All Forum Posts by: January Johnson

How much are you spend for a SFR over 2300 sqft on STR? We paid over $7000 per year for one such STR and the agent helped us to buy all our insurance. This is really expensive. We have umbrella insurance also.

Your question is impossible for anyone to answer other than an insurance agent/broker who has your property's current inspection reports IN HAND. So much depends on the age of the property and the age and condition of its systems and roof, how far it is from the water, how many claims have been made on it in the past, how many claims YOU have made on your own properties in the past...

Shop around. And around. And maybe even split your dwelling and your wind (hurricane) coverage if both are required.

1 Vote

Quote from @Sarah Kensinger:

You have some good answers here, but I would highly suggest you check into Proper Insurance and see if they would cover your property. They are the most comprehensive STR insurance and just adding a rider to normal homeowner policy does not always cover a STR. Plus Proper offers all the liability you'll ever need, so you won't need any extra umbrella policies.

If you plan on trying to use a 2nd home loan you won't be able to close a property in an LLC, but with a DSCR you can. The latter is a great option and can be find at many different bank choices. As if you can't already tell, LLC opinions are all over the board on this forum, so I would highly suggest doing some research on that. A great place to start is Clint Coons YouTube channel! @Tanner Lewis Pretty much hit it right on and it's the only way we'll purchase a STR property! He also gave you an excellent answer to number 4. If you offer a wow factor and amazing service with a touch of personalization, you'll have a booked 5-star property in no time!

If you're in hurricane country, Proper Insurance is NOT your friend for wind (hurricane) coverage. And they will be the first to tell you that. Many of my STR investor clients use Proper for dwelling but split their coverage and use another carrier for wind.

Also, the age of your property and its systems figure HEAVILY into insurance rates, so don't just go with the first quote you get.

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Join your local host group and ask for co-hosts there.

https://community.withairbnb.com/t5/Local-Host-Clubs/ct-p/en...

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Coeur d'Alene, Idaho

Join your local Airbnb host group. They will have meetups focused on hosting.

https://community.withairbnb.com/t5/Local-Host-Clubs/ct-p/en...

0 Votes

Charleston, South Carolina

Quote from @Michael Baum:

Great post @January Johnson!

Thank you! I am the Community Leader/Moderator for our local group. The ONLY one at the moment, ha ha.

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Quote from @John Underwood:

The Nextdoor app is another great place to find local people.

I changed my address to our cabin address to local posts and ask for local recommendations. It has been super helpful!

Yes, I recommend NextDoor also. The host groups have a more specific user audience, but both are good!

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DO NOT go past your inspection period without knowing the rules if you plan to STR. You can cancel your contract for ANY reason in FL during the inspection period, but if your purchase hinges on it being STRable, you ABSOLUTELY must know this when you can still get your EMD back.

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Orlando, Florida

Quote from @Travis Troop:

How do you decide what type rental is best for an area? Shot, Med or Long? Also How do you predict vacancy rates?

There is a TON of data out there on each market. STR Insights, AirDNA, Rabbu, Awning.com, etc. In general, LTR will be the least profitable but can also be the least work. STRs will get you the most. It all depends on your goals. I'd be happy to talk more with you about it. STRs is all I do.

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Check out the Short Term Rental Management Show podcast that Luke Carl does. It's your go-to source.

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All Forum Posts by: January Johnson

January Johnson has started 18 posts and replied 774 times.

Post: STR Listing Feedback

Post: Home Insurance for Short term rentals

Post: Looking for STR Advice!!

Post: Tips on Finding an AirBNB Cohost? (CDA, Idaho)

Post: Local Charleston SC Meetups?

Post: How to get LOCAL help for your STR, no matter where you live

Post: How to get LOCAL help for your STR, no matter where you live

Post: New into rentals

Post: How to find the right market?

Post: Help going solo