All Forum Posts by: Christopher La Chica

Thanks @John Underwood and @Paul Sandhu! It definitely is a nightmare from a liability perspective. Since it's our first property, I am not planning on forming any LLCs for now too, and just having everything under me and my wife's name. Because we're not protected by an LLC, I am planning to get an umbrella insurance, likely around $3M or so to cover litigation if ever. Would you know if most umbrella insurances cover things like the car situation I'm creating here?

@Joseph Bafia Yes! I was actually thinking of doing that too. Since Turo offers insurance via Liberty Mutual to begin with, it is definitely an option. I just don't know if I can offer it "for free" or included in the AirBNB rental. Can we list cars for as low as $1/day on Turo and still have that insurance benefit?

Background: We're under contract right now to own a condo unit in Kona Hawaii looking to close at the end of July. The current owners have a license to do short term vacation rentals there that they're going to transfer to us so we're looking to run AirBNB/Vrbo on it. This is our first ever investment property and we're looking to see what kind of tactics we can employ to get ratings on those sites. Right now there is a HUGE shortage in car rentals across the country, but more so here on the islands. I am thinking of buying a used SUV and parking it on the condo to have it be used by anyone who stays in our STVR. Is this a good idea? Has anyone here done something like this before and have some advise for us? Mahalo!