All Forum Posts by: Wesley Myers

 Nope they weren’t the best. It killed the deal and I didn’t want to limit my insurance carriers for the future. 

 Excellent thank you sir.  

A week out from closing on our 2nd STR I discover that our cheapest insurance option is going to run about $7600/yr. The second highest came in around $14k. This killed the deal so we backed out. Multiple companies came back stating that they had no carriers due to age and location of property.

Small A frame home built in 1975 located 2 blocks from the beach (PCB). 4 point inspection and wind mitigation could not determine if roof was built to hurricane codes so I’m sure that didn’t help. 

Are these rates and issues typical for this situation? How are you guys handling homeowners insurance on STR's for older built homes? Hate for this to be an ongoing problem down the road for homes with great rental potential. Thanks!

Awesome info folks thank you!

New to us STR. Will be adding smart TV's. Do we really need cable TV service? Do you provide it for your guests? Any complaints if you do not?

Very helpful info everyone. What about putting 10% down vs 20%? Keeping more of my cash now vs greater cash flow over time?

Thank you all. Interesting responses. I will tell you that due to my current career we don’t currently have a mortgage or a 2nd home loan. We live on site at a state park and housing is provided. Could we claim this mortgage as our primary residence even though it would be a rental? The 2nd home sounds intriguing as well. 

We have a contract on our 2nd STR. Current approval from one bank is 30/yr at 6% with 20% down. Is this the norm these days with excellent credit? What about borrowing against a 401k or borrowing against our current STR that's fully owned? Any advice greatly appreciated!

Hey folks. Maybe someone can point me in the right direction. Doing our taxes for the first time with our LLC and STR. VRBO is stating that they send out a 1099-k for reporting but we haven't seen this yet and I've contacted them twice. It's not available on their website either (that I could find). Does anybody know if I can pull the numbers that I need from the VRBO owners site itself? Any help would be greatly appreciated.