MTR in a 4 unit building

[Orien Kuang]

Hello fellow MTR hosts! We are looking to set up one of the 4 units in the building we are buying in DC as a MTR and have some questions.

1. Anyone self manage remotely with a contact in town, but not a full on property manager? Doable? I self manage a STR that's 5 hour of flight away, and it's actually doable with a reliable cleaner and handymen I trust. Similar for MTR?

2. How are you filling the gaps in between MTR contracts? I read last year you could rent out as STR for up to 90 days, but sounds like DC has eliminated that STR option this Febuary?!

3. How is your occupancy rate? What are your most productive methods of getting tenants? I know Furnished Finder, AirBnb etc.

4. I know you cherish your cleaners and handmen, but I would really appreciate it if you could so kind to share them with me, via private messages.

Thank you!

Orien

[Zachary Deal]

Hi Orien! Definitely recommend utilizing FF, Airbnb/VRBO (30+ day stays), Facebook, Zillow, and even Craigslist to find tenants. 

You may want to post in the classifieds section of BP to find cleaners, handymen, and other help to remotely self manage the property

[Jeremy Jareckyj]

MTR is actually even easier to manage than STR once you get the teams and systems in place. the regulations on STRs totally depends on your market. I try to fill in my MTR gaps with STR bookings until I can get another MTR guest.

[Erin Spradlin]

@Orien Kuang - I think it's smart to try self property management on your midterm before paying 8-12% to have someone else do it. In my opinion, it is easy enough to do from afar as long as you have a relationship with a handyman, cleaner and a smart lock. (I don't recommend self property management on an STR. Too much work.)

My midterm rental occupancy rate is 92% and I usually get 40-65% above LTR unfurnished. Most of my midterm rental clients in Q1 are getting tenants within 17 days of going live. The timeline for this was longer during Q4. 

[Erin Spradlin]

Quote from @Jeremy Jareckyj:

MTR is actually even easier to manage than STR once you get the teams and systems in place. the regulations on STRs totally depends on your market. I try to fill in my MTR gaps with STR bookings until I can get another MTR guest.

 @Jeremy Jareckyj 100% agree with this. We manage all of our own medium-term rentals, but would never do an STR. Too much work.

[TJ Watson]

Quote from @Zachary Deal:

Hi Orien! Definitely recommend utilizing FF, Airbnb/VRBO (30+ day stays), Facebook, Zillow, and even Craigslist to find tenants. 

You may want to post in the classifieds section of BP to find cleaners, handymen, and other help to remotely self manage the property

Hey Zach, you have posted MTR units to FB Marketplace and received actual bookings from it? Not just 100 spam and "is this available" hits? Do you utilize that across multiple markets or just one? (curious if it's a specific/local thing or seeing that success across multiple geo's)

Thx,

[Zachary Deal]

@TJ Watson I have had success in NYC posting on specific pages. I think FB can be market specific and positing in RE focused groups in your area tends to be the most successful way

[Nicole Heasley Beitenman]

[Michael Stevens]

I have a number of MTR apartments within two different 4-unit MF buildings in Albany.  I'm based in NYC and managing the MTR apartments remotely has not been a problem.  I ended up hiring one of my LTR tenants as a house manager to handle all of the cleanings, turnover and provides my local eyes and ears.  

All of my bookings have come from Furnished Finder thus far, with occupancy at 92%.  Most of my units are 1 / 1 apartments of similar configuration which has made it a lot easier to slot in new tenants with minimal gaps in the schedule.  

Good luck!

[Anthony Stephens]

Hi Michael,

Are you in the a neighborhood in the actual city of Albany, such as Ten Broeck Center Square, Hudson Park, Pine Hills, or Park South that has 4 unit buildings and can support that type of arrangement without too much concern of negative impact from other tenants?

[Michael Stevens]

Hi Anthony, yes on Ten Broeck near downtown. 
Do you invest in Albany?

[Theresa Holl]

Also ask the local corporations and government agencies who they use for setting up corporate housing. And a bonus tip, get black out shades and mention them prominently. If you get traveling nurses, a lot of them work at night and sleep in the day.