All Forum Posts by: Steven Correale

@Mat O'Grady

Went with long term tenants.

@Charles Cecil

Foremost and Proper were the ones I had quoted

@Jenna Kim

Hi Jenna. I got quotes from Foremost and Proper Insurance. I did not use either one as I found some great tenants and rented the house on a long term lease.

@Jim Hiler

I ended up going in a different direction, but there was nothing stated that limited the rental period. I wouldn’t be a fan of that.

@Ethan Evans

Thanks Ethan. I just received a quote from Proper and Foremost. Proper was about double, but like you said a more wholistic policy. Seems better suited for Airbnb. I am going to set 30 minimum stay and with a lease. Working thru coverage details now.

I am planning to use Furnished Finder, just had a call with them for details on hoe the operate and to get some data for the demand in my area.

@Lien Vuong

I was able to get a quote from Foremost that was reasonable. Working on the coverage and limits now.

Thanks

Can anyone point me to an insurance company that will insure a furnished property for travel nursing or travel workers?

Property is in Massachusetts. Planning for 30 or 90 day leases, not through Airbnb or VRBO. My current insurance company will not insure for this, I have not been given a detailed explanation from underwriting.

Thanks,

Steve

I have a property that is two single family houses on one lot. I want to rent one to a long term tenant and I want to furnish the other property and rent it to travel nurses or traveling workers.

Does anyone know an insurance company that will insure a “short term” rental in Massachusetts? What is the definition of short term? My current insurance company will not insure the property for that use even if it is a 90day lease with the same background and credit check as the long term tenant. This will not be listed Airbnb or VRBO.

I am do not see the added risk to become uninsurable with 90-day leases and can not get a written explanation from underwriting, so it is time to move on.

Thanks,

Steve

We have the option to purchase furniture on a property that will be used as a short term rental. Should we purchase the furniture on the side, or have it built into the offer as no added value. Example: purchase price $750k + $25k for furniture or $775k fully furnished.

My question is based around what would be better from a tax deduction standpoint. Can deduct all of the furniture with bonus depreciation in either option?

Steve

Hi,

I am refinancing a property that when I originally purchased it, I was told it was a multi-family, so I had to pay a slightly higher interest rate.

Now in the middle of the refinance, the mortgage companies appraiser says it is a single family with an ADU. A similar house in town recently sold and was listed as a "legal non-conforming multi-family". From what I can gather it is because the town doesn't recognize multi-families from a zoning perspective.

My question is, where on my deed would it say if this is a single family or a multi-family? I read it, but it’s not clear to me. My neighborhood is zoned single family. If the appraisal came back as a single family, I want to be able to get single family rates on the refinance (answer I have received from the lender to date is that I’d need to stick with the loan product we selected) 3.25% - 10/1arm on a cash out refi.

Steve