All Forum Posts by: Michael Greenberg

Done.... thanks!

I'm not sure @John Underwood. My properties are owned by my single member LLC (almost seems like a pointless entity) so you may want to check with a local agent.

I've been receiving increased interest from guests booking through VRBO/Homeaway.  I have a rental agreement template but I'm thinking it should be "tightened up" as it is just built from the template that VRBO/HA provides  Anyone have a template they want to share?

Allstate recently launched a program that expands the coverage on your primary residence to cover your other properties.  Combine it with an umbrella policy and consolidate your insurance - I like the one stop shop.

Just replied @Jonathan Depa

Best,

Mike

@Dave Meyer I live in CO with STR's in AZ. I would recommend looking for an investor owner on Airbnb/VRBO in your specific area of Colorado (unless it's super remote). I have formed some relationships with a few of them in AZ and they can be a really great resource and could do a better job for you as they will know your specific market and have local on the ground resources.

Best,
Mike

@David Hanson I am a remote STR owner (reside in Colorado) with (4) properties in the Phoenix area. PM me and we can exchange some details.

Best,

Mike

I would reach out to a good friend of mine @Andy Thoms who recently went to work for a VERY LARGE financial institution (translates to better terms and rates) that is launching a solution for what you are looking to do. Andy's a very smart financial guy and is also an STR owner/host. PM me if you would like his contact info as he may not be watching his BP dashboard.

@Ada Tor I would recommend a personal umbrella policy of at least $1M.  They're not expensive and will let you sleep better.  You could also consider a solution like slice.io (not .com).  Take a look, they have some nice solutions to ease your mind.  @Julie McCoy I would likely feel the same way even though we just completed a HUGE remodel at my personal home that has a private entrance to a room in the basement. I use this space as my den now but as the kids venture off it could be an STR - but then again is it worth the uneasiness...?

Great topic @Wendy Schultz!  I intentionally waited so I could read some of the other inputs because it has been a 4-year fire-hose that appears to not have an off-valve.  @Julie McCoy I absolutely love my Google WIFI as long as it plays with your other toys.  It doesn't reset (knock on wood) and gives me remote access as I too live far away.  Just make sure what you have is compatible.  It's a bit more expensive (though I'm seeing HUGE deals for Black Friday coming up).  As @Tim Schroeder mentioned HVAC but also appliances can be a challenge - hence I when I buy a property if anything is within a few years of failing, it gets ripped out and replaced.  Carpet - TEAR IT OUT!  You'll spend 10X in keeping it clean than replacing it as guests drag their dirty suitcases all over it.  In summary, the upfront furnishing/fixing/getting it ready/constantly updating/managing for 5-star reviews is the biggest lesson and requires CASH AND TIME.  Fortunately the cash replenishes quickly but the time never seems to.