All Forum Posts by: Sarah Kensinger

You may be able to use the same LLC but if depends on what real estate business you're doing. It might be better to just create a new LLC and EIN number to keep the management side separate. But you could wait and see if you enjoy managing STR before creating another LLC.

Insurance is important! But so is the setting up the right entity! Check into Wister a sister company to Proper that understands STR and PM of them. Make sure to ask about including errors and omissions policy, then if something happens like a software malfunction, etc. and you cost the homeowner thousands of dollars, you have insurance to cover that.

Safely or Waivo are nice to have as well, they cover damage from a guest including sheets and towels, and I think also thief. Those companies would not cover you as a PM.

Hope that helps! 

My first thought.... after a bit of rehab luxury short-term rental or mid-term rental depending on your regulations!

We'll also use a HELOC to invest but have a plan to pay it off ASAP! If you don't have a quick payoff in mind don't use it.

I'm almost thinking you have to do a refi because banks won't give a HELOC on "investment" properties.

Do a little digging into mid-term rentals, could be a good strategy to pivot too if your area draws people in that need extended stays. You for sure want cleanings every couple of weeks so you can get inside the property to check on it.

Check out Minoan for furnishings etc....Wayfair is great for furniture! 

For tech you'll want a PMS like Hospitable, Hostfully, etc. and definitely Pricelabs for a dynamic pricing software.

Best of luck!

Navarre STR numbers are not the best. It could be you need to look in a different area that has better STR revenue.

@Daniella Rodriguez @Akash Dedhia

If your curious about rental arbitrage and someone who can teach how to effectively use that strategy, DM and I can give you a list of names. Definitely works if you do it right and then you can build up cash and purchase properties! 

Lastly, I'm pretty sure STR are nearly banned in Miami so you may need to spread your sights out.

Our STR coach is in the Blue Ridge mountains of GA and their doing fine. Could be a case of not correct pricing, a STR lacking in design and amenities, and lack of good marketing that could be affecting the market there. Plus, people who did impulse buy a couple years ago found out a STR is actually work and don't feel like messing with it anymore.