All Forum Posts by: Michael Baum

Hey @Diana Mulvihill, this is always something that happens each year. Not to often in our case but I have done the following:

I actually drove the items over to them on the way home from the house.

In one instance the grandmother lived close so I dropped off stuff there.

I have mailed items back to guests on my dime.

All of these things cost very little (never had a guest leave and anvil or something) and it helps with reviews as well!

Hey @Itay Heled, just to be sure, you are insured with a correct policy for short term rentals right?

If not, stop renting right now and get that squared away asap. Not having the right policy will mean no coverage if there is a serious incident.

AirBNB does provide the Aircover (which is not insurance) that might help cover any damage. It  can be a pain to get things covered and you need plenty of proof of damage.

We don't rent our house for less than 3 days, I don't allow autobooking and chat with each and every guest to get a feel for them. I don't rent to anyone under 25.

Me too @Mike Grudzien.

@Jon Mekeel, I hear what you are trying to do but this really should be in the classifieds as it looks like you are trying to get a new business started and is hoping to drum up some clients.

I have never had my cleaner cancel last minute but I do have others I can get with if needed.

We self manage from about 350 miles away. Having all the people to take care of things makes it relatively easy.

If you keep up on maintenance and service all the hard systems 2x a year or recommended it will really cut down on failures in the house.

Get a great cleaner who will be your eyes and ears on the ground. They will be able to make sure that the things are copacetic. 

You can do it!

I have seen that cost seg studies often don't make the grade. The first example is far more common.

Plus the fact that the bonus depreciation is going away by 2027 (it is at 40% for 2025) will make it harder for it to pencil out.

Hey @Jonah Slove, so a few things. Tiny homes and many manufactured homes are not considered real property so loans on those will not be mortgages but you might look at a SBA small business loan.

I am assuming the zoning will allow this kind of operation. I would be concerned with the sale of the other lots. I know that I wouldn't really want to be next to a small working farm and that is coming from someone who grew up in rural Idaho and worked farms as a teen. 

Hey @James R. the Minut unit provides a ton of remote monitoring features including noise.

https://www.minut.com/

I am in the nope camp. I haven't been to Columbus for years so I am not really privy to the market there but I generally stay away from condo's and condotel's seem like something I would never stay in let alone buy into.

Hey @Marc Shin, I would avoid as well.

You could do a soffit around the perimeter and drop LED lighting with fully adjustable RGBW lighting in there. The soffit wouldn't be terribly hard to build out and would look cool.

Otherwise it looks cheap and like @John Underwood said, a kids room.

Honestly I can't imagine a 1m property working as a traveling professional space for mid term rentals.

I can't imagine any corp or university paying out the kind of rates for a 1m property.

I can see it as a corp retreat, maybe event space etc, but selling seems the best way to get out.

But the best strategy is simple not to buy in an area where the risk is great enough to lose the STR aspect.