All Forum Posts by: Rhonda Cohen

Long story but I've had a year long remodel finally come to completion. When I checked Zillow and other renting sites, there were very few properties for long-term rentals in Destin and Miramar. However, my house listed in late July and about 14 people have contacted me via Facebook Marketplace but mostly renters searching for a reduction in the price. According to comparables, rentometer, and Zillow, my house is fairly priced; especially because it's completely updated.

Is the LTR rental market in that area shifting? Zillow provided an analysis that 55% of renters were ISO houses $0-$2500 and 45% were ISO of units >$3500. I found it strange that no one would look between $2500-$3500.

Thanks for any feedback in advance!

0 Votes

Quote from @Kyle A. Isaacs:

Thanks for any feedback in advance!

0 Votes

Quote from @Kyle A. Isaacs:

Thanks for any feedback in advance!

0 Votes

Quote from @John Carbone:

Does Airbnb allow separate EIN’s on the same account? If so is there a maximum?

Yes! Airbnb allows multiple EINs.

1 Vote

Correct. It is a prepayment penalty. Sorry for the confusion. Thank you!

0 Votes

Visio Lending will consider STR projections. However, they also have a strong preference for experienced STR investors. You also need excellent credit. There is also a 5 year buy back penalty if you do not keep the loan for at least 5 years.

0 Votes

I have done 2 dscr loans with visio lending who specialize in str investors. We used short term revenue estimates both times I also researched long term rental rates to reinforce the projections. The issue with dscr loans is the interest rate is higher and you need to show cash reserves for 6 months expenses. There is also a 5 year prepayment penalty fee. As in any investment the numbers have to work.

1 Vote

Colorado Springs, Colorado

We use Proper Insurance. It is more expensive but it is designed specifically for str. If you use regular home insurance you need to read the fine print. Our Proper Insurance includes vandalism, loss of revenue, $1m liability, wind, etc. I would not trust Airbnb’s policy and I would prepare yourself for legal fees to represent your case. Too many horror stories about Airbnb’s policy and we are multiple platforms.

0 Votes

We regularly receive 5 star reviews and require a $200 cleaning fee for a 2 bedroom beach townhome. We require guests to load and run the dishwasher, remove all food and trash from the unit, and have guests text when they depart. We wash all linens including blankets between stays. We state this upfront at time of booking so guests know our expectations can cancel if this does meet their expectations. The $200 cleaning fee goes directly to housekeeper who is phenomenal. Excellent housekeeping is foundational for a profitable STR. These checkout routines honor the housekeeper's time.

8 Votes

Quote from @Ken Boone:

Quote from @Rhonda Cohen:

When you purchase a STR that has a profile on airbnb and vrbo, the new owner needs to open a new account. The reviews follow the host rather than the property. This means these companies attest to the host providing 5-star accommodations. Properties appraise for their residential market value not the income they generate. Paying for furniture is appropriate. Depending on state/market furnishings can be included in the list price. However, the appraisal will be based on the property vale.

Actually VRBO has a process where the reviews can follow the property to the new owner. They would still need to setup a new account, but the reviews could be transferred over to the same property on the new new account.

Thank you!! So interesting! Airbnb does not allow at least the last 2 times I inquired. Very helpful to know.

0 Votes

All Forum Posts by: Rhonda Cohen

Rhonda Cohen has started 2 posts and replied 48 times.

Post: Miramar Beach, FL LTR Pricing

Post: Miramar Beach, FL LTR Pricing

Post: Miramar Beach, FL LTR Pricing

Post: Multiple AirBnB's = Multiple AirBnB Accounts???

Post: STR APPRAISAL VALUE FALLING SHORT

Post: STR APPRAISAL VALUE FALLING SHORT

Post: ISO STR Investor: Where To Go?

Post: What insurance company do you use for short term rentals?

Post: Is AirBNB really dead?

Post: Seller asking for 100k on top of asking price for STR business