Mid term Rentals

[Malieka Henry]

Anyone here doing Mid term Rentals in Las Vegas ? 

[Vivian Yip]

Hi Malieka,

Las Vegas does very well with mid term rentals. I know 3 ladies that do an awesome job securing insurance displaced families in their homes and they offer a gorgeous portfolio of premium properties.   

[Joy Li]

Quote from @Michael Thach:

I live in Las Vegas and operate close to 30 MTRs in town. 

I build one out of a single family house and turned this into 5 units. Each is making around 1600-1800 after airbnb fees. Considering this is just a 2400 sqft house the cashflow is quite good but downside is it will cost you around 100k in renovation and around 15k in furnishing for each unit. So is very cash intensive. 

Another play I did is a multifamily unit with investors. Is a 5plex. We spent half a year renovating and furnishing. As a 5plex the NOI is about 45k. We have 58k this year with the renovations and vagancy and will have about 90-100k NOI this year. In commercial real estate terms speaking, we are doubling property values here. Downside is very cash intensive. We pulled around 500k together to make this play happen.

Many of our clients/investors bought 4plexes and do the same plays. We designed some, furnished and manage them. For investors they can expect 1.5 to 1.75 more money vs long-term rental. Downside is initial investment per Unit ( 1-2 bedroom apartments ) will need about 30-40k renovation, 10-15k furnishing and if you hire people like me, it will cost you another 20k from getting the long-term tenant/vacant  and unrenovated apartment out to your first MTR tenant in your dream MTR property. Is a very cash intensive play but for big earners this is a good investment because with the investment into their properties they are reducing their taxes. I have high cash generating investors who need to save taxes. This way they have a good cashflow, a lot of credit for capital gain due to capital improvement and a forced appreciation of your asset. 

You will get some travel nurses but those are not in the amount you think you will get. It's a little overrated in this forum that the main clients are travel nurses. 

I strongly discourage MTRs built in a single family house. The cost to income ratio doesn't make sense. Using a 350k house to produce 3500-4500 income before all the fees is not an good investment. You either room hack the heck out of it or you buy multifamily. As said is cash intensive and it make sense to team up. Better have 50k invested and making around 6-8% cash on cash the first year and after running that business for 3-4 years sell or refinance the property and collect your initial investment of 50k + 40-70k in forced appreciation. This would be wiser than saving up 300-400k to run your own MTRs.

 Hi Michael,

I lives in Los Angeles and am seeking a management company for midterm rentals in Las Vegas . Would you be willing to manage my properties in Las Vegas?

[Bonnie Low]

Quote from @Malieka Henry:

Anyone here doing Mid term Rentals in Las Vegas ? 

 I recommend you connect with @Allen Duan.

[Lucy Chen]

Quote from @Stephen DeThample:

Yes, I have 2 investors that only do mid-term. Focused on traveling nurses. It increases cash flow enough to get cash flow positive. If you have questions, let me know. 

 What size MTRs?  as in how many bedrooms?