Best Tips for Preparing Your Current Home to Be a Med-Term Rental

[Amy Carroll]

My husband and I are empty-nesters just beginning our real estate adventure. We have a 3 bed 2.5 bath home that we are planning to move out of to house-hack a multifamily property. What's your best advice on converting our current home into our first medium-term rental?

Can't wait to learn from this group!

[Andrew Bosco]

Quote from @Andrew Freed:

@Andrew Bosco - This seems right up your alley? Have any advice for this new MTR investor? 

 Thanks @Andrew Freed! 

Hey @Amy Carroll - Here are some prep tips and I am happy to help offer guidance to others here. Just remember, this is an art; not a science. 

1. Check Rabbu, Furnished Finder data and finally compare all of that against HUD Fair Market Rent. This should give you an idea of what your potential value is.

2. Do some general surveying. Contact ALE Solutions, Corporate Housing and public on Furnished Finder. You can even post on FB groups. Explain your set-up. (Bedroom rent or whole house)

3. If your numbers look good, then figure out photography/staging/furnishings. I recommend Costco/Sams Club for kitchen items and furniture - Wayfair or good ol FB Marketplace pending your budget. Put utilities in your name. 

4. Front load market your property. Get maximum exposure. FB Groups, Furnished Finder, ALE Solutions, staffing agencies, AirBNB/VRBO/Booking.com, etc. There's a lot of front load work here. 

5. Prospect tenants - if they stay longer than 6 months - then use Transunion Background checks. 

6. Select your tenants - profit ;) 

This is a very rough cut of the process. This is an art - not a science. It is also a hospitality business. So consider that moving forward. 

Here is my slide deck of all things MTR (Focus is on New England). This should cover your bases on what to know. Feel free to reach out with any concerns/questions/comments. I've helped around 50 people now MTR their property! 

Everyone here is welcome to use this slide deck; https://docs.google.com/presen...