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Updated over 1 year ago, 08/16/2023
Ask Me Anything Mid-Term edition.
This forum has done so much for me and I felt a bit guilty this afternoon for not giving back.
Scaled to 48 Mid-Term Rentals in 2 years OH, hired a property manager and maintenance person. Quitting my job next week and moving to North Carolina to grow a portfolio there.
So Ask me anything, Mid-Term Rentals edition.
@Matthew Masoud Insightful commentary! Thank you for your input Matthew.
Quote from @Matthew Masoud:
Quote from @Jake Hedrick:
@Matthew Masoud what is your process for furnishing the properties? Where do you get your furniture? Any must have features or amenities in your properties? How did you scale your management- are you managing yourself or outsourcing? How are you finding your deals? What metrics do you use to find your target market? (For example you mentioned you are expanding into NC) thanks in advance. Congratulations on working so hard to get where you are!
A lot of very good questions Jack.
My VA orders all the furniture and my contractor sends me one of his employees for furnishing. I can furnish a 2 bedroom for $3.5k (including labor) and a 1 bedroom for $2.5k including labor.
Some units have more amenities than others depending on the building but we offer soap, conditioner, razors, ect. We are going for a hotel-level experience in an apartment.
I scaled my management with systems and a VA that can handle a decent chunk of the management but many things still require my attention. I'm in the process of hiring someone on the ground that can work with the VA and do it all.
I'm looking for markets with over run hotels and large business growth brining in Mid-Term labor.
You provide razors for MTRs? Sounds pricey!
Quote from @Tyler Sherman:
Quote from @Matthew Masoud:
Quote from @Jake Hedrick:
@Matthew Masoud what is your process for furnishing the properties? Where do you get your furniture? Any must have features or amenities in your properties? How did you scale your management- are you managing yourself or outsourcing? How are you finding your deals? What metrics do you use to find your target market? (For example you mentioned you are expanding into NC) thanks in advance. Congratulations on working so hard to get where you are!
A lot of very good questions Jack.
My VA orders all the furniture and my contractor sends me one of his employees for furnishing. I can furnish a 2 bedroom for $3.5k (including labor) and a 1 bedroom for $2.5k including labor.
Some units have more amenities than others depending on the building but we offer soap, conditioner, razors, ect. We are going for a hotel-level experience in an apartment.
I scaled my management with systems and a VA that can handle a decent chunk of the management but many things still require my attention. I'm in the process of hiring someone on the ground that can work with the VA and do it all.
I'm looking for markets with over run hotels and large business growth brining in Mid-Term labor.
You provide razors for MTRs? Sounds pricey!
We purchase in bulk and only add one female and one male razor. at $0.50/razor it only adds $1 per reservation in costs.
Matthew,
1) Which property management software program do you use?
2) I want to turn one of my apartment units into a MTR. That unit not licensed as an STR. My question is do I only rent in full month increments to avoid have vacancies for 29 days or less? The rental requests that I am seeing on Furnished Finder start and end at various times in a month. Do your MTR have a lot of vacant days and that is why the rent rate is generally double the LTR rate?
3) How do you manage having the same unit listed for rent on multiple platforms? Is there a program that will manage a Master Calendar?
As you can tell, I am totally new to this!
1. I use a program called Hostaway.
2. I take mid-term rentals and fill the gaps with short term rentals. If i have two long reservations and a gap in the middle, I'll drop the price for those dates and get them rented.
3. See #1 Hostaway does it all. They're are many of them like guestly and hospitable. They are built for short term property but you can use them for mid-term as well.
@Matthew Masoud Interested in MTR's. Its been getting a lot of attention. What's the best way to start? What sites are you using to forecast rates/occupancy?
Quote from @John Chong:
@Matthew Masoud Interested in MTR's. Its been getting a lot of attention. What's the best way to start? What sites are you using to forecast rates/occupancy?
Best way to start would probably be converting any existing short term or long term rentals to Mid-Term rentals. See what kind of demand your market has. I use Furnish Finder and Airbnb monthly search in my area to get an idea of what rates are.
Hi Matthew! Congrats on all your success! I hope to be in your position one day. Rookie here and trying to pick a potential market. I am familiar with using FF stats to get a general idea of demand in an area. However, I'm wondering if there are any signs of an oversaturated market that I should look out for. For example, Cleveland, OH seems to still have demand but, when I look up available units, there are over 200 listings available to rent as of today! Is this a red flag? Thank you so much!
First red flag is any area that has restrictions on STR. all those people will be converting to MTR.
Second I'd look at the rentals in the market you considering. Look specifically at the kind of property you want to own. For example a 3/1 house. How far out booked are they? Once you narrow down a market you can even narrow it down by neighborhood.
If you're seeing a lot of wide-open calendars, I'd stay away.