All Forum Posts by: Chris Mury

Hey Robert, 

I would have a conversation with Walter Williams Property Management. They manage many properties in the area and they're local. I'll DM you my contact there. Good luck!

Chris

I'm assuming that a 1-night stay is too risky too an insurance company. 1 night stays = parties = risk. I wouldn't do less than 2 nights anyway but to each their own. 

I would talk to a local insurance broker. One thing to be aware of is that certain insurers require a minimum night stay for your STR. For example, mine is 2 nights minimum.

You could also call Proper Insurance. I've never insured through them but I have discussed a house-hack STR with them and they absolutely offered insurance for that arrangement.

Good luck!

Thanks for the feedback. I'm very familiar with the area, we have a family home in Bethany.

I've never used a separate rental agreement outside of AirBnb/VRBO but would certainly use one if booking directly. Maybe talk to other owners in your community or the Realtor who sold you the townhome to see what sort of agreement they use or recommend. Good luck with the new place!

Not to answer for Joshua, but, yes all the PM softwares out there do everything you described.

If you're booked solid through October, your prices might be too low. Try using pricing software like Pricelabs to achieve optimal pricing. I hear you about the initial "new listing" push, but I would encourage you to think longer-term and get the property listed on VRBO if there's demand for it in your market.

Hey Beau!

Share a little more about your short term rental property. Are your guests going to be booking directly with you or via AirBnb, VRBO, booking.com, etc? What type of property is it?

Hey Todd! I hadn't thought of that but that's pretty smart too. Love the unconventional cash flow ideas!

Hey Wesley,

I'll echo others that your strategy is not uncommon here in Florida. I'm helping many people do this exact same thing right now as a Realtor.

In my mind, it all comes down to your holding period. Are you planning to hold 7+ years? If so, I would feel extremely comfortable with the purchase, especially if it can cash flow for you in the meantime.

Good luck and keep us posted!

Chris

Ethan,

Congrats on getting an offer accepted! Hard to find deals right now.

I personally would not consider cleaning my own STR's. Find great cleaners and pay them well. They'll do a far better job cleaning than you and will get it done faster. For most people it's not the best use of their time.

I recommend Your Porter for property management, guest communication, and cleaning coordination. Definitely install some sort of smart lock that automatically generates access codes for your guests, try bookkeeping software like Stessa, and use a Ring doorbell camera to monitor who is coming and going.

Good luck and keep us posted with your progress!

Chris

Hey Daniel! Very interesting, I've been considering doing the same.

Where do you have it parked?