Turning Primary Residence Into MTR vs. LTR

[Jacob Joye]

Hey everyone, 

My wife and I currently live in a beautiful 3 bed 3 bath 1800 sq feet recently renovated home in Troy, MI and are looking to move out and treat it as our first rental property. We are debating whether to make it a MTR vs LTR as I have seen in research that MTRs have possibility to be more profitable and we live 5 minutes away from a 600 bed level 2 hospital, 15 minutes from a level 3 hospital, and 22 minutes from a 1000 bed level 1 hospital.

Does anyone have general or specific recommendations? Anyone with experience here locally in Michigan with MTRs and the pros/cons versus finding a more traditional 2-3 year long term tenant?

Thanks,

[Zachary Deal]

Hi @Jacob Joye it sounds like your home is well situated for traveling nurses and could make a great MTR especially with all the hospitals nearby! I think one thing to consider on MTR vs LTR is the time you're able to put into managing the property. MTRs of course have a lot more turn over so the day to day management and keeping up with the postings is more time consuming than an LTR. I recommend posting on Furnished Finder, Facebook, Airbnb/VRBO (30+ days stays), and checking out ALE solutions for insurance placements. Also, since you home is already furnished, it makes it easier to use it as an MTR right away as well.

Overall, it sounds like it would be worth pursuing as an MTR and you could always pivot back to an LTR if you're struggling to find tenants and it becomes more work than it's worth.