All Forum Posts by: Stefhan Malherbe

Hello,

I've been struggling insuring my property while I was renting it as a long term rental due to the property age (1970's). Speaking to other LL, we all have the same issue, only Citizens or Heritage insure properties in my area that are built in the 1970's.

My issue is neither of these insurance providers insure STRs. My insurance agent just informed me that they cannot find any insurance provider which will provide coverage now that I operate the property as a STR.

There are 100's of SRT's in my area, many of these properties are the same age as mine and a lot of them are even older. If I cannot get my property insured then neither can they.. 

I need to find a solution, if anyone has any advice or know of an insurance provider that will insure a 1970's STR property in south Florida please let me know.

Mortgage rates have increased to the point where the property is not viable as a LTR.

I appreciate any feedback. 

 Hi Nicole, I did not even consider a white noise device. Great idea, thanks! 

Thanks Brett,

I will definitely spend the money of sound proof windows, it should pay for itself fairly soon once the STR / MTR is up and running.

Hello,

I have a duplex currently let as a LTR and I am considering changing it to a MTR. The property is located within a 5 to 10 / 15 minute drive to 7 different hospitals, clinics, health care centres, etc. Close to all the amenities in the area too and 15 minutes from the beach. There are 3 other properties on the same street which are STRs. 

My concern is that the property is located close to train tracks. The STR properties in the same street make it clear in their listing description that the property is located next to train tracks and that you can at times hear the train. In their reviews the guests mention the train, either that they can hear it and it is not bad or that they can hear it as described in the host's listing. These STRs are still booking well - based on their booking availability.

I can install impact-sound proof windows to reduce the noise. This is what one of the STR owners in the same street did.

As a MTR I am aware that working professionals will need a quiet house to sleep in day and night. To compensate for the noise I can adjust the listing price but hoping to get some feedback before I start spending money on renovations. 

Thank you 

 Thank you for the feedback Clay. It was worth a shot! :)

Hello BP community,

I pay the TDT tax to the county each month for my monthly STR income.

However, I have a 50-day booking which covers most of February and March. Since this is a booking of more than 30 days, do I still need to pay the TDT tax? 

My understanding is that I must pay the TDT tax for any booking under 30 days but bookings over 30 days are considered long / medium term rental. 

The booking does not cover 30 days in a single month, it covers most of Feb and March but not 30 days in each specific month. I also do not have a separate lease agreement for this booking, only the Airbnb booking confirmation. 

 I appreciate any advice.

Thank you
 

Hi Michael, yes the STR venture will be dead in the water pretty quick if I start getting negative reviews, especially if things escalate.. Not even mentioning the financial loss after renovating and furnishing the property!

Thanks for the advice Galen, I will look up the owner's details and reach out to them. I could be wrong, but I don't think the owner is living at the property

 Hi Bob, on the contrary as a long term rental I was getting $3575 p/m for the property. Which is market rate for my area. I am not sure the landlord is aware / or doesn't care about the amount of people in the house next door. This is the only house in the street with this issue, unfortunately right next to mine.. 

Thanks for your feedback John, the new 6th fence is already up and I have planted fast growing trees. Also thought about a noise damper but I haven't done much research on it yet. There is no HOA so I will file a noise complaint with the city , and keep doing it.