All Forum Posts by: Alexandra Jimenez

I'm currently worried about this as I have 3 MTRs in Louisville where STR restrictions have sent STR owners scrambling into MTRs. The feedback from a couple of prospective tenants who have come to see my property is that it ticks all of their boxes but as local rates drop they went for price.

I lowered my rent, but if I go much lower I may as well just rent it as an LTR. 

What constitutes ideal revenue between LTRs vs MTRs. What's considered decent profit margin that makes it worth doing an MTR vs LTR?

This is an old thread, but I had the same question so I thought I'd chime in since there were so many surprisingly negative responses. 

I don't own a car ( I share one with my partner), but I do own 10 units (and counting), half of which are MTRs and STRs. I was also considering buying a truck as it would make my life easier when I'm trying to load up on furniture (from stores and FB Marketplace) to furnish a new rental.

Similarly to @Max Maysonet I could also use a new car so why not buy one that would also help my needs as an investor. Plus, I'd imagine there could be some tax benefits, too.

Based on the people that did provide helpful responses, I'm going to look into getting a Toyota Tundra, Dodge Ram 1500, or Ford 150. Thank you to those people for the helpful feedback!

I'm in the same position and have struggled to bring it up to my awesome LTR property manager. I have two 4-plexes and I'm currently turning 3 units into MTRs which would mean way better revenue for the PM, albeit a bit more work. 

I wouldn't really expect my PM to do anything over and above what they already do with the LTRs (ie checking in, checking out, responding to messages, etc), but I would like to know that in case of an emergency or maintenance issue, that I can count on them to handle it. That's my priority. 

I'm also wondering how this impacts my contract with them so would they have to take an MTR on? They may already be offering 3-6 month contracts for corporate housing, which I believe mine does. So that's a win-win for everyone if they bring me the tenants for contracts longer than 30 days at a time.

Lastly, if my MTR guests are booking through Airbnb (which they have been so far in a single family MTR I own), aside from maintenance there isn't any work for the PM to do. So I'm wondering if they are still entitled to collect commission on my Airbnb bookings per the contract. 

I'm considering just offering them a flat monthly fee for that unit based on the LTR price so it doesn't matter who's in the unit, all they have to do is deal with maintenance and emergency calls. And that way I can also keep more of my revenue, too, since MTRs earn more than LTRs.

Thank you everyone for your feedback! I'm going to contact everyone individually to get more info. Thanks again!

Thanks Scott! I appreciate the info. I’ll take a look at the Tax Professionals asap.

I have an unusual situation. I’m at the point where I’ve outsourced myself out of my (non real estate) business and it now runs without me. As a result of the success I’ve had with my decade old business, I have high cash flow, which I re-invest into real estate.

I now spend the majority of my time working on my real estate investments and spend hardly any time on my business. As I spend at least 30 hours per week working on real estate and less than 10 on my regular business, I should be able to be considered a real estate professional from a tax perspective.

In addition, I have the option to spend 185 days living outside of the USA, which may offer me state tax exemptions.

I currently pay a fair amount of federal taxes and I know I’m leaving alot of money on the table. I’d love to speak with someone who can help me offset my regular earnings with real estate and who can also use my tax residency to further maximize deductions.

It’s not how much you make but how much you keep.

Any recommendations for a top level CPA who can help me create a long term tax strategy?

I own 12 units, a mix of LTRs, MTRs, and STRs: 1 in Indiana, 9 in Kentucky, and 2 internationally.

Perfect thank you for your help! I already had them ready, but just wanted to make sure I wasn't going overboard. Thank you for the reassurance! 

I have my first MTR guest this weekend! So nervous. Do I leave an extra set of linens for them? How much laundry detergent? 

I'm probably overthinking but the STR world is more simplistic in my head. They booked through Airbnb so I want to keep a good rating as a superhost.

Thank you in advance! 

UPDATE: Thank you everyone for your feedback! I've decided to make it a 2/1 + dedicated office (with sofa bed chair).

I'll advertise as a 2 bedroom accommodating up to 4 adults, but with a sofa bed chair (instead of a day bed) in the third bedroom. There will technically be an additional (low) bed should it be needed for a small child if there's a family accommodating 5 total. I also like the third room as an office because a pack n play can fit in there overnight when the office may not be in use and the sofa bed chair will take up less room that a daybed. 

(I travel long term with a baby so I'm also visualizing the above based on my needs traveling and working remotely with a baby.)

So far I've been able to successfully target families with my STRs so we'll see how the strategy plays out with an MTR. Wish me luck!

This thread has been a very clarifying experience and really helped me adequately visualize my target market and listing so I appreciate everyone's feedback! Thanks again!

I have a 3 bedroom, 1 bathroom single family and I'm considering renting it as a 2 bedroom + office or 3 bedroom. I feel that a 3 bedroom MTR is rarer so I'd have a competitive edge, but I'd also like the option to attract corporate or WFH in addition to traveling nurses. Any thoughts? thanks!