All Forum Posts by: Bonnie Low

If you haven't already read it, I'd recommend you pick up the book 30 Day Stay by Zeona McIntyre and Sarah D. Weaver. They literally wrote the book on midterm rentals and cover how to analyze markets. You also need to have a thorough understanding of who is traveling to your area and why so you can make sure your property is suitable for travelers.

Without knowing how many bedrooms & bathrooms, who your target guest is and what your strategy is (rent-by-room, entire place, etc) it's impossible to answer. Generally speaking, families want at least one bath tub for bathing small children and for relaxing. Having the bathroom in the master suite makes both of these things possible so I don't think it's a drawback if you don't also have a tub in another bathroom. If you're renting by room, most travelers don't require a bath tub and definitely not if it's a shared bathroom. It's just not a deal killer in most situations so if you like everything else about it, I'd pull the trigger!

Some people will list their property as 'coming soon' on some of the local MTR specific pages or pages like Travel Nurse Gypsy Housing. However, I don't see them getting a lot of traction if they have no photos unless they have other properties they can at least reference. People are very wary of being scammed so they're reluctant to put down a deposit when they can't even see what the furnished unit is going to look like. 3/1's can be hard to rent as MTRs. Just keep that in mind. Hard, but not impossible.

House hacking is a great way to get started and it's even an option at any point in your life (take it from me - life happens!) You don't necessarily need a multi-family property to house hack, particularly in your situation. Some people absolutely don't want others in their personal home, but if that's not an issue for you you could also consider renting out your primary as an MTR when you and your wife are traveling. That's what I'm doing with mine now. I have a primary home in CA, but I'm traveling for the next couple of months so I'm renting it out. It takes a little work to move your personal belongings out (paperwork, photos, special items), but it's worth it to have someone covering my mortgage and then some while I travel. In my case, I have a 4/2. I've put all my belongings in one of the bedrooms, locked it up, and rent the house out as a 3/2. It's working out great. Just something for you to consider if MF is more than you can bite off to begin with. Good luck to you!

It really just depends on what types of travelers you're attracting to your units. For example, travel nurses often sign their contracts less than a month in advance of their assignment and the typical assignment is 13 weeks. Some extend their contracts and will want to extend their leases, others may have their contracts cut short abruptly. Insurance placement guests tend to be very last minute, often will want to sign an initial 30-day contract and then the amount of time they will extend is very unpredictable but can sometimes be upwards of 9 months. For me, managing lease renewals is not a big deal. I put in my lease terms that I'll be asking the guest 30 days before their lease is due to expire whether they want to extend (IF they've been a desirable guest) and give them first dibs. But if they don't, I'll update my calendar availability and open it back up. Given the infrequency of turnover, it all feels very manageable, especially when using PMS tools that help with messaging and reminders. I typically am not accepting far future bookings. I have enough demand in my area that as soon as one opens up, I'm able to fill it. So it's all very situational and market dependent. The great thing is you get to set your own rules and experiment until you find that sweet spot for you. 

Hi, Anastasia. You might want to join a group I co-host with @Jamie Banks called THE MTR Connect. We meet online Fridays at 9am (PST). It's a group of MTR hosts and aspiring MTR hosts from across the country. It's a great place to connect with other MTR operators who are sharing resources, helping each other trouble shoot, providing advice and mentorship. Let me know if you'd like the invite link. 

I use Furnished Finder for posting my midterm rentals. You're not going to have much luck listing your property without photos, especially if you're in a market with a lot of offerings. Make sure you get professional photos because the bar has really been raised for midterms over the last year. 

That's a very broad question. You'd have to provide more specifics in order to get helpful responses. What type of property and what specific market in Colorado are you in? 

Hi, Zac. I have found that a good rule of thumb is $10k for all your furniture appliances and essentials for an average unit, plus another $2k - $3k per bedroom. Because the competition has really ramped up in most markets, you'll need to have good design, good amenities and a good location that is suited to your ideal guest type. You can't get away with furnishing your properties with cheap, second hand goods any more. Some things can be bargains of course, but make sure you don't cheap out on your beds, your living room furniture and your mattresses. 

This is showing in Zillow as Sold. Has it sold already?