All Forum Posts by: Marcello Di Gerlando

I notice the start time on the original post. FYI I cant see the date. tracking now 18AUG. Hope to see you there if I can make it.

@Kevin Rea

Mommas womb. Its murder out here. Other than that I would split between Colorado, London and Sicily.

@Tashina Taylor

Have you spoken with a banker yet about a refi? I can tell you that not many banks are doing cash out refis at the moment. CIVIL/shutdown related. I suggest you talk with a banker about your plans. Some banks require 1 and even 2 years of income before they will consider your rental income. Be careful your HML may scoop that property from you if you can't make good on the lone terms. Tread lightly do your due diligence. Good luck.

@Nat Chan

Why buy title insurance if they don't cover you for claims such as you describe? I've bought homes without title insurance from the Trustee auction which requires me to do some due diligence and buy a $5 O&E report from the title company. Never had an issue. ( don't construe this as advise) In fact as long as I've been investing in REI I have never come across any stories where a title company covers a loss. @Jay Hinrichs do you have any stories where a title co covers a loss?

@Colin Smith

When?

This puzzle comes up a lot in the forums. There are some well established threads on this I recommend you read through them. Caution, there are some 'creative' concepts that may sound great but may not be good for every situation. I have used and are still using similar strategies as you have laid out. The bottom line is that each situation is different and  generally speaking getting the HELOCs paid off as fast as possible is best. I try to clear my HELOCs within a year and reestablish the line of credit. Search the forums.

Paradoxically, short-term-vacation-rentals (STVR) in beach, mountain areas are doing exceptionally well. During the initial shut downs and restrictions they took a hit but now they are cooking with grease. I have raised prices and guests are still booking. After informally surveying my guests the feed back has generally been that folks are looking to get away from the cities and gather with friends and family whom they miss from the lock-downs. They are also weary of hotels and congregant living/common areas hotels offer. Also, for larger groups especially STVRs offer a much better deal for the guests than pricey hotels.

@Michael Baum 

There goes my recommendation of Proper. not surprised.

@John Underwood

I'm not sure just yet what if anything other STRs are doing as I have laid it out. I expect I will uncover anyone doing something similar in the coming days. To be sure adventure tourism is a major industry in Colorado. Formulating a business model that works in conjunction with the STR is going to be the challenge, the market and demand are already established.

@Michael Baum

Understood on the tax burden and I suspect a long a thorough discussion with my accountant is imminent. The article you recommended was a good read and start. Insurance I'm sure will be commercial and separate from what I'm carrying currently. I use Proper Insurance specifically for STRs. I've spoken with them indepth regarding additional activities like sleding and bicycles...and it kind of goes like " if its not expressly prohibited in the policy we cover it...we ask you to provide helmets, life jackets Yada yada." I recommend them. Pandemics were not expressly mentioned in the policy and I expect to claim on the weeks lost. Policy also covers nonsense like alcohol related issues, sexual assault, and punching the lights out of the neighbors. It's a good policy.