Converting primary to Mid Term Rental Art Museum: Looking for consultant

Philadelphia, Pennsylvania
Medium-Term Rentals
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Converting primary to Mid Term Rental Art Museum: Looking for consultant

Garrett M.
Rental Property Investor · Philadelphia, PA · Member since 2015 · 180 posts · 66 votes

Hello friends! Is MTR a good strategy in Center City / Art Museum?  (4 Bed 2.5 bath, 2400 sq ft. street parking only)  What percentage over standard rentals can one expect and is it worth the extra management?
Looking for market specific consultant and potential MTR property manager. 

Thanks in advance!

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  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    2y

    Are you saying you're wanting to convert your home to a midterm rental-slash-art-museum?? I'm not sure I understand your question. You might reach out to @Jamie Banks - she's an experienced MTR operator and knows Philly. 

    [email protected]
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  • Garrett M.
    OP
    Rental Property Investor · Philadelphia, PA · Member since 2015 · 180 posts · 66 votes
    2y

    Hello Bonnie! Yes, I see your point! The home is in a part of Philly called the Art Museum area. I will reach out to Jamie. Thank you

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  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    2y

    Bump to that, Jamie is a good resource. I think there is a lot of inventory in the market though, so I would def reach out to her and see where the market is. 

    As a realtor in the market, I know that the suburbs/outskirts of Phila are in higher demand with lower inventory, might be better to check there near some major hospitals like - torresdale jefferson, abington jefferson, and doylestown hospital 

    [email protected]267-767-0111
    Alan Asriants - New Century Real Estate 591 Reviews
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  • Chris Pelc
    Investor · Philadelphia · Member since 2023 · 104 posts · 46 votes
    2y
    Quote from @Garrett M.:

    Hello friends! Is MTR a good strategy in Center City / Art Museum?  (4 Bed 2.5 bath, 2400 sq ft. street parking only)  What percentage over standard rentals can one expect and is it worth the extra management?
    Looking for market specific consultant and potential MTR property manager. 

    Thanks in advance!


     In the Fairmount area surrounding the Art Museum is a great place for rentals in general. The area is under heavy development. If you were to consider a place in and around center city, you will likely end up sacrificing cash flow. Your higher potential rents are not always in the primo places to live. If you are looking to build equity with high appreciation areas, center city is where its at. I would suggest looking in areas that are in close proximity to hospitals, universities, and transportation hubs. West philly has the best of all of those worlds.

    I just sent a message to connect. If you'd like to talk a bit further about some of these areas, let me know. 

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