All Forum Posts by: Matt Smith

My airbnb has been performing really well since it launched in the beginning of June, with 90% occupancy for the months of June and July. I have it listed on airbnb and vrbo, and I've noticed most of my bookings have come inside of 30 days or less. I'm currently using price labs for dynamic pricing, and when I've had cancellations or vacancy, most times it would get booked by someone else. However this weekend has been the first time I've had a true vacany. (8/4-8/9 are vacant). Perhaps someone in the Tampa market can enlighten me on seasonality trends, and give advice on how to make sure I dont have vacancies. Thanks in advance. Below is a link to my airbnb.

Entire Home, Close to beach, King Bed, Fast Wi-Fi - Houses for Rent in Largo, Florida, United States - Airbnb

Hello. I'm a new investor in the Tampa Bay market and looking to connect with fellow investors in the area who are doing Subto/Seller Finance deals. Or if anyone has any suggestions how I can help others/network please let me know. Thanks

Quote from @Michael Baum:

I don't see why it would. A STR policy covers way more than a homeowners. We use Proper and our lenders haven't said boo about them. I carry more coverage than any homeowner would.

The umbrella isn't tied to the house per se. It just covers anything that isn't covered by your other insurance. Like car accidents etc.

 Awesome. Thank you

Ok @Michael Baum. And just to make sure, a STR insurance policy and umbrella will not affect my current financing?

Quote from @Michael Baum:

Quote from @Matt Smith:

Quote from @Michael Baum:

Hey @Matt Smith, generally a conventional mortgage has a due on sale clause which would call the loan if you transfer it to the LLC.

Not every lender has that clause, but most do. Like @Richard Elvin said, call your mortgage holder and see what they say.

I will say that an LLC isn't a foolproof way to protect yourself. It will protect you from contract stuff but not negligence. If someone is injured and their attorney can proof negligence, the LLC won't hold up.

Get good STR insurance and the umbrella policy.

Yeah thats what I'm leaning towards. My property doesnt have many potential risks. Only one I can forsee would be a potential trip and fall. Having STR insurance doesnt affect the current financing? And where do I start for STR insurance? Thanks

Proper and Foremost both offer STR policies. Covers the things homeowners and landlord policies don't.

I will tell you every property has quite a few risks. You would be surprised.

 True. Lawyers guna lawyer haha. I appreciate it. How much do those policies cost on average?

Quote from @Michael Baum:

Hey @Matt Smith, generally a conventional mortgage has a due on sale clause which would call the loan if you transfer it to the LLC.

Not every lender has that clause, but most do. Like @Richard Elvin said, call your mortgage holder and see what they say.

I will say that an LLC isn't a foolproof way to protect yourself. It will protect you from contract stuff but not negligence. If someone is injured and their attorney can proof negligence, the LLC won't hold up.

Get good STR insurance and the umbrella policy.

Yeah thats what I'm leaning towards. My property doesnt have many potential risks. Only one I can forsee would be a potential trip and fall. Having STR insurance doesnt affect the current financing? And where do I start for STR insurance? Thanks

I have recently listed my old primary residence on airbnb. The deed is still in my name, and I want to transfer it to my LLC. I still have a balance on that loan, and I have been told I would have to refinance in order to transfer to my LLC. I do NOT want to do that cosidering my PITI. However, I also dont want the property listed in my name for liability concerns. Would the bank also call the loan due if I transferred out of my name? Thanks

My first guest for airbnb will be here this weekend. I'm booked for the month of June. What does everyone think of the smart pricing feature? I've heard mixed reviews on it. Also, how soon in advance does the average stay get booked? I'm sure ill get more bookings as the dates creep closer, but it would be nice to have them in advance. 

Quote from @Michael Baum:

Hey @Matt Smith, ok, so what's with the photos? Is that when you lived there? Is the TV box still there? Are all the small appliances sitting out? What about the guitars? Fridge magnets? The stand fan? Is that a tetanus post in the back yard?

Close the shower curtain. Get rid of the post. Get rid of all extra stuff and put it away. More art in the bedrooms. Etc. Take new photos.

The pics are pretty rough. Did you take them yourself? It's not that the photos themselves are terrible, just there is too much clutter and it looks partially done.

 Its as I lived in the house haha. And yes I took em myself

Quote from @Michael Baum:

Well @Matt Smith, in most areas, you are going to be on the lean side the first year. We were and others I know were also lean. Some areas start like gangbusters because of the location. Others will take time.

Occupancy overall in the Largo area is about 64%. So at $100 a night is just about what you are expecting it to rent for as a LTR.

Making it a LTR seems like the way to go. Steady income, less work etc.

I would take a hard look at what @Andrew Steffens said. He is in that area and knows the deets.

Plus, post the listing so we can get a look at it.

 

Quaint Largo Home-King’s castle - Houses for Rent in Largo, Florida, United States - Airbnb