All Forum Posts by: Dave Stokley

Definitely still buying. I still see tons of opportunity in local micro-markets, but you have to have to know your market and your numbers. I'll buy anywhere within an hour of Cleveland and I still so see much opportunity.

This was just asked yesterday and probably 100 times before that. Do a quick search in the forum for "STR insurance" and you'll find tons of info.

Still not sure why it matters if it appraises. Do the numbers make it profitable? These things are supposed to be cash-flow cows right? If it only costs you $50k to build and it nets $25k/year, who cares if it rots out in 10 years?

1. Bigger
2. Higher-end
3. Themes: https://www.airbnb.com/rooms/5...

What on earth is a cowboy pool?

As @Trent Reeve mentioned this has been asked and answered many times in this forum: https://www.biggerpockets.com/...

For most of my own properties I have a standard landlord policy with a STR rider. On higher end places we and our clients might us a company called Safely, which offers coverage at a nightly rate for only those nights you have guests (think it's about $10-12/night). Their claim service is super easy, it covers the nice furnishings, and they pretty much pay claims no questions asked. Airbnb also offers AirCover for hosts which I wouldn't necessarily call insurance but it does offer some protection ($1m property + $1m liability). https://www.airbnb.com/aircove...

I'd assume it would have to be appraised as a business rather than a dwelling/real estate. 

Does the appraisal value really matter though if it generates a ton of income?

Humans, by far.

Hi Luka,

My company manages STRs in Cleveland. Garfield Heights is not an appropriate place for a STR. It's not a great neighborhood and not particularly close to the major hospitals.

First I would call the local utilities and contractors who deal with this stuff to see if your assumption is true.

For electricity maybe some sort of generator?

For water maybe some sort of large reservoir and have water trucked in?

Guessing none of your options are going to be cheap!

Project income using sites like Airdna and looking at what other people are charging on Airbnb/Vrbo.

Then subtract all your expenses: platform fees, supplies, utilities, maintenance, landscaping, etc.

Do some searching in the forums. This stuff has been discussed extensively in the past. And BP has a calculator: https://www.biggerpockets.com/...