All Forum Posts by: Account Closed

And you still have the migration outbound from NY & CA to FL. I would expect your market to remain healthy. 

Most people do Either LLC Or umbrella insurance. An LLC is only necessary when your EQUITY reaches a point where it is attractive for an attorney to sue. So, if a lawsuit runs $50,000 (typical number) then having that amount or more equity in a single LLC might not make sense. If you have 10 properties and each has $2,000 in equity, then one LLC is more than enough to have all 10 properties in. It's all about equity and risk.

The reason to do the insurance is that most people don't follow the Operating Agreement and in a lawsuit there is the ability to pierce the veil if the OA is not followed and documented. It's cheaper and easier to have Umbrella Insurance on the properties.

Since you already have the LLCs, if you follow and document everything correctly, your LLCs are typically fine. Except in King Co. Sanity, rule of law and common sense do not apply in King County and the risk skyrockets. Think of the anti-landlord sentiment in Seattle for instance. You are far more likely to be sued in Seattle than in cute little lovable Gig Harbor. Pierce is far friendlier a Co. But, since we haven't actually gotten to it, depending on where the properties are you plan accordingly.

You should think about umbrella insurance. Ask your insurance agent.

Originally posted by @Keith Martel:

Quick Q: We're looking at a cabin for STR. It has been completely rehabbed. I think it looks great, but by painting much of the interior, they removed much of the cabin feel. Anyone have experience with renting cabins that don't feel much like cabins on the inside? Anyone want to just chime in?

 I showed it to my resident expert who is a "for real" interior designer and she liked it a lot. Her suggestions were to change out the chandelier to a bronze metal type fxiture and add a sofa sectional on the deck, off to one side, so it can be seen but doesn't block the view. It makes it more inviting to be on the deck. 

Your clientel will probably be "higher end". So choice one is to cater to them and charge accordingly. Or cater to the average joe who likes cabins and charge slightly more realizing they may bring things home (dead deer, fish, birds). Just kidding. Depending on the location, if it's a resort location or a common travel destination, it should do just fine. It certainly doesn't look like a hunting cabin. 

My brother and I replaced some piers on one of the houses and it wasn't that bad. We bought jacks to support the section we were working on and put in new beams. It worked out nicely and saved us some big bucks. I had a blast doing it.

If I remember correctly, San Antonio implimented some new rules for STR. You might want to check it out.

https://docsonline.sanantonio....

"Presenting Exhibit A: Last month we observed that anticipating an end to Biden's stimmy bonanza end and that soon they will have to live again within their means, Americans' buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances."

Of course not, I'm having too much fun.

 I was pointed to AirDNA when I asked that question. 

 Here is the difference: The article you point to is talking about mortgages. Mortgages are usually used on the east coast. A mortgage requires a lawsuit in order to foreclose. The lawsuit is filed in the county that the property is situated in. It goes through the legal process to a court hearing. The judge then determines if the conditions were met for a foreclosure. 

On the west coast and in TX, Deeds of Trust are most common. A Deed of Trust gives the lender permission to sell the property if you default, without a court hearing. There is no need to go to court to get a judge's approval. The process in most Deed of Trust states is to issue a Notice of Default., which is not recorded, and which gets sent to the borrower via certified mail and another copy is taped to the door of the property. It gives notice and allows 30 days (or more) to "cure" the default. Then, if the allotted time passes without the loan being "cured", a Foreclosure Notice is recorded, mailed and posted indicating a date in the future that a sale will take place if the loan isn't paid off. The borrower still owns the property at this stage and can sell. If the loan isn't paid off in the allotted time, an Auction occurs.

There are a lot more details of course, and it is very regulated, and it varies by state. Generally, if you are chasing foreclosures on the west coast, you are looking for a Foreclosure filing on a Deed of Trust. The NOD is not filed.

Texas has it's own way of doing things. I have property in Texas. And the counties take privacy more seriously than some other places. The county websites I used to access in Texas no longer allow me to see information I used to see.

What you want to do is contact a local title company and ask their marketing department if they provide a list of properties that have received a Notice of Default. If they charge anything it won't be more than a couple of hundred $$$.