All Forum Posts by: Colby Wartman

It has been about a month since I last posted about purchasing our first STR property in Lead South Dakota. We have been moving at breakneck speeds and from the purchase date, our property will be up for bookings in less than 27 days! Thanks to the help of a lot of you people!

The reason for the post is to outline the property management company EVOLVE. Evolve is really changing the short-term rental world for the better. I cannot recommend EVOLVE more. Many different property management companies range from 20-30% monthly fee and no matter the location, EVOLVE charges flat 10%. Outside of that aspect, they have streamlined the process and are the most helpful people I have ever met. You honestly have to experience it for yourself, this company is DIFFERENT. As of right now, I will never use a different property management company and I highly recommend you check out EVOLVE. Great people, great service, and great price! Just thought I would throw that out there if anyone was looking!

 That is a great question. I am a numbers guy, (strength coach/gym owner is my day job) and I get enjoyably lost in analysis. I had 2 separate offers that were not accepted in the Cocoa Beach/Merrit island area. On those properties, I did my research, and put the offer in and they fell through. I was discouraged but knew a new opportunity would arise. After analyzing the current deal that we are purchasing, I did my research, ran the numbers and it was time for me to make a move. I was stuck in analysis paralysis for too long and I knew this would be a great opportunity.

I think the best thing that prepared me to take on this deal is being a current business owner. I am a person that is not scared to ask because the worst someone can say is no. However, this is both a positive and negative quality of mine that I am aware of. So just being able to:

1. Establish your firm buy box

2. Do your research

3. And take action when action is needed. 

That is what helped me finally take the leap I needed. 

Just wanted to keep it short and sweet and say a genuine THANK YOU to everyone on these forums. In a very quick manner, you all have given me all your knowledge and experience as a complete stranger. Getting to learn from you all and grow has been an awesome experience. Thanks to the help of you all, as of September 29th, I close on my first STR deal in the beautiful Black Hills of South Dakota. Without all the help, answered questions, and experience, I wouldn't be making this post. Thank you all for pushing me, not allowing anyone to accept mediocrity, and passing your knowledge along!

I have asked my lender extensively and not getting a straight answer. He has said that it is a federal requirement!

Last question I promise. For people that have used a second home loan/vacation home loan for short term rental. I have read that through the second/vacation home loan, you are not allowed to have a property manager manage the property? Is this true? This is a deal breaker where I would just end up doing it as an investment property instead. HELP PLEASE.. has anyone used the second home loan and used a property manager for short term rental? Thank you!

 Jeffrey,

Thank you, sir, I would love your recommendation. You can shoot me a DM with the information if you get a chance. If you do not mind me asking, as a newbie, how are insurance brokers compensated? Through referrals? Or am I paying them a small portion when getting insured? 

 Cameron,

do you have anyone in mind in the Florida (Rockledge, Merritt, Cocoa/Cocoa Beach) area?

yes, that is true, the insurance agents in some areas are not fond of STR insurance. I was quoted $4000-$5000 in this area in Florida!

Have a question for all the veteran STR folks out there. Hopefully securing our first short-term rental in Rockledge, FL. However, we are still searching other places such as Merrit Island for opportunities. Cutting to the chase, it seems (as a newbie) short term rental coverage is fairly pricey.

1. Where have you used/had the best success with the insurance needed for STR.

2. Are you just getting a regular investment property quote instead of coverage specific to STR?

3. What are some annual prices that you are coming across?

I am new to the insurance side of things and got quoted some outrageous numbers when I mentioned using my rental for ABNB. Just need some help and direction, thank you!

Helps a ton Lyndsay, thank you very much!