All Forum Posts by: Sarah Kensinger

If your serious about purchasing a STR airbnb/vrbo is not enough to analysis the property. Airdna has some trial free tools that you could use for the time being and there is Rabbu. Like @Dave Stokley mentioned good tools aren't free, and paying a little bit to make sure your investment is sound is worth the money.  

I left a comment on your other post...not sure how it hit the forum twice. 

But I want to add that everyone here has a good point with the HOA, because of course that is a factor. But I'm aware as I'm sure you are too, that finding even a SFH without an HOA is nearly impossible in south Florida, unless it would be a neighborhood that wouldn't be desirable for a STR. You need to decide what you really want and can purchase, then become an active member in the community/HOA. It would help if there were a number of other STR owners, and then if a proposal or change in the HOA happens you can work together to hopefully stop an outright ban.

Also, condos are really hard to get financing on, so be ready to work through that and have plenty of cash on hand. And lots of condo associations have assessment fees coming, so that might be something to consider as well.

Not this again! No STR won't ever be a thing of the past, does no one pay attention to the increase in bookings and even users on the OTA's. It's called people are lack a daisy and don't know business sense without someone walking them step by step through it. Not to mention the lack of actually wanting to work and make something with your life that is prevalent these days!

Seems like most people that have good success with Booking.com have listed boutique hotels on the site.

Quote from @Pandu Chimata:

Quote from @Sarah Kensinger:

Quote from @Pandu Chimata:

Quote from @Sarah Kensinger:

Quote from @Lisa Marie:

Do you, the property owner, obtain the STR insurance or do you make the arbitrager do it? As the owner, you want to be the recipient of the policy payout if there is damage to the house, but the arbitrager needs to be covered for the liability (the property owner needs to be covered as well). Would it be easier if the property owner buys the insurance and put the arbitrager on the policy in the same way as you would for a Property Manager? Obviously the insurance premium will have to be included in the rent.

I have never done this myself but from what I've heard others say the owner would have STR homeowners' insurance. Then the person leasing from the owner would have their own STR arbitrage insurance. As of a year or so ago Proper Insurance was the only company that offered Rental Arbitrage insurance for a leasee, which includes liability. They are one of the most comprehensive insurance companies for a STR, so it probably wouldn't hurt for the homeowner to require that particular company and policy. 

I, as a owner, am actually taking an insurance. Foremost is the another company that does STR coverage. I am using Foremost for my another STR house as well, which I manage.

Good point about having the renter to obtain his own STR arbitrage insurance.

We checked into Foremost a while back and they also seemed like a good company. It's really important for the person doing arbitrage to get the right insurance and they are hard to get covered.

 Is there a company that you suggest that can cover the insurance for the person who is renting it?

So long as policies haven't changed, Proper Insurance is the only company I know of that would cover a leasee who is doing arbitrage.

Quote from @Pandu Chimata:

Quote from @Sarah Kensinger:

Quote from @Lisa Marie:

Do you, the property owner, obtain the STR insurance or do you make the arbitrager do it? As the owner, you want to be the recipient of the policy payout if there is damage to the house, but the arbitrager needs to be covered for the liability (the property owner needs to be covered as well). Would it be easier if the property owner buys the insurance and put the arbitrager on the policy in the same way as you would for a Property Manager? Obviously the insurance premium will have to be included in the rent.

I have never done this myself but from what I've heard others say the owner would have STR homeowners' insurance. Then the person leasing from the owner would have their own STR arbitrage insurance. As of a year or so ago Proper Insurance was the only company that offered Rental Arbitrage insurance for a leasee, which includes liability. They are one of the most comprehensive insurance companies for a STR, so it probably wouldn't hurt for the homeowner to require that particular company and policy. 

I, as a owner, am actually taking an insurance. Foremost is the another company that does STR coverage. I am using Foremost for my another STR house as well, which I manage.

Good point about having the renter to obtain his own STR arbitrage insurance.

We checked into Foremost a while back and they also seemed like a good company. It's really important for the person doing arbitrage to get the right insurance and they are hard to get covered.

It would definitely make people think twice about bring children to your home, especially after the death of a toddler at a STR in FL. But maybe you're not marketing to families?

Also, you didn't mention where a possible "420 friendly" STR would be, but I'm guessing you are aware that Ohio state law make recreational use illegal.

Boy, do I feel for you! I know that exact feeling and it's not good! We barely got out of a deal within 24 hours of losing our money, but of course we had already paid appraisal and inspections. Our condo was as someone put it... going to be a fat piggy bank, but we still let it go. Our problem ending up a warrantable condo was actually non-warrantable....months later I still say stupid non-warrantable condos! 

Quote from @Lisa Marie:

Do you, the property owner, obtain the STR insurance or do you make the arbitrager do it? As the owner, you want to be the recipient of the policy payout if there is damage to the house, but the arbitrager needs to be covered for the liability (the property owner needs to be covered as well). Would it be easier if the property owner buys the insurance and put the arbitrager on the policy in the same way as you would for a Property Manager? Obviously the insurance premium will have to be included in the rent.

I have never done this myself but from what I've heard others say the owner would have STR homeowners' insurance. Then the person leasing from the owner would have their own STR arbitrage insurance. As of a year or so ago Proper Insurance was the only company that offered Rental Arbitrage insurance for a leasee, which includes liability. They are one of the most comprehensive insurance companies for a STR, so it probably wouldn't hurt for the homeowner to require that particular company and policy.