All Forum Posts by: Michael Greenberg

I was able to use my Allstate homeowners insurance and extend my plan to cover my STR's. I coupled that with a $1M umbrella policy and it was less than any other insurance I could source. Find a local agent and start a conversation.

https://www.allstate.com/home-insurance/host-advan...

3 Votes

I have received those requests on both Airbnb and VRBO on the past - frustrating and spam - and I have reported them to Airbnb and VRBO. Probably not what you want. Not all Airbnb's qualify for free photos, I would just go about finding them via Craigslist or some other means.

0 Votes

I just installed a HeaterReader. So far seems pretty good. Has a relay to go between the heat pump and the pool pump. Can schedule daily or manually control it from my phone app. Search for it on the web.

0 Votes

Originally posted by @Andrea Cole:

@Michael Greenberg Floor plan is an excellent idea! Is there a program you used or just something like Photoshop?

I used a MS program called Visio - it's a VERY basic cad-like program.

0 Votes

Originally posted by :

Thanks! I'm sure I will have questions. And I was worried ~30 was too many photos but I'm glad to see I didn't overdo it. I'll shoot for 50 when the house is reshot.

Fabulous Andrea! You've received some sound advise. One thought would be is to provide some exterior photos and I have created a floor plan for each of my homes so prospective guests can get a feel for the flow. Count me in, I would stay here!

1 Vote

Originally posted by @James Carlson:

@Michael Greenberg Thanks for the mention and sorry for my delay. My wife, @Erin Spradlin, and I are traveling through southeast Asia for five weeks. (And yes, that was a not-so-subtle way to mention that fact.)

@Julie HillAs with everything, it depends on your goals. If your main goal is to help out your friend by offering a room for her to live in, then maybe it makes sense. But if your main goal is to make money while minimizing headache, then the returns of this are marginal at best, as @Julie McCoyand @Ethan Cooke mentioned.

If you had a two bedroom house, maybe you could do it so that you help out your friend and you can always get a room filled in Denver metro on Airbnb. That wouldn't be that much more work. But trying to fill more rooms -- while possible -- would also create a scheduling nightmare.

And as Michael also mentioned, it's not legal to rent out to separate parties (i.e. each room to a separate guest.) The short-term rental enforcement guy for the city says they're getting a lot better at catching folks, so it's a gamble on that front as well.

Good luck!

WOW James - GOOD FOR YOU!!!!

0 Votes

@Chase Cline I think the bigger issue might be what your goal is for the property. Is it cash flow (make a living)? Property Appreciation? Tax Savings (Depreciation). Or something else? @John Underwood has a good point, you can write off a LOT, maybe more than you have dug out so far. I have always (until now) found that CPA's are VERY conservative, which isn't really a bad thing, but I changed to a new one who also personally owns VR's and he is really, really good. Do a web search for SharedEconomyCPA (all one word) and reach out if you want a 2nd opinion. I use Miguel Centeno who is a Partner in the firm.

Best,

Mike

4 Votes

I have stuck with the electronic key pads for now and I change the batteries at least once a year. Since I am remote to my properties, I worry about losing WIFI connection (just happened to my pool heater). I have standardized on nearly all Google products, e.g., Nest Thermostat (buy the cheaper one, it works the same for what we do, lock out, temp swings, etc), Nest Cam's (just installed), Google WIFI mesh routers, and Google Home entertainment. The only non-Google wifi products are ROKU because the Chromecast can't do what the ROKU can without a lot of hand holding and my pool heater control (Google doesn't make them), otherwise I would be 100% GOOGLE. In my former life I was a techie so I like standardization and Google's support is fabulous.

2 Votes

Originally posted by @Chuck Kramer:

I have had a few bad experiences so far, but its a small percentage. One turned out to be a frat party and it was the Gatlinburg POlice that contacted me. Some student at Tenn had an uncle book for him. Had about $6K in damage and insurance only covered $3K.

There were zero red flags on the booking.

Others have been like @Peter Sanchez and @Michael Greenberg related above. I will say that offseason guests who stay at low rates are my single biggest headache. They need tons of care from my local team, tend to leave big messes, and more damage/theft. Inraised prices on 2 of our cabins to avoid it even though utilization will suffer. Like they say, peace of mind is too valuable.

I also installed exterior cameras this summer as a result of the issues. They paid for themselves this oast weekend when I had 13 people try to crash in my 3 bedroom cabin.

So true Chuck! No matter what the business, the customers who pay the least, expect the most and are what I kindly refer to as P.I.A.'s (you can guess the acronym.

Funny you mentioned cameras, I just installed my first two nest cam's, they're great!

Cheers,

Mike

1 Vote

Congrats @Andrea Cole! I can't see a link - some great stuff here. @Daniel Kauffman Thanks for the Youtube links - "no duh" I never thought of checking out Youtube for suggestions (though I use it all of the time to fix things.).

Cheers

1 Vote

All Forum Posts by: Michael Greenberg

Michael Greenberg has started 21 posts and replied 519 times.

Post: Airbnb and homeowners insurance

Post: Would you trade a free night in exchange for professional photos?

Post: Short term rental amenities

Post: We're FINALLY live people!

Post: We're FINALLY live people!

Post: Renting out per room vs. entire house

Post: Impossible to profit on Vacation Rentals with a Mortgage?

Post: Short term rental amenities

Post: Risky Guest Warning Signs

Post: We're FINALLY live people!