All Forum Posts by: Heather Hall

@Melissa Haworth- this is all great info - thank you.  

I will send an email shortly. 

@Michael Baum thank you! But sadly Proper was over $2K per year more than my current policy. 

Quote from @John Underwood:

I would also shop the policy.

Are your parents or Grandparents veterans?

I got a great deal on STR insurance from USAA.

 Thanks @John Underwood !  We love USAA!
My husband and I are military vets. I would love to hear about your STR policy which we could use on our Colorado rental. As for USAA, Farmers, Allstate, etc. . . All the big insurers . . . As far as I know they won't offer any new insurance in hurricane alley areas. I think the same thing is happening in CA in high fire areas, where we also have another rental property. (Southern CA)

Quote from

Find a broker specializing in STR insurance. Contact Andrew on this forum - he's Florida based and knows the players.

Thanks @Collin Hays 

Do you have his last name also? 

Quote from @Robert Masucci:

Hey Heather, first I would look into refinancing the DSCR loan because that's likely where your problem lies with cashflow. Then I would look at the insurance coverage to see if there's anything in the policy that can be cut That's not an absolute necessity. Then I would see if there's anything you can do to satisfy the insurance company to protect your investment that would incentivize them to lower the insurance cost like waterproofing, etc. This might help you decrease both the loan payments and the insurance payment putting you from the negative to the positive even if only by a little bit. Then you could look at some other ways to increase revenue on your property. Things that you can offer your Airbnb tenants (product or service) that will help you cashflow even more. Hope this helps get the ball rolling. Feel free to reach out if anything else.

Thanks for the feedback and advice.  Since the DSTR is @ 6% I don’t think we could beat that right now, since primary residence mortgage rates are at 6% or 6.5%- right ?  Are DSCR rates usually higher than regular home loans ?  We only have the one.  Also, we have a penalty if we refi or switch lenders within the first 5 years of the loan, so until June 2027, we might be stuck.  Do you have a service that you would recommend for consulting in PCB to determine value - add, etc. scenarios to improve revenue ? 

Hello,

We purchased a SFH 3bd/2ba in 2022 and it was a great year for Airbnbs in PCB, FL. However, 2023 and 2024 we were in the red a few thousand. Insurance is already difficult in the panhandle of FL due to the hurricane threat but I recently learned something I did not know when we purchased the home . . . due to the previous homeowner having an insurance claim for water damage, our insurance is really high. The sellers disclosure just stated "water damage in the washer/dryer area" and we did not inquire further to see if there was an insurance claim, etc. Also, our realtor did not think it was a big deal so we followed her lead. We all interpreted it to be minor water damage. But when shopping for new insurance last year, I learned from the broker that it was a large claim and because the claim was within the last 5 years, my insurance will continue to be high; even though I was not the homeowner during that time. Any thoughts/ advice? We have thought about converting it to a LTR but it definitely won't cash flow then because we purchased this with a DSCR loan and the insurance broker stated the LTR vs STR issue won't make much of a difference due to the insurance claim. For wind, etc. coverage we have Citizens/ the FL-state-run program. I am open to insurance referrals also . . . paying over $700 per month in insurance is tough. Thanks in advance.

Quote from @Caleb Genry:

@Mayer M. I have a spreadsheet I created for clients. Would you like a copy of it? I can share it with you if you want.

Hi Caleb- If you could share that spreadsheet with me I would Greatly appreciate it. I’m concerned mine is not detailed enough. 

Quote from @Rhe Cowee:

Hi Everyone,

I am looking to use my VA loan to purchase a condo/house with an assumable mortgage. I am searching in San Diego and Orange County areas. Does anyone have any recommendations for a real estate agent that has experience with VA Loans (specifically- assumable VA loans)? I am also looking for a VA lender to see what I generally prequalify for.

Thanks!

@Keegan Wetzel is our realtor assisting with VA assumables and he is a military veteran himself.

 Hi @Sean O'Keefe

I would also like to get a copy of the real estate professional logbook.

Thanks @Account Closed for directing me to this post!

Quote from @Mike Grudzien:

Heather,
New headline for your STR: "Awesome place for hearing impaired individuals"
That said, IMO every guest would complain, give you low ratings, etc.  It seems that this is literally a ticking time bomb with a known nuisance.   Have you considered LTR or maybe MTR (with explanations to the tenants)?
My 2 cents,
Mike

Bless you for the sprinkling of humor, Mike. It is much appreciated.  I would love to make this a medium term rental if you have ideas . . . We are not near any hospitals for nurses, etc. 

Does that matter?  

Also, if this were you,as a guest would you feel better if there was a published shooting schedule?