All Forum Posts by: Pete Slaga

 This list is about a year old.   Hopefully this will help.

1. Proper Insurance: Offers comprehensive coverage specifically tailored for short-term rentals, including replacement cost coverage and robust liability protection.
2. Allstate: Offers HostAdvantage, a home-sharing insurance program designed to supplement existing homeowners policies for short-term rentals.
3. CBIZ: Specializes in vacation rental insurance with wide-ranging coverage, particularly suitable for homes with additional amenities.
4. Foremost Insurance: Known for its comprehensive vacation rental insurance policies, making it a top choice for many property owners.
5. Obie: Stands out for its focus on short-term rentals, offering tailored policies for this specific market.
6. Steadily: Provides vacation rental property insurance that can be customized to fit the unique needs of short-term rental owners.
7. RentalGuardian: Offers specialized short-term rental insurance products, including options for both property and liability coverage.

InsuraGuest: Provides technology-driven insurance solutions specifically designed for the hospitality industry, including vacation rentals.

 I do not currently, but I have the ability to take the summer season off and be on site

 yes

 Summer is the main season.. Fall there is some.   Winter the main lodge is available, but is driven mostly on having enough snow for snowmobiling.

I am considering a resort on a lake in Minnesota.    It has a main lodge that has 10 hotel rooms, four 3bedroom 1 bath cabins on the lake, and four 2 bedroom 1 bath cabins on the lake.  It also has an in ground pool.  There is a bar that is leased out for 1,200 a month.    The lake location and frontage quality is 7 out of 10.   It is a smaller lake only about 180 acres, but it is a sandy bottom.    The cabins are dated and I would put them at a 3 out of 10.    I spoke with zoning and I can remodel if I keep the current footprint on the cabins.     The owners are old school..  They book over the phone and are "fancy" booking on Facebook.  My analysis and just the general sense is there is a lot of value add.

Someone share with me the horror stories and what I should look out for that you have learned.

One other consideration is to allow the current PM to book and honor their reservations for the next 90 days.  Anything beyond that you can cancel.  Since you do not have an agreement with the PM you can technically cancel effective immediately.  This is a fair comprimise as the PM will not want to scramble and re-book guests in the next 90 days to another property.  You can then create a listing on your end and open up the calendar for day 91 or 92 and beyond.     

Hello Abad,

The owner should have one or several of these to share

1. Tax returns on the properties
2. TOT tax returns paid
3. He can pull Airbnb and VRBO reports and share them with you.

It is ok if he did not make too much..  This is where you can try to determine if there is value add.      You can go to Airdna, Airroi and use one of the following tools.   1. enter the address to get a general rental estimate based on the location and bedroom and bathroom count.   2. You can pull a market specific report and see what 2/1 and 1/1 make by percentile quality.  Also you should be able to see what similar properties nearby are generating.

Hi.  Here is a list of vacation rental insurance companies.  I am not an insurance agent nor am I currently affiliated with any of these companies.  Some of them are stand alone insurance.  A couple of these say they sit on top of your normal insurance and are in effect only when the house is rented.  Hope this helps everyone.

Proper Insurance
Proper Insurance is a leader in the vacation rental insurance space, offering policies in all 50 states.

Safely
Safely provides dedicated vacation rental insurance with additional services like guest and home background checks.

CBIZ
CBIZ is known for its comprehensive vacation rental insurance solutions for both everyday hosts and larger-scale property managers.

Rental Guardian
Rental Guardian offers flexible plans tailored to hosts' budgets, including options for international properties.

InsuraGuest
InsuraGuest provides specialized coverage for vacation rental properties, including accidental in-room property damage and theft protection.

Red Sky Travel Insurance
Red Sky offers insurance products specifically designed for managed vacation rental companies, with packages tailored to different destination types.

Keep in mind that Airdna adds into their revenue housekeeping income in addition to Rent. To have a more accurate number, it helps to accurately identify what percentile the STR would fall into and use those numbers. However, be conservative on that. If you are in the top 25% use those numbers as a high end and look at the next tier for a low end. To back out housekeeping income, look at what others are charing for the HK fee and then make an assumption on how many reservations in a year. Not sure, use 50 reservations as a close approximation. subtract the HK fee from the revenue to come up with an idea of rent.

Rabbu is ok,  Pricelabs is nice as well.    I would suggest reaching out the companies that market assumable mortgages for them to answer how hard or easy it is.   Go to perplexity.ai and search for assumable mortgage companies and they will give you a good list.

 After you look into markets that can cash flow at the 7.5-8% rate. Check out assumable mortgages online in those areas  You might be able to find a home with a lower interest rate for a reasonable downpayment.