MTR long term strategy tips/concerns

[Roman Puzey]

Hello,

We are just starting out with our first MTR property and we are currently paying for 2 mortgages at the moment (house we bought and live in and for the condo that we are going to MTR that we used to live in). We haven't finished furnishing it yet fully (looking to spend between 1-2k to furnish it fully), also some minor things needs to be done in there (<800$) and will need to verify the contract that we have with a lawyer to make sure we are protected. Kind of getting into analysis/paralysis regarding how long will it take us to rent it after we are finished getting it ready? Having a fear that 1 or 2 months we wouldn't be able to get anyone in there, so my question is how long do you keep trying for and manage 2 mortgages before deciding its not working and we should convert it to LTR or sell the place? Anyone with previous experience on this would be helpful. Currently we are using the HELOC funds to furnish the place and also used the HELOC to buy our new house.

[Jesse Vasquez]

If your using 1-2k to furnish a MTR you can most likely bet youre place will not be rented. It typically costs $11 a square foot, spend on quality staple pieces, coach, beds, the commonly used furnishings.