Need more Info on Mid-Term rental Strategy

[Isaiah Wilson]

Hello Everyone,

Wanted to make a post to connect with you all to ask a question about MTR's. I currently have one Arbitrage STR property in Raleigh, North Carolina close to Downtown and it has performed very well. I am now looking into getting into the MTR space as I feel that it is more secure financially & less of a headache as I scale. My question is how should I go about getting into it? I researched and got on Furnished Finder but they said they recommend that I put a contract in place between me and the tenant, what should that contract consist of? If someone can connect with me on this and give me helpful insight, that would be greatly appreciated!

Thanks!

[Bonnie Low]

Hi, Isaiah. By contract, most people mean a lease agreement. For any reservation over 30 days you really need to have a state-specific lease in place to establish the lease terms and protect you from a potential squatter situation. There are plenty of programs out there that will allow you to create a state-specific lease with all of the required language for your state and will also let you modify it to add your own special terms, like your parking requirements, quiet hours, how trash and utilities will be handled, etc. I use Baselane as my all-in-one banking and bookkeeping platform. Through Baselane and their partners I'm able to run the guest background checks, draw up a state-specific lease, set up rent collection and manage all of the property financials. You might look into it since it sounds like you're branching out into more areas of property management.