Airbnb in Tallahassee
Hello,
I've been investing in Tallahassee on the side for about a decade now and have accumulated 4 rental properties that cashflow very nicely. I am thinking about changing my strategy towards Airbnb. Does anyone have experience with that in the Tallahassee area?
1 big question...I have a PM for my rentals. Do you have a PM for Vacation units? Is it the same PM or someone else who specializes in it?
I have a STR home in Tallahassee about 2 mi from FSU stadium, cashflow is great during football season/graduation/session (jan-mar).
You'll need someone who is specialized in turning properties over more often (cleaners, checking for damage, restocking essentials like coffee etc). This is typically not a PM in my experience as it's a much higher touch property. They'll also typically want higher than the 10-15% you'll pay a PM company.
Have you done Airbnb (or VRBO) before? Happy to give you some follow-up advice based on knowing whether you've used either platform.
One item you'll want to check into also is your home insurance. I've been considering doing this with one of my rentals and I haven't found a company yet that will allow STR. It sounds like most people just don't tell insurance and pretend the tenants are long term, but that could be a mistake if there is a claim. I'll be interested to hear how this goes if you make it a STR.
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Mike Conner more and more insurance carriers are providing coverage for STR properties. Happy to send you a list if you are actively looing.
You are also correct in that a few years ago most of the STR were insured with a traditional landlord policy.
@Jason Bott Please send me that that list and thanks
#2 Insurance Contributor
- Insurance Agent
- Nationwide
Originally posted by @Jason Bott:@Mike Conner more and more insurance carriers are providing coverage for STR properties. Happy to send you a list if you are actively looing.
You are also correct in that a few years ago most of the STR were insured with a traditional landlord policy.
Sending over now.
Hello there! I've been hoping to invest in the Tallahassee area but I've not had any luck with PMs. Any chance you can share your PMs info? Glad to hear that you've got good cashflow in the area!
Send me a message and I will share my pm with you.
Bill
Originally posted by @Oremi Hislop:I have a STR home in Tallahassee about 2 mi from FSU stadium, cashflow is great during football season/graduation/session (jan-mar).
You'll need someone who is specialized in turning properties over more often (cleaners, checking for damage, restocking essentials like coffee etc). This is typically not a PM in my experience as it's a much higher touch property. They'll also typically want higher than the 10-15% you'll pay a PM company.
Have you done Airbnb (or VRBO) before? Happy to give you some follow-up advice based on knowing whether you've used either platform.
I have not done any str. I am very close to having the place complete and it looks much nicer than a hotel. One of my buds just started STR in the same area I'm in and is making roughly $3k a month vs the $1300 per month if it was a LTR at 60% occupancy. I am willing to pay more for a good STR PM because yes, it is more work. I already have a cleaner who charges $30 per visit.
I might keep this on the Down Low in regard to insurance. Had enough problems with them as it is. They get stricter and more annoying every year.
@Jason Bott can you send me that insurance list as well? And if you know if any folks in the area that can manage Airbnb for up to 20% (I need this to be a passive investment for me), I would appreciate if you could share those contacts.
@david
@David Boley Rent with integrity.
Quote from @Alexander Johnosn:I use RWI also theyre great
@david
@David Boley Rent with integrity.
@Jason Bott please send me the list of insurance carriers as well please.
Thank you,
Isham Zabala
@Alexander Johnosn how's your STR doing currently. I also have a STR in Tallahassee, let me know if you have any questions or how I can help