All Forum Posts by: Bonnie Low

Hi, Gregory - I manage my CA MTRs from my home in NC. You're definitely on the right track if you're already an experienced MTR host. It is not exponentially harder to manage them from out of state, especially if you already have a track record, you're using systems and you have your team in place. Those are really the key items that make it challenging when you don't have them. Your cleaner may be able to handle your turnovers, although you should pay them more for doing so because it takes considerably more time to clean AND restock and re-stage the property for your guests. You also want to make sure their attention to detail is on par with yours so your guests are walking into an optimal setup. You can hire a property manager, but if you do, you're going to want to find someone with specific experience managing MTR properties and happy clients to show for it.

I find that maintenance is the most challenging item. If you have a trusted handy person, you can ask them to walk the property upon guest check out to look for things like leaks, cracks, structural damages, heavy wear and tear on appliances, etc. They may also be able to help you develop a scope of work for repairs and maintenance and can probably do the work as well. I would recommend you at least get on a face time video and/or require photos before any work is scheduled.

Lastly, we often think of managing from afar as an all-or-nothing experience, but it doesn't have to be. I travel to my properties a couple of times per year and I do try to schedule it around turnovers if possible. I like to get my eyes and hands on the properties as frequently as I can. And then my trip is a business expense!

Bottom line: it's definitely do-able and it sounds like you're in a great position to do it!

 I did, Jay. It's been a long road (literally and figurately) that brought me to North Carolina. I still have properties in Norcal, though.

Talk to @Allen Duan - he manages numerous MTRs in the Las Vegas area and knows it very well.

 Thanks - just sent it.

 That's great - thank you for this advice! I'm attending one of their webinars next week to find out more.

Following because I'm looking for the same thing. Recently, I was pointed to Equity Trust or Directed IRA by a fellow investor. Equity Trust is who her mastermind group recommends. I can't vouch for either at this point but will be looking into them. One thing to consider is fee structure, which apparently varies widely in this segment. I was told Equity Trust has a very reasonable fee structure, FWIW.

 I have a few connections in Kansas City through a group I host, THE MTR Connect. If you're interested, I could offer to put you in touch with them. I'm not sure either are taking on MTR co-hosting but if they're not, they may have connections for you.

Hi, Ivan - if you're not already involved with MTR social media pages, I'd suggest you look there for a management team. You'll be speaking directly with other MTR investors, some who may either have properties in Tallahassee or have networks they can connect you to. Jesse Vasquez runs one of the bigger sites with MTR operators from all over. His group is https://www.facebook.com/groups/618061006643366 Also look for more regional MTR groups. I know a lot of Property Management companies think they know how to manage midterm rentals, but very few do because they're not experienced in the hospitality aspect. You want someone who understands the STR world and has a hospitality background. Managing the elements of MTR that are more similar to LTR really are not that difficult.

Jonathan, I'd be interested in that list of HELOC lenders you mentioned.

 Thanks for following up on this thread and sharing your actual experience. Sometimes you have to try something out for yourself because it's hard to sort through all the responses and know what is fact and what is opinion. As a lender myself, I was curious about their upfront fees. It's not unheard of, but I couldn't understand why anyone would want to do that given there are so many other options out there. I still have a hard time understanding how this business model works for them, but perhaps that upfront fee covers for lack of deal flow (?)  Anyway, just wanted to say thanks for the follow up and I hope you've found a reliable lender you can work with. If not, I'd be happy to take a look at any future deals you're considering.