All Forum Posts by: Sarah Selle

Hi Alexa! How did your research go? I have heard a lot of investors are wary of design fees associated with achieving a well designed property, so I went virtual. This has allowed me to drastically reduce my fees, and I work with companies that can install in local areas. 

I started designing for others after designing my first Airbnb. Feel free to check it out or reach out if you have any questions! Good luck!

 airbnb.com/h/the-emerald-cottage

Thank you @Jonathan Styer!!

Hi @Jonathan Styer!

Thanks for the information! Since posting, I have gotten more information, and it looks like I'm actually dealing with NMC, not cloth wiring. (Lot's of electrical info but basically it is safe and makes finding insurance easier.) So that has made some changes to my search.

That being said, I have not reached out to State Farm, Allstate or Liberty Mutual. I was not aware they offered comprehensive coverage for medium-term rentals. I appreciate your help!

Thank you Yiwei, Jared, Austin, Jeremy and Bonnie!!

I have done the research and know the approximate amount I can ask for my home per month. I tried PriceLabs for 6mo based on the recommendations of the Mid-Term Rental Book from BiggerPockets. I have had a couple of months that exceeded what I would expect, but I think the changing prices may actually be deterring some guests.

Jared & Jeremy - I think you're right! Guests love to get a discount. Currently, I offer 20% off the first two weeks if the property is about to be vacant. I'll have to look into your suggestions!

Thank you, Mel!!

Hi all,

I have a medium term rental (30+day stays) and have been using Price Labs for dynamic pricing. It's definitely set up for STRs and not properties that rent out monthly. I'm not sure it's worth the $20/mo vs. pricing appropriately and offering strategic discounts when vacant.

Thoughts?

- Has anyone found a good dynamic pricing software for medium term rentals?

-For those with medium-term rentals, do you use dynamic pricing software?

Thanks for your insight!! 

Thank you, Elise!

Thank you, Lauren!!

I own a medium term (30+day) rental in Pennsylvania. A few months ago, I switched my insurance to Proper, as it seemed to offer the best coverage. After signing up, they then reached out about requiring an electrical and plumbing inspection. One of the requirements was no cloth wiring. The electrician that inspected explained to me that there was some cloth wiring present, but it was all grounded, making it safe. No reason to replace. Unfortunately, Prosper is refusing to cover without remedying the situation (at least a $1k in materials plus labor).

I always want to fix any problems within my rental if they arise, but I don't want to replace something that is perfectly safe just to fit a policy. I am looking into possibilities to remedy as well as getting quotes from other insurance companies. Does anyone have any insight on whether other insurance companies will insure with cloth wiring or companies that offer good coverage?

My goal is to offer a safe rental, with good comprehensive coverage so I don't leave my home vulnerable. I appreciate your thoughts in advance!

Thank you @Caleb Brown and @Kerry Baird!! I reached out to a CPA in the area to confirm, but I'll likely be taking owners draws as needed and paying my mortgage directly.