Out of State Investing in Travel Nurse Rental Multifam

[Quiana Berry]

As a newbie I am facing analysis paralysis on where to start my midterm investing journey. In NYC starting a midterm rental business is super expensive unless it's done upstate hence why Albany came on my radar. Also according to Furnished Finder its 5th in the state and there are 133k+ searches in the last 12 months and only 365 homes available. This seems like a lower competition market to start in, anyone have success they cna speka on? Also I saw a turnkey property selling for 459k and it is already on Furnished Finder. Wondering if that's a good deal. Any tips appreciated

[Liam Maher]

Quote from @Bernita Wallace:

Quote from @Liam Maher:

Check out Rochester and Buffalo too, they're both top #10 cities by cash flow in the country at the moment 

 Liam, What site is this that you are using here? I am sorry-I cant tell. ,

 Coffee Clozers

[Bernita Wallace]

Quote from @Liam Maher:

Quote from @Bernita Wallace:

Quote from @Liam Maher:

Check out Rochester and Buffalo too, they're both top #10 cities by cash flow in the country at the moment 

 Liam, What site is this that you are using here? I am sorry-I cant tell. ,

 Coffee Clozers

 Thanks!

[Corby Goade]

Honestly, I see so many new investors who are laser focused on a very specific thing (mid term rentals for travelling nurses) that they can't see the forest for the trees. You'll miss many opportunites this way. 

Analyze opportunities with at least two possible exit strategies. If you have equity and positive cash flow in at least one method (STR, MTR, LTR) then you have a decent deal to start digging in to.

[Nadeem Alamgir]

Hey Quiana, upstate is a good place to start. You should also consider out-of-state. Is this something you thought about? 

[Bonnie Low]

Quote from @Corby Goade:

Honestly, I see so many new investors who are laser focused on a very specific thing (mid term rentals for travelling nurses) that they can't see the forest for the trees. You'll miss many opportunites this way. 

Analyze opportunities with at least two possible exit strategies. If you have equity and positive cash flow in at least one method (STR, MTR, LTR) then you have a decent deal to start digging in to.

I absolutely agree with this. While I'm a firm believer in the MTR strategy, I own LTRs and STRs, too. Keep your options open and decide what works best for you and, just as importantly, what strategy your particularly property will fit. There's no sense trying to fit a square peg in a round hole. Not every property is suited to an MTR (or an STR or even an LTR for that matter.) Don't get laser focused on a strategy before you even have a property picked out. It's ok to have a general idea of what you want to do, but run the numbers using different strategy to see what the best fit is.

[Michael Stevens]

Hi Quiana, my first post!

I too am NYC based but have rentals in Albany, both LTR and MTR. 

Most of my MTR apartments are 1 Bedroom, and I have had good luck with Furnished Finder, less so with AirBnB. I love hearing about the others opposite experience!  

Also cannot agree enough with Corby's point about having a couple exit strategies.  I only got into MTR because the LTR rates didn't support the higher rents necessitated by some extensive renovations.  For now it's a win-win as the renovations pushed my appreciation and the MTR cash flow offsets the renovation expenses.  

I'd be happy to talk further about my experiences so far.