All Forum Posts by: Ben Scarborough

Very sad to see. Insurance companies in Florida are going to continue going out of business and the affected homeowners are going to be left empty handed. Paying well-established insurance companies instead of mom and pop insurance companies will go a long ways in the near future.

Hurricane season is here!

Whether you are a resident in a coastal market, host a short term rental, or just have a second home near the coast, there are always items you need to be sure you can check off of your list in the event that a hurricane is headed your property's way. If you aren't paying close enough attention, you may only have a few days to react by the time you hear about the storm!

If a tropical storm is approaching and you have guests staying at your property, here are some items to consider providing:
- Water bottles
- A battery pack so guests can charge phones
- Battery powered lanterns
- Battery powered fans
- A radio for weather updates
- Flashlights
- Spare batteries

A safe space I would suggest storing these items before a storm arises would be in your owners closet with coded access for guests.

Although not necessarily terrifying in every case, smaller storms still have the capability to cause power outages and severe flooding which could end up preventing your guests from being able to leave.

If a hurricane is approaching, be proactive with any upcoming reservations. If you have not created a hurricane or weather policy for your property, there is no time like the present to get one in place and display it in your listing! If a guest made a reservation prior to you having a hurricane or weather policy in place, let them know how the situation would be handled before a hurricane or a bad storm arises.

As far as prepping your property goes, I would recommend checking the following boxes at a minimum before a storm/hurricane emerges:
- Have a plan in place to secure outdoor furniture and miscellaneous items
- Trim trees & branches
- Have a protection plan in place for windows and doors
- Waterproof important documents
- Put fragile items or valuables on elevated surfaces
- Review your insurance policy
- Check that your roof and siding is secured and not loose
- Ensure you still have an effective way to communicate in the case that service goes out in the area

If you do not live near your property and are unable to check these boxes, find a reliable handyman and/or professional that will be able to complete these tasks for you.

If I am missing anything, please add your suggestions below!

If you have no experience yet and are wanting to cohost, I would highly recommend finding a reliable mentor as step 1. It is going to be very hard to build a cohosting business without having several short term rental investors in your sphere that know, like, and trust you and what you are building. 

Step 2 would be to begin researching different pricing and management softwares. Begin listening to several str related podcasts (there are way more than enough to choose from). Also use this time to read up on the different problems hosts have come across. Join str facebook groups and read through several posts. When I was getting started I bet I spent over 100 hours doing this kind of research.

Step 3 would be to begin selling what you have taught yourself. No need to say you are new to the business. If you have done your due diligence with research and have become highly capable of holding a conversation with seasoned short term rental investors, you will be able to build trust with STR owners.

Foley is exploding right now, but I think your lowest vacancy rates in Baldwin County for an LTR would be in Daphne assuming you find a property within 10min or so of I-10.

@Caleb Drake

Congrats on closing your first house hack! That's hands down the best way to buy your first home. I would recommend using your network to find someone that would be interested in bringing private money to the table for your deal. Be careful not to market that you are seeking private money over social media or something similar though. For clarification on why I am saying this, do some research on the differences between raising money doing a 506B vs raising money doing a 506C. Big legal differences, but think of 506B as "B" standing for "buddy". This is the route I would suggest looking into going down first to try and seek out some capital. You need to know how much money you want to be able to bring to the table and how much renovation/holding costs will add up to. 

Also, you need to be careful of whether you bring more than 1 person to the table for doing the deal with you. Once you have >2 people in on a deal, you technically are doing a syndication which has some legal stuff that comes with it too and the attorneys for doing a syndication can be expensive for someone starting out.

Run the numbers for a little bit more than what you would offer on this home, while spreading the word looking for private money. Keep in touch with the seller. Offer value to them and be genuine with them rather than just asking them to sell their house to you. Once you have your private money person lined up, it is time to take action and get the home under contract. 

Hope this is helpful, and good luck!

I know here in the Gulf Shores tourist overlay district, properties are regulated on an occupants per unit basis. Therefore, you would need 1 permit per unit in this case.

 How is the location? I know there are a lot of rough patches around the Birmingham area.

I avoid HOAs at all costs as well. Unless you have a spot at the table with the HOA, your longevity of operating an STR is at the Association's will.

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