All Forum Posts by: Tyler Work

Hey @Matt B. I've heard of people using Clearbanc to finance VR purchases.  They lend up to $100k and factor in revenue from Airbnb when securing the loan.  To my knowledge they are the only ones doing this and they also finance furniture and things like that for your VR.  Might be worth looking into! 

Hey @Phil Baker your place might be close enough to Salt Lake to use a local management company there.  I did a quick google search and didn't find anything... As a backup you can always try Evolve vacation rental network (they manage anywhere in the country) for 10% but you might have to compromise on service.  I'd also be happy to help you get set up and can manage remotely if you're interested.  

Hey @Andy Palmer, @James Carlson is a broker in the springs area and specializes in short term rental properties as a bonus.  He might be able to help you out. 

Hey @David Gotsill have you thought about doing short term rentals with your potential property?  Sometimes it can provide a good bit more revenue with little to no-extra work and CS has very Airbnb friendly laws.  If you're interested I'd be happy to connect! 

Hey @Eric Byington, I manage several properties in Denver including a carriage house and 2 in-law suites and would be happy to give you my personal opinion on what to expect.  @Craig Curelop is also a great resource and can help validate.  Shoot me a pm with your address and I'd be happy to let you know what I think!  

@Craig Curelop I tell all of my clients to be as upfront as possible with their neighbors and tell them exactly what they are planning on doing ahead of time.  If your neighbors are highly opposed to Airbnb, they will likely complain no matter what you do, dinner party or not.   Even if you are in full compliance with the city's rules, this can still cause headache and friction with the people that live directly next to you.  

For some reason neighborhoods with a younger demographic seem to be more open to it, i.e. Cap Hill, Highlands, Five Points, etc whereas areas like Wash Park and Congress Park are more likely to be against the idea.  I think it has something to do with the crazy "millennials" who love their "apps"!   

 I used properly when I first started managing.  It is a pretty cool tool but for only having one function (scheduling cleaners) it was wayy too expensive.  The functionality is very cool but I just don't think their pricing model makes sense for people who manage multiple properties. 

Thanks for this!  I got the post as well.  I go to most of the STRAC (Short Term Rental Advisory Committee) meetings and find this audit interesting (@James Carlson I think you will too!).  At the meetings Denver reports a >60% compliance rating, which is actually much higher than many other U.S. cities that have regulation for STRs.  Denver is also (or so they claim) the only city that offers a 100% online application process, further encouraging compliance.  Curious why the "auditor" found many deficiencies when yet the city council members, including members of the dept of excise & licensing, are very confident in their current procedures.  I'm a little concerned that this article will cause Denver residents to file more complaints and push back harder against STRs in the city, making a large issue out of nothing.  

I guess the big question is: are STRs really a problem in Denver? Are they changing the character of neighborhoods and creating a housing crisis? To date there have only been 10 "show-cause" hearings resulting in the revocation of an STR license due to neighbor complaints, noncompliance, etc, out of 3000+ listings. That's about 0.3% of total STR listings in Denver. Does Denver need to do a better job catching people "cheating the system" as @Craig Curelop said?  Probably.  But the fact of the matter is the majority of hosts are in compliance and creating millions of extra tax revenue for the city.  My 2 cents :) 

Thanks! I use a local branch of Farmers here in Colorado to insure my business with a general and professional liability policy but I use American Modern Insurance for the property I own to replace my homeowners policy. Proper Insurance is probably the largest STR insurer but many of the "big guys" are jumping on the STR train and offering policies.

That is a good question regarding guest insurance.  I know there a few large property management companies that offer insurance for the homeowner paid for by the guest, but I have yet to hear of a specific policy covering guest travel.  I get insurance every year when I buy my ski pass that covers me if I get sick or injured for $10 so I'm sure its out there.  

VRBO does offer "property damage protection" starting at $59 (paid for by guest) that the guest can opt into in lieu of a damage deposit, however I don't believe it covers the guest at all.

Hey @Cristy George!  I host and live in Denver but have spent a good bit of my life in the Destin/FWB area so I know it well.  I would be willing to share mine but its pretty generic and not necessarily specific to the state of FL.  I consider mine a "rental agreement" and not a lease for legal reasons.  

Also - have you thought about hosting on Airbnb?  If so they don't even give you the option to upload a rental agreement.  To mitigate this risk, I charge a security deposit and have comprehensive short term rental specific insurance that will cover me if anything were to happen.  This insurance does not require that a lease or rental agreement be signed for every reservation so going this route saves me time and money.   Hope this helps!