New to Real Estate · Kansas City · Member since 2023 · 21 posts · 8 votes
I'm exploring the best options for listing my property, ideally as a Mid Term Rental (MTR) or a long-term rental. The home is spacious with 5 bedrooms and 5 bathrooms 4200 sft, and it's conveniently located within walking distance to a school and a new hospital in Overland Park, Kansas. I would greatly appreciate any insights or advice on the most effective platforms or strategies to list this property. Thank you in advance for your help!
I'm exploring the best options for listing my property, ideally as a Mid Term Rental (MTR) or a long-term rental. The home is spacious with 5 bedrooms and 5 bathrooms 4200 sft, and it's conveniently located within walking distance to a school and a new hospital in Overland Park, Kansas. I would greatly appreciate any insights or advice on the most effective platforms or strategies to list this property. Thank you in advance for your help!
I bought a property last year within 10 minutes of Boston, Mass. I rent the top unit as a MTR, but was originally going to rent it as a LTR.
Here was my thought process:
1) if renting as a MTR became too cumbersome/timely, I could always rent my 1-bed as a furnished LTR.
2) If as an MTR I could generate extra rent that would cover the cost of furnishing the unit within the first 3-6 months, that was a good ROI to me.
You have a bit of a unique situation because you’re describing a very large unit.
When I have a vacancy, I post on FurnishedFinder, within local Facebook groups for renting apartments (including local community pages), and I will even post on the typical rental listing websites like Zillow (I mark the checkbox that say it is furnished).
Local housing agencies and insurance companies may also need to relocate families who are displaced from their home for medium length of times. That might be a good option for you to look into given the size of your MTR.
I do think it is important to have a presentable MTR. I admit I don’t always have the best interior design skills so I incorporated the help of my sister (who is also a travel nurse).
Do your due diligence in your market to ensure there is a need for an MTR of your size. You could contact existing MTR owners with comparable sized units to talk to them about their success or struggles in operating in your market as well. Local real estate investing Facebook pages and reaching out to owner listings on Furnished Finder could be a good place to start.
I'm exploring the best options for listing my property, ideally as a Mid Term Rental (MTR) or a long-term rental. The home is spacious with 5 bedrooms and 5 bathrooms 4200 sft, and it's conveniently located within walking distance to a school and a new hospital in Overland Park, Kansas. I would greatly appreciate any insights or advice on the most effective platforms or strategies to list this property. Thank you in advance for your help!
I bought a property last year within 10 minutes of Boston, Mass. I rent the top unit as a MTR, but was originally going to rent it as a LTR.
Here was my thought process:
1) if renting as a MTR became too cumbersome/timely, I could always rent my 1-bed as a furnished LTR.
2) If as an MTR I could generate extra rent that would cover the cost of furnishing the unit within the first 3-6 months, that was a good ROI to me.
You have a bit of a unique situation because you’re describing a very large unit.
When I have a vacancy, I post on FurnishedFinder, within local Facebook groups for renting apartments (including local community pages), and I will even post on the typical rental listing websites like Zillow (I mark the checkbox that say it is furnished).
Local housing agencies and insurance companies may also need to relocate families who are displaced from their home for medium length of times. That might be a good option for you to look into given the size of your MTR.
I do think it is important to have a presentable MTR. I admit I don’t always have the best interior design skills so I incorporated the help of my sister (who is also a travel nurse).
Do your due diligence in your market to ensure there is a need for an MTR of your size. You could contact existing MTR owners with comparable sized units to talk to them about their success or struggles in operating in your market as well. Local real estate investing Facebook pages and reaching out to owner listings on Furnished Finder could be a good place to start.
@Laksh Jam That is a large house. I would favor listing long term but that is a local decision. Once you get past the utilities cost and furnishing you have a big investment in a property that size. If you are thinking midterm because you will net more I am not sure that is true in that property size in your location. If you do not generate a lot of rentals of the unit as a whole then renting by the room is more labor intensive. You could reach out to someone like ALE solutions who has insurance rentals in the area and see what if there is a need for a whole property of this size. They rent furniture and the tenant pays utilities but I haven't dealt with them.
My vote is turning it into a MTR but for full transparency renting larger properties can be difficult.
If you decide to furnish make sure you have a customer avatar in mind. Maybe it’s families know need long term housing after someone has surgery. Maybe it’s traveling doctors who are traveling with family. Your choice.
Make sure to list it on ALE Solutions and Temporary Housing Directory. They’re relocation companies that help displaced homeowners find housing. In my experience there’s not much inventory of larger homes available in their database.
I wanted to extend my heartfelt thanks to each of you who took the time to respond to my query about listing my 5 bed, 5 bath home in Overland Park. Your suggestions and insights have been incredibly helpful and have provided me with clear directions to explore. It's great to be part of a community that's so supportive and knowledgeable. I am truly grateful for your advice and guidance.
my vote is for LTR and you dont have to furnish it. Can you calculate what your up front cost would be to furnish? And deduct that from rent for LTR no furn. The problem there is you pick the wrong styles etc for their lifestyle and if they have animals look forward to your nice new furniture getting shredded!
my vote is for LTR and you dont have to furnish it. Can you calculate what your up front cost would be to furnish? And deduct that from rent for LTR no furn. The problem there is you pick the wrong styles etc for their lifestyle and if they have animals look forward to your nice new furniture getting shredded!
I think LTR may be easier with this one due to the size. I would double check on Furnished Finder/AirBNB (30+ days) to see if there are any similarly sized properties. It sounds like a great rental for a family moving to the area with the distance from the school so hopefully there would be a lot of demand as an LTR.