All Forum Posts by: Candace Pfab

@Jesse Aycock. We have a couple of condos in Orange Beach! Happy to help in any way!

@Nancy Bachety It depends on the policy form which is the contract with the insurance provider. Main issue with the business policy is with Condos. You can't always get the policy language you need to bridge the association coverage with your coverage, like loss assessment mentioned above. If your portfolio is all non-HOA single family homes or multi-family, a business policy might get the job done but if your property is part of an HOA or condo association, you may not be able to get loss assessment & other coverages you need.

I specialized in condo insurance until 2018 when I transitioned to real estate full time.   Short term rentals have been around a long time and for people with smaller portfolios, it usually makes more sense to get the right personal policy that permits short term rentals, especially for a condo because there are coverages like loss assessment coverage that is needed to dovetail your coverage with the associations policy.  We own 3 Condos in two short term rental markets.  As with everything, I would still advise folks to talk to their own insurance professional for guidance, but short term condos have unique coverage needs that can’t always be met with a business policy.

@Lucas Carl. It’s not called short term insurance and it is usually written on a personal policy, not a commercial policy. I was in the insurance business for over 20 years. Just didn’t want the insurance folks he calls to be confused ;)

@Stewart Campbell Other than setting up an LLC, most investors just purchase a landlord policy which is endorsed to permit short term rentals. I am in the area & happy to help if you want to pm me to set up a time to talk!

Hi Erran!  Happy to help!  Sorry I didn’t see your request sooner!  We help investors in Orange Beach, Gulf Shores and Perdido Key.  I will send you a colleague request as well!

I would be happy to send you some deal checks for Gulf Shores & Orange Beach AL that I have run recently if you are interested in learning more about those areas and can also connect you with some agents with our firm in PCB and Ft Walton which have some opportunities, but will say that we are not seeing GRMs that high in our area. Also, keep in mind that it is not just HOA restrictions that you have to watch, but also STR restrictions by local municipalities! Our market has already gone through that. Just send me a colleague request if you would like to connect!

Sending you a colleague request.  This is out of the norm for owner to have out of pocket expenses so happy to see if I can help you out in any way as a local!

Hi Robert.  I would love hear more about this cleaning fee issue you encountered in Gulf Shores.  I have never heard of that area.  Normally 100% of the cleaning fees are passed onto guests with the exception of the annual deep clean plus $375 sounds really high.  Can you elaborate on how that happened?  Thanks!

Baldwin County is the fastest growing county in AL.  We are a very popular choice for retirees due to attractive property taxes and Foley is a great option for those that don't want to pay beach prices for Gulf Shores or Orange Beach.  You can still be 20-30 minutes from all that the beach has to offer.  This has attracted a lot of new residential construction which are still at very affordable price points.  Builder magazine named as one of the Top 10 Places for Home Building.  OWA is the theme park that opened in 2017.  There are rumors that a casino may be go in there, but as of now the official position is that is not going to happen.  We also have some opportunity zones available and home to some thriving aerospace companies.  We have the 8th fastest growing MSA in the nation & we were listed in Forbes as one of the Top 50 places to grow a business.  Lots going on here!