All Forum Posts by: Jake Knight

 What's the cost of a condo such as yours?

Great read, thanks @Scott Choppin. Look forward to future posts. 

Are you buying these units or subletting? 

If you think the bulk of your guests will come from these employers, it's good to get in touch with their HR dept. (housing coordinators if they have them) and understand what their needs are first. You can supplement the bookings by advertising on Airbnb and a couple of corporate housing websites. Some corporations have contracts with national corporate housing companies and others let their employees choose. I don't know Houston at all but if the units are indeed well-located, you should be able to penetrate the market. There's more to it of course but you can start with that. 

CBIZ and Proper are probably the two main short-term rental insurance providers. Pricing was very similar for me and I chose Proper based on a few small details and a better communication from their agent. I have dwelling coverage and $1MM general liability.

Wish I could've made it! Knoxville has been very good to me as an investor. Hope all is well, Victor!

Wish I could make it! Knoxville has been very good to me. Hope all is well with you, Victor!

@mj 

@MJ S. TV's are too inexpensive these days too not have one. Cable isn't required.  You can get something like Netflix, Roku, or over-the-air antenna which gives them local TV channels but your cost is very low. You won't ever hear complaints from guests about not having a TV because they'll likely notice it when looking for a place and just skip yours. That's what I would do at least. 

@Steven W. I would recommend researching Charlotte's stance on short-term rentals (30 days or less, typically). If the property is not under an HOA then the city/county legal framework would be the most important legal concern. You can either use your dwelling coverage or have the investor add into his policy. I have a short-term rental policy with Proper and I have dwelling included because I own the property. No need for a standard renter's policy.

@Steven W. from a qualification standpoint (his ability to make the rent payment) he sounds like an experienced investor who did his homework and wouldn't have issues making the payment. He's likely accounting for a large enough margin above your rent where it's profitable for him and safe for you. I know a few investors who do this in my area and are very successful; definitely not too good to be true for you as the owner.

You can require the investor obtain a short-term rental policy from Proper or CBIZ which would cover liability up to $1-2M, contents, damage from guests, and income loss (for the policy holder). One benefit for you as the owner is that if this model is successful for him, it could be a longer-term plan thus reducing the amount of time you engage in tenant turnovers (not sure what vacancy rates are in Charlotte). You wouldn't need a property manager and you might want to consider to negotiate 5-10% above market rent. Make sure the investor knows what he/she is doing and if they have other similar properties.