All Forum Posts by: Bea Maia

Thanks, @Monika Haebich and @Jay Kiehn! Will pm both of you. 

I recently bought a condo at Madeira Beach for vacation use and short term rental, but I'm not very pleased with the company that is managing it for me. Any recommendations? What is the usual commission, anybody knows? Thanks for any advice!

The properties are in the Orlando area, and they are condos. So we have the building covered under the master insurance policy of the HOA. The HO6 quotes I got are just to insure the interior and appliances, and they cost the same or more than my own home insurance, which includes roof, exterior, belongings, and the house is worth more than 3 times each condo. It does not make sense to me.

Ok, here is the aftermath on what happened, just for the purpose of information:

The owner of the unit below and I came to an agreement, and I'm paying for his deductible to use his insurance services on the water damage. The actual cost is not too much more than the deductible itself, so I doubt that the insurance co will come after me for so little, not cost effective for them.

The tenant is liable for improper use of the machine, in my opinion, and that is covered in our lease contract, but I will not inforce it, but rather charge her the minimal of $70 for repairs as also covered by the lease contract. (The hose would not get disconnected from the wall drainage hole unless someone physically removed it and failed to put it back). Plus, I'm not renewing her lease, she has several complaints against her in the condominium.

As far as the HO6 insurance, it turns out it would cost me $3500 for my 4 condos in Florida. For this price, I rather save my own insurance and have just a liability insurance for a fraction of that cost.

That is right, Greg! I learned it the hard way... I don't know if there is damage to the ceiling, I have someone going there today to assess the damage, but the owners are most concerned with their leather couch. I still don't know if I should let them use their insurance or that will come back to haunt me, even if I pay their deductible. 

I'm just in the process of securing insurance to the inside of this condo, when of course the HOA calls me with an "emergency": the tenant somehow managed to get the drainage hose out of it's socket on the wall and did not realize it until she had water runnng all over the laundry and kitchen area. She stopped the machine and dried everything, but "forgot" to warn the people living in the unit downstairs of the problem. So it wasn't until next morning that they noticed they had water damage on their leather couch and other furniture.

Since I don't carry insurance yet, I was trying to come to an agreement with them and pay for their deductible and let their insurance repair the damages.

Two questions: if I did that, would/could their insurance company come after me to compensate them for all the costs? (Plus the deductible that I would have paid already?)

Is this a case of clear negligence from the tenant's part, and in this case she should be responsible for all the costs? (Good luck trying to get her to pay for it, though...)

Any advise in this situation? Similar experiences?

Thanks in advance!

Thanks,@Zach Kidd, I am aware of the limitations on lease of some - or many- properties. Flood insurance is also another factor to consider. I'll be visiting the are late March to see what is available.

Just wondering if anybody else has any properties out there for short- term rental that are indeed generating cash flow.

Thanks, Bob. Estimating 3-4 months of rental per year (realistic?), I would say that they barely break even, don't you think? Unless it is a house and there are no association fees.

I am considering purchasing a 200K (have not found it yet) condo or close to the beach in St Petersburg area, financing 75%. I plan to use it as a vacation home but also as a short-term rental. The big question is what is the probability of generating enough income to offset the expenses, and then some? Anybody out there familiar with the short-term market in that area?

Thanks for any info/advice.

Hi, I was just browing the forum for some info on short term rentals in Saint Petersburg area, and found this conversation that will probably interest you:

https://www.biggerpockets.com/forums/530/topics/19...

Good luck!