STR Traverse City MI

[Bob Lett]

I'm changing gears and going to go all in on an STR to start. I eventually want to use the cash flow to buy another STR to then purchase some LTR's thanks to the recent BP podcast I was inspired to go this route as it makes most sense to me.

I'm looking to purchase a lake house in the Traverse City area. I have 2 lakes I am particularly interested in. I work in the building products industry and started to use my network to focus in on some key areas. It's about 2 hours from our current residence so it is not a bad drive for a first STR.

There are some other markets out of state that I am interested in for our second STR but want to get the first one up and going to gain some experience.

Some of the things I seem to have missed in the podcast and curious about are:

-are you looking to buy a home furnished?

-if not, are you furnishing with new, used, rented furniture?

-what about pots, pans, cooking utensils?

-grilles? (Insurance hazard)?

-how many bedrooms are typically the sweet spot 4-5bdrm?

-what kind of homeowners insurance policy do you take out for an STR?

-do you keep a closet and/or shed for cleaning/maintenance items?

-pet policy? Better to not have them?

Sorry for my random questions but just looking to place the pieces of the puzzle together but don’t want to get into “analysis by paralysis” mode. Cheers!

[John Underwood]

I'll focus on these questions:

What kind of water toys do you have? 2 Kayaks, paddle boat and a canoe. Life jackets for all ages and sizes? Yes bit I specify parents bring life jackets for small children to make sure of a good fit.

Do you allow renters to dock their own boat? Yes. I also have a covered slip dock with a lift. If someone asks I will put my book on the trailer in the yard so they can use the lift, or they can tie up along side dock.

Do you limit the amount of pets? Is there an additional cleanup fee assessed if they do not clean up after their pet in the yard?

Yes no more than 2. Never had that problem.

Do you rely on your cleaners to make sure say all water toys, life jackets, camp chairs etc are all accounted for and in good condition?

I have left it up to the honor system.

I have a front and back security camera. This let's me know if there is a dock problem or if the dock has broken loose. I get a discount on my insurance for these and I disclose them in my rental agreement.

I also keep jet skiis and my boat at the dock in the summer. These are all on lifts. So I can make sure that they aren't being tempered with.

Let me know if you have any other questions.