All Forum Posts by: Esther Rosenberg

Thank you all for your responses. 

Hi,

My question is for those who do mid and short term rentals. One regarding payment and the other regarding blocking off dates.

My property is generally rented out on a short term basis through Air BNB. I have a request for a 6 month stay. I am wondering how payment is usually done for a long stay like this? It's not all paid upfront generally, correct?

And if it's not paid upfront, do you block off all the months on your short term calendars?

Thank you!

Thank you for this information Wes. Do you know if they include pets under the umbrella policy? I currently have an umbrella policy with USLIC in addition to my homeowner's insurance. They exclude pets though.

Hey,

My rental property is in North Carolina (Wilmington).

It is time for me to renew my homeowner's and liability insurance policies. My current liability policy is with USLIC. On the renewal policy, it lists a couple of new exclusions, one of them being coverage for pet liabilities. I have discussed this with my agent and he said this exclusion is a new exclusion statewide in NC (which is why it is possible that some are unaware of it yet) and he doesn't know of any blanket policies which will include pets in their coverage. 
Has anyone else come across this? Can anyone advise of a carrier that will include this? Or do I need to get a secondary policy on top of my current policy?

Thank you!

Esther

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $282,000
Cash invested: $94,189

Contributors:
Solomon Rosenberg

4 Bedroom, 1.5 Bath single family home
Currently being rented as a short term rental on Air BNB/VRBO.
This house was move in ready however I wanted to bring up the value and increase the aesthetic appeal.
Updates: full bathroom gut, granite kitchen counters, stainless steel appliances, new paint, LVP flooring throughout, new ceiling fans, new patio.

What made you interested in investing in this type of deal?

My research showed that Wilmington, NC was a great market for vacation rentals since it is a popular beach town.

How did you find this deal and how did you negotiate it?

I found the deal through a real estate agent who advised me on purchase price.

How did you finance this deal?

Mortgage and private money.

How did you add value to the deal?

Upgraded the kitchen, bathroom and overall look of the home

Lessons learned? Challenges?

Renovations cost more than planned. I will get more accurate numbers on my next project. Challenges were overseeing the contractors and workers during renovations and designing the home.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate Agent: Oliver Evans of Coastal Realty. I would highly recommend his services. He was honest, informative and had great communication throughout the process.

Yes, that makes sense. Thank you! It seems like Proper has the best coverage and includes most scenarios. The quite I got didn't seem too bad, approximately $1200 annual...

Not sure if this comment is relevant at this point however I am currently looking into this as well. There is a company called Proper Insurance that offers a renters insurance policy that essentially covers anyone you may be sub-leasing it to, including short term rental guests. According to the rep I spoke with, the homeowner would keep his regular policy and you as the renter would get their policy as an add-on. The price was not expensive at all...Their policy includes liability coverage as well as loss of use and damage the guests cause.
https://www.proper.insure/

I'm curious what those who originally responded think of this policy. @John Underwood @Jason Bott @Mike Shemp

Have you heard of this company/policy before?

Hey, I believe that Proper Insurance may be able to provide a policy for this situation. I am in the process of learning more about short term rental arbitrage and they definitely offer coverage for that.

Best of luck!

Thank you!

Hey! My name is Esther Rosenberg. I bought my first investment property in April. It is located in Wilmington, NC. After overseeing the full renovations and design of the property, I put it up for rent as a short term rental which I am currently managing. I also have previous experience as an administrative assistant to a commercial real estate investor. 

I would love to connect with other investors and continue to grow in the real estate investment field and use the knowledge and skills I have gained to assist other investors in growing their portfolios. I am available to work remotely. If you are in need of assistance, please reach out!