How to find a partner for mid-term rental

Question

Looking to invest in a growing city and renting to traveling professionals (travel nurse here 👋👋) I’m always hearing about finding partners to help with deals if your not able to invest solely by yourself due to funds/ financing issues etc. I was hoping to house hack and rent out a room to help save with down payment but I’m not sure moving with my family is a good idea at the moment, with that being said, i would need to put 20% down and still have funds for furnishing. I was already approved for a loan.

What do you guys think?? What’s the best way to go about this without having to wait ?! I would appreciate any thoughts :)

Grant Shipman · Answer

I've got two cool helpful PDF's to send you on this (sorry it won't allow me to post nor link to them).  They are on finding/attracting/maintaining an investor and the is on SEC rules on advertising for a partner.  For specific help, what area/city are you open to living in?  One of my partners closed Monday on a MTR in Tyler, TX with a partner.  I may have some options for you in Northern Denver.  DM me if you want those PDF's.  Go live your day dreams Sophia!

Grant Shipman · Answer

I'd had over 20 people partner with me on various house hacks.  Am I missunderstanding?

Giani Brussich · Answer

Great advice so far but I would add one more piece on top of what Steve said and like what Steve said, it is a great benefit that you are a traveling nurse. I would get in get in contact with the current providers of the MTR you currently use or your colleagues currently use and see if they would be interested in partnering. You can provide recommendations to other nurses or market to hospitals that need housing options for the traveling nurses especially since you are already in the network and essentially an asset.

Secondly, if it is actually your primary residence, you do NOT have to put 20% down. You can put as long as 3.5% will depending on the loan options like FHA. You can do MTR, have roommates,  or rent out rooms that help cover rent. However, it is important to read the terms of the loan as well as understand the laws of the state/city you are buying in. Some have restrictions on renting out rooms or time restrictions on when it can get rented etc...

Lastly, shameless plug,  if you know any traveling nurses that need MTR in NC, I am interested.

Steve Garcia · Answer

I also think a great benefit for you is that you’re a travel nurse. Being familiar with the needs of a travel nurse and the process for securing housing can be great value. If you have access to an agency that will use your home or future investment to house their travel medical professionals then you’ve expedited your occupancy.

Eliott Elias · Answer

No one is going to partner with you on a house hack. Partners want to make money, get into a few flips or wholesale your way into a down payment for yourself.

Katie Miller · Answer

Hi! Welcome to BiggerPockets and thanks for the great question!

Here are some tips for networking and making the most of your account to find some help with those MTRs (first and foremost, be sure to check out our Mid Term Rental book we just launched!)

1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.

2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.

3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.

4) Review this comprehensive 64 page deck on the state of the 2023 housing market for real estate investors put together by Dave Meyer and available for all BiggerPockets members.

5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.

6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Hope this helps! Please reach out with any questions you may have!

Taylor L. · Answer

When finding partners/investors, it's great to start with people you already know. Make a business plan and start discussing the idea with people you think may be interested. Be ready to hear no a lot.

Also be sure to invest plenty of time in networking with other real estate investors. You can do that online or in person. In person is the best for building connections, but may be difficult with a travel nursing schedule.

How to find a partner for mid-term rental

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