All Forum Posts by: Brady Ingledue

@Brady Ingledue

Agreed with all the above about not doing STRs in an HOA that doesn't allow them. Choose a rental strategy you can rely on and get in that groove.

@Neal Z. Yeah, I think something happened to Furnished Finder in the last year or so. Our medium-term rentals in Denver and Colorado Springs used to get solid bookings on there. Now they don't. It's all no-response people looking for a killer deal. 

We use Airbnb for our midterm rentals as do most of our MTR clients in Colorado. It seems to be the way to go for us. 

And I don't agree with going after the insurance agencies for MTR guests. Or, I should say, it shouldn't be your only tactic. My wife/business partner is kind of the MTR expert between us, and she's always saying, you don't care who your tenant is -- traveling nurse, displaced homeowner due to remodeling or home damage, remote worker, transplant wanting to figure out the city, etc. -- you care that you get a good tenant; that's all. So get on Airbnb, where the biggest pool of potential tenants are, furnish your place well and hire a professional photographer and you should be good.

(Also, total plug here, check out Erin's books on Amazon if you want more info on medium-term rentals -- Erin's Guide to Midterm Rentals and American Nomads are both solid.) 

If you want to do more of a shorter stay to enjoy more revenue, I'd suggest MTR through insurance agencies looking to place people temporarily while their damaged home is being fixed. This would be a great way to make the 30+ day stay work and enjoy increased income on the property. This type of a MTR stay does bring in more than Furnish Finder as well! 

Also, if you renting to the average joe that you have no idea who they are, what they do, etc. You NEED to have an LLC on the property! Anyone that invests should be diving into asset protection and utilizing the strategies we have to protect our properties. For some reason this topic as well as STR safety is a taboo subject on BP, and after a year on here I have yet to figure out why. A great place to start learning about asset protection is Anderson Advisors and Clint Coons YouTube channel.

You can't do a STR if your HOA only allows 30+ day bookings, that would be a MTR. Check out Furnished Finders for MTRs.

You don't need an LLC for a small operation like yours, just a waste of money IMO. Just make sure that you have adequate liability Insurance and tell your Insurance Company that you are renting this out as a MTR/LTR/STR or whatever you end up doing.