All Forum Posts by: Tom E.

These are all very helpful responses, thank you! Yes I definitely have a CPA who will be doing this, I just like to know as much as possible going in. 

Furnishings will be some months down the road, but love the marketplace ideas and fitting the setting of the place. 

As I work on preparing my first STR which I plan to materially participate in for 2025 and manage myself I'm wondering about furnishing the place and getting it ready for guests. It is 3 bd place and I'm wondering what the ballpark is for furnishing it? I can price and use AI all I want, but I'm wondering about real life experience what to expect? I plan to spend more in master with nice bed (king+) in there with a queen then potentially bunk versus two twins in third bedroom.

As I purchase this in 2025 and have 0 personal use throughout the year I then plan to cost seg and use that for bonus depreciation (or what is left of it before phase out)... and wondering what % of furnishings I can deduct? There will be a few bigger items like a nice couch and new appliances. Finding mixed results from a tax perspective of a cutoff where I need to depreciate over years with bigger purchases (>3k if I remember correctly). 

thanks!

I foresee potential coverage gaps

Thanks for the input! I have an LLC but the hole is in my name. My business license is through the LLC. Given that I'm a new investor the loan/mortgage are in my name. I know the potential state specific trigger if I transfer to my LLC in future, but difficult to obtain loans in an unproven LLC's name.

that being said, do I insure the address under my name or the LLC listed on the STR business license? I assume my name but reading about insurance specifics if there were a claim I'm wondering what others have done?

Or maybe it doesn't really matter as the address is insured under my name and I solely own the LLC. Having a high W2 income I want to protect income/personal assets which is the reason for LLC.

@Michael Baum STR is in the gorge Carson area. You have 1M on your property(s) or more?

@John Underwood 

Foremost seems good so far. Glad to know others use it and like it at least from the sounds of those on this forum. 

Yeah I hear you on that. Just have low risk tolerance knowing I'm new to this. 

@Collin Hays I'm curious how to go about this? Everyone I speak with wants to umbrella my home until they find out I don't have one. Is there a company you recommend. Foremost said no, I have to go through whoever covers my primary home. 

@Owen Rosen 

I'm in WA as is STR

Getting quotes for the house I'm closing on in April and wondering what to how with for coverage limit and umbrella. It will be an STR with no personal use

Background: high income W2 job, no primary home (ADU on family's land property, happy twith this) so can't get umbrella policy with most insurers as they want auto and homeowners for primary home before offering umbrella

Quotes from foremost and proper. Both 1M limit with foremost being more attractive currently. Wondering if how most insurers their STRs? 1M seems low and I'd like umbrella, but appears I'm unable to get it as far as I'm aware. Would love to learn though! 

I know this is a personal liability/risk question, but I'd like to focus more on usual policies and prior cases if this would be sufficient to most? Although I have a high income my assets are not immense and the insurance is protection against future earnings/STR

I will probably buy a primary home in next 5 years but happy for now where I am. 

Thanks for the rec!

Yes, my post probably wasn't clear. I was just considering an indoor one for 6 months while the property is rehabbed. Absolutely will not have indoor cameras once renting. It was honestly to keep an eye on the vacant place. Won't have a hot tub but will have an outdoor sauna. Wasn't planning on camera there, great call though!