Starting a Midterm Rental

[Evelin Negrete]

I recently bought a BRRR project in Gainesville, GA . I am wanting to do a midterm rental, focused mainly on travel nurses and doctors. The home is located 7 minutes away from a 1 Trauma Center Hospital. I want to better understand the topic and be able to talk to the Hospital and set a contract to house their nurses. This would be my first time everything doing a midterm. I would appreciate any advice that could be given. An idea on the process and steps? What I need to do? How to furnish the home?

[Jennifer Turner]

The Bigger Pockets Bookstore has a book on mid-term rentals that walks you through every step. I'd suggest reading that to start with!

[Zachary Deal]

I would recommend checking out Airbnb, Zillow and Furnished Finder to see what else is out there in terms of competition to get an idea of pricing and level of furnishings. 

[Jonathan Vinas]

As mentioned above, the book published by BiggerPockets (30 Day Stay) is a wealth of knowledge that covers questions someone looking to get into the space would want answers to (like myself). Also, episode 780 on the podcast was a great listen. Jesse Vasquez gets into the topic of his B2B approach and how he talks to hospitals, construction companies, etc. to get contracts. 

[Gabe Chase]

Hi Evelin! We manage about 40+ STRs and 10+ MTRs in Indianapolis. Congrats on getting started! I would highly recommend looking in the area that you will be listing. Look on the Furnished Finder map and look at what the competition is doing. See what you can add that they don't have, doesn't have to be expensive. For example; 

- Professional Photos 

- Better Design 

-Newer Furniture 

-Welcome Guidebooks

This will help you stand out when you do list. All of our MTRs are pretty baseline but do really well! Good design, clean, comparable with market rates, and professional photos. All of our units do really well and get leased within a month at most! 

Let me know if you have any other questions. Would be happy to help! 

[Ryan Daulton]

Quote from @Jennifer Turner:

The Bigger Pockets Bookstore has a book on mid-term rentals that walks you through every step. I'd suggest reading that to start with!

 What is the name of the book on mid-term rentals?  I don't see it.

[Carlton B.]

Quote from @Ryan Daulton:

Quote from @Jennifer Turner:

The Bigger Pockets Bookstore has a book on mid-term rentals that walks you through every step. I'd suggest reading that to start with!

 What is the name of the book on mid-term rentals?  I don't see it.

 30 Day Stay https://store.biggerpockets.com/products/30-day-stay