Turning A Primary Home Into A Midterm Rental

[Jamie Banks]

I'm relocating to a new state next month and recently converted my house hack to a whole home midterm rental. My property is a 3 bedroom, 2 bathroom condo in Reston, Virginia. I often get asked home to convert a primary residence into a MTR and wanted to share a few steps:

1. Evaluate the inventory: Take inventory of all your furniture, decor, and kitchenware. Identify any items that need replacing.

2. Market research: Research 3-4 similar properties on Furnished Finder and Airbnb to determine your rental rate. Check local short-term rental regulations.

3. Underwrite the property: Ensure your property works financially as a midterm rental. Include expenses like utilities, HOA fees, and reserves.

     - Pro Tip: Check with your insurance company about policy changes for rentals.

4. Prepare the property: This is the time to purchase new furniture, restock supplies, and complete any necessary repairs.

5. List the property: Once you have professional photos, list the property on midterm rental sites like Furnished Finder, Airbnb, and Zillow.

Happy to answer any questions that anyone has!

[Gregory Schwartz]

Pro Tip: Airbnb provides a level of protection if you end up with a "problem" tenant. However Zillow and Furnish finder are simply going to give you a lead. Make sure you are properly screening your leads the same as you would for long term renters. 

Dont cut corners just because they're only staying for 2-3 months