SFR Primary Residence into MTR

[Frederick Peregrino]

Hello everyone, I would like to get starting in MTR. I'm looking into turning my primary residence 3BR 3BA 2500 sqft into MTR. My thoughts is to utilize my existing furniture and add or update any more furniture needed. Basically, I'm seeking advice on how to best execute this plan or resources to where I can further educate myself, thanks.

[Allen Duan]

I’d recommend working with a designer to furnished and decorate your place, unless you have an eye for design yourself. There are so many badly set up MTRs out there that it will easily set you apart. Also, do you analysis to determine if you want to rent out the entire home or by the room. Your place has good potential for rent by the room with one bathroom per bedroom. 

Who is your target customer? How is the demand for them in your area? Check out the MTR podcasts episodes and the 30 Day Stay book is a great overview if you’re new to MTRs.

Happy to answer any other questions. Good luck!

[Jessica Stevenson]

@Allen Duan what site d0 you recommend that has good midterm rental data to determine demand?

[Allen Duan]

Quote from @Jessica Stevenson:

@Allen Duan what site d0 you recommend that has good midterm rental data to determine demand?

 There aren't any sites that cater to the MTR market specifically yet. I would check for comps on Airbnb and Furnished Finder, FF stats page, and sites like Airdna and Mashvisor can provide more perspective.

Also, just knowing your market and what's going on in the area will help. Are there large hospitals hiring travel nurses nearby? Are there new companies and industries coming to your area? Construction projects? Think about who needs a MTR and where they are looking for one.

[Jessica Stevenson]

@Allen Duan Ok, that's what I was thinking but wasn't sure if there was a site I was missing!  Thanks

[Nicole Heasley Beitenman]

Start with the book 30 Day Stay and the 2 podcast episodes with Jesse Vasquez and Zeona McIntyre/Sarah Weaver.

[David Cheng]

Quote from @Nicole Heasley Beitenman:

Start with the book 30 Day Stay and the 2 podcast episodes with Jesse Vasquez and Zeona McIntyre/Sarah Weaver.

What podcast episode #s?

[Nicole Heasley Beitenman]

Quote from @David Cheng:

Quote from @Nicole Heasley Beitenman:

Start with the book 30 Day Stay and the 2 podcast episodes with Jesse Vasquez and Zeona McIntyre/Sarah Weaver.

What podcast episode #s?

 Not sure. Pop their names into the search and they'll come up.