All Forum Posts by: Sarah Kensinger

Proper is really leaving that market area? Interesting there are so many STR there! Steadily is another STR insurance brokerage we have checked out. I was actually just in Island Park last May to see Tetons....loved it there, beautiful area!

If it was me, I would check all and any regulations with the HOA, city, county, and state first then plan accordingly. You can make quite a bit more income with a STR and mid-term, not to mention the added benefits of regular weekly cleans etc., but I'm thinking you may have regulations that only allow long term rentals.

 Some of us like to beat the game in many things. And money hungry people yep, I'll educate myself with the "experts" and beat them every which way I can.

We have done some research in the Hocking Hills area but not much. It definitely seems to be a good area to have a STR especially if you have a larger house/cabin, exceptional interior design/decor that stands out, hot tub, etc. The state park is becoming well known even nationally so it's a busy place in the summer months.

One thing I wanted to share with you is stay out of Logan city limits. They have made it very difficult to have a STR in city proper. We were told that Rockbridge and parts of Lancaster are good areas to have a STR.

 That why you protect them...in about 2-3 weeks you can look my name up and there won't be a single thing on record. I'll look broke and that I own nothing. Yes, I totally understand the negligence, obviously that is a PM and owners' responsibility which is why we have a list of things we watch for. If you're not concerned and watching out for safety issues and fixing them promptly you have no business in the industry.

May the biggerpockets forums be a place of continued learning. Because no matter how long we've been in the industry, what is the point of having a business and teaching people if we stop.

 We heard from an attorney that does our legal business things so I'm not sure.

Yes, I think you can. Before we checked into creative financing, we had planned on a 2nd mortgage and then after closing we would move a property into an LLC. Double check, although I'm not sure who to point you to, since the lender might get interesting if they know things might change after closing. Maybe a lender on here can answer and let you know.

 You can be made to sell the property and hand the money over.

It's all fun and games until there is a slip and fall, a car accident you're at fault with, or a car accident by a child that still lives at home, or as in my friend's case a freak dog bite to the wrong person (no lawsuit yet but it's hanging over their heads). Something can happen anywhere it doesn't have to be at the STR property, and if someone has the right lawyer or even insurance company all they have to do is look a person up and see what assets they have. If you're sitting pretty and it's out in the open it's going to be a fight, and sometimes a long hard one. If the LLC's, land trusts, and/or other trusts have not been set up right by an attorney that understands real estate then yes it doesn't work. Even if the owner has not followed the instructions of the attorney in how to operate or even mixes personal and business wrong it won't work. It can take a very small "mess-up" for a legal loophole to be found and everything was a waste of time.

Yes, insurance is a big deal because if you have protected your assets correctly and something happens, then the only option for the person seeking to sue is to walk away with the insurance money. Because when your name is looked up there is nothing on record and most lawyers won't dig into everything to find out what is really there. It takes a lot of time and money to do that. Anderson Advisors has been around I think 20 or so years and with all their clients they have only dealt with "digging" lawyers a handful of times. It's just not that common and walking away with insurance money is the better option to them. 

I know there's some people like someone I recently heard of, that has been in the STR industry for almost 30 years and never been sued. While others have dealt with it and sometimes more than once. My husband and I are working very hard to build a STR co-hosting company and plan on purchasing a number of properties in the future. I am not working this hard to watch a freak accident happen and someone come in and take it all. So, to spend several thousand dollars to have our assets protected and an attorney pretty much on call to help us build and advise in our business and assets protection is worth the cost!

If anyone wants to look further into this Youtube has plenty of short videos that explains most everything. Check out channels Anderson Advisors, Clint Coons, and Toby Mathis. The Book "Asset Protection for Real Estate Investors" by Clint Coons is a jem as well!

 Sure! I love working with them....they have taught us so much!