a separate bank account just for the air bnb, this way we can keep track of all cost. We’ve decided that we will pull some of our profits from that account to pay for shared housing expenses. We clearly have different roles that have been formed by our personalities. He’s better at chatting with people and small talk, and I’m better working behind the scenes with managing things. He maintains the outdoor chores to keep up appearances, and I tend to prefer working on the chores inside the rental unit. Sometimes we work together on both. Sometimes he deals with the spiders. I think its important to have open communication with whoever you plan on going into business with to make sure that things are fair for both parties. When we make profits that surpass general housing expenses, we will be spending it on a trip or something we can both enjoy together. It’s a good way to keep things fair! That is… if both parties are putting in an equal amount of work.
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