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I have a rental property currently available and had an insurance adjuster company reach out. They have a customer currently displaced from their home interested in a short term rental.
Anyone ever do this before? It looks like these companies pay a nice premium and it's pretty much guaranteed income. I'd of course screen the tenants like I normally do, but wanted to see if there's anything else I should know about.
Our rental only costs us $1000 a month but typically rents for $1,700 I think this company would be willing to pay us around $2,000 a month for a 3 month lease with month to month option after.
I have, and would do it again in a heartbeat. They paid 1750 a month for a property that normally rented for 1250. Was supposed to be a 6 week rental, but lasted 4 months.
No damage from renters, pmt was directly from ins co.
I'd want to know why the tenants need a rental. I'm not taking them if they burned down their house.
I'd need more than a couple hundred extra to take a shot term rental and have to clean and fix and find another tenant in a couple of months. Especially if the short term tenants left me with a vacancy in winter when nobody sane is moving.
I have a rental property currently available and had an insurance adjuster company reach out. They have a customer currently displaced from their home interested in a short term rental.
I'd want to know why the tenants need a rental. I'm not taking them if they burned down their house.
OTOH, there are many people who would rent to them if they WOULD burn down their place. That way, they could collect the full value of the insurance policy which may (in many cases) be more than the place is worth. Never UNDER-insure your investments. Insure them for replacement cost, not market value.
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