All Forum Posts by: Andy O'Neal

@Erin Spradlin - thank you! What a cool read. I'm wondering if large apartment operators will adapt to the STR revolution sooner rather than later. I thought it would take the form of big, swank buildings that have staff already operating a couple dedicated units as STRs. The Pillow model is really interesting and one that never would have occurred to me.

@Kevin Dickson - The co-hosting feature seems to be working quite well for a lot of folks out there. As I get more host experience, it's definitely a model I'll explore. There are also co-hosting companies, big and small springing up. Fees seem to be around 25% of gross revenue. 

@Daniel Kurkowski - Thanks for the vote of confidence! There is definitely a pool of smart people who are either already doing this or are very much looking forward to starting. 

I need to read more about master leases... I appreciate that tip.

(Also, careful what you ask for: I'm quite fond of the Twin Cities and my girlfriend is from MN. In addition to the cities, I bet lake homes have potential north of MSP. I can't recommend enough doing a little napkin market research using AirDNA or Everbooked.)

@Jenessa NeSmith - taking over or cohosting for my girlfriend would have been excellent practice. The bad news is it is no longer an option. The good news is she's moving in here, to my un-Airbnb-able apartment. :)

It looks like I am going to have a place super-soon to start 'getting reps' as a host and building up a base of reviews and experience. At this point, I really value those things over profit. 

@Tyler Work - Congrats on the deal! Wishing you great success in Denver! 

I'm close to signing a short-term lease on an already-furnished place to start getting my feet wet as a renting Airbnb host. The lead came to me - no joke - from this very thread. You've gotta love BP. 

I'm planning to make my first approaches to LLs/PMs next week - though I'm also right in the middle of figuring out my first purchase. I'm not expecting a warm reception, but with each pitch I'll gain more experience. Rent or buy, all my properties will be aimed at Airbnb.

@James Carlson - Totally agree. I spoke with Proper yesterday. I'm convinced. The extra cost is worth, to me, the peace of mind. Insurance is not an area where I try to get cute.

@Ed W. -- thanks for the kind words and the solid ideas. I'm not too-too worried about the LL "stealing my idea" and STR'ing their place at the end of whatever lease we sign. The way I see it is this idea is out there for everyone to consider. If I want to control a property for more than two years, I should buy it. I do like the idea of adding out-year options.

As for a commercial lease, I apparently have some studying to do! Thanks for that idea.

My first thoughts on this was to make my pitch appear as much like a traditional LT tenant to the property owner - just to tamp down the dissonance. Similar lease, with a couple risk-reducing provisions (requirement to commercially insure, etc). More money, but payments following the standard flat monthly rate.

I'm shopping as a buyer today (credit union finally got me a letter), but plan to approach a few LLs and PMs on my preferred rentals next week using the tact outlined by @James Carlson a few posts back. I'll certainly provide a 'read-out' of those conversations once I've had them. 

@Dahlia Bayoumi - good question. I think, from my limited reading, a personal umbrella policy might not cover Airbnb-related claims, citing an exclusion on "business activity." If it's a commercial umbrella, that might be a different story. I've learned a ton about insurance in the past 48 hours, but I still feel relatively unknowledgeable. 

This was the first post I read on the topic:  https://learnairbnb.com/airbnb-liability-insurance/

Oh, that’s an easy one for me - I plan to carry the proper policy myself to assuage the fears of the LL.

Chris McHaney my understanding is that the usual combo of homeowners and renters insurances would cover neither damage nor liability in an STR / Airbnb situation. To be properly covered you need a commercial policy. For AirBnB, Proper Insurance (underwritten by Lloyd’s of London) seems to be one of the industry standards. I put in swag guesses using public data on a property I plan to inquire about - 2500 sqft 4 bedroom (relatively ancient) townhome - and got a quote of about 1500 for a year of standard 1 mil/2 mil coverage. Incidentally, this insurance could replace homeowner/renter policies, I think.