My first insurance company made it so hard for me, I had to move on. I had waivers for every single thing. Including climbing a 3 step ladder to the top bunk of a bunk bed. The underwriter dropped me because she didn't see a picture she asked for. I had o fight to get them to allow me to continue with them. The picture had been sent, but, the underwriter missed seeing it. This doesn't sound that bad. But, one cabin had 3 waivers. They wanted those signed before they entered the cabin. 1. Waiver for the ladder to the top bunk. 2. Waiver for use of the BBQ 3. Waiver for walking on the river bank. Even though, it is a public owned land. I moved on. It was a pain and it happened over and once a year
Good info! The more one digs into it the less appealing it can be. Resort property managers can have you by the short hairs when you live out of state. And like you said, the 40% is just a starting point as they have fees for everything imaginable. And some handyman services they contract with may not be the best, reasonably priced, and/or have special relationships with the property managers. They can buy parts at wholesale and then mark them up substantially when billing the customer. Some handymen contracts allow them to start the clock as they leave their previous job. It's a good gig unless you're writing the check. Assuming it's a rental, an LLC is the way to go for liability and tax write offs of course that adds lawyer fees, CPA time, business checking account, more complicated tax returns. It can be tough finding home insurance for rental properties.
No kidding! From what I've seen, it can be lucrative to buy/furnish a nice ski resort home and then turn it into fractional ownership. It takes a small pile of money and lawyer fees/contract but after that it can be the gift that keeps giving. However, not sure if they are allowed at the Whitefish ski area.
Greatly appreciate this video, thanks.
This is really helpful information, thank you!
Glad it was helpful!
Very informative. Nice video.
Glad you liked it
Great info as usual!
Thanks again!
My first insurance company made it so hard for me, I had to move on. I had waivers for every single thing. Including climbing a 3 step ladder to the top bunk of a bunk bed. The underwriter dropped me because she didn't see a picture she asked for. I had o fight to get them to allow me to continue with them. The picture had been sent, but, the underwriter missed seeing it. This doesn't sound that bad. But, one cabin had 3 waivers. They wanted those signed before they entered the cabin.
1. Waiver for the ladder to the top bunk.
2. Waiver for use of the BBQ
3. Waiver for walking on the river bank. Even though, it is a public owned land.
I moved on. It was a pain and it happened over and once a year
Good info! The more one digs into it the less appealing it can be.
Resort property managers can have you by the short hairs when you live out of state. And like you said, the 40% is just a starting point as they have fees for everything imaginable. And some handyman services they contract with may not be the best, reasonably priced, and/or have special relationships with the property managers. They can buy parts at wholesale and then mark them up substantially when billing the customer. Some handymen contracts allow them to start the clock as they leave their previous job. It's a good gig unless you're writing the check.
Assuming it's a rental, an LLC is the way to go for liability and tax write offs of course that adds lawyer fees, CPA time, business checking account, more complicated tax returns. It can be tough finding home insurance for rental properties.
🙄 there are a million different ways to make money in this economy, how about folks choose ones that don’t screw up the housing market even more?
No kidding! From what I've seen, it can be lucrative to buy/furnish a nice ski resort home and then turn it into fractional ownership. It takes a small pile of money and lawyer fees/contract but after that it can be the gift that keeps giving. However, not sure if they are allowed at the Whitefish ski area.