All Forum Posts by: Conner Olsen

So I messed up. I have a tenant that booked my Airbnb in the Dominican Republic for 6 mos.  Just got the first electric bill and it’s a bit over $300 which I didn’t calculate into the price for the $1000 per month rent. In other words the mid term tenant is running the ACs all day long which isn’t what you do in the Caribbean unless you’re at a resort. She’s American and I assumed her husband(who is Dominican)would know that you run the fans during the day and ACs in the bedrooms at night. Which is what I originally calculated for. I know I most likely have no recourse other than to pound dirty until they’re out but if there’s any helpful advice out there from more experienced investors I’ll gladly appreciate it from the bottom of my heart. 

Thanks in advance

We bought a house in March with the intentions to rent our basment for Short term. We did and it was decent! November and December took a nose dive. We get most bookings on Airbnb. Not many at all on VRBO. Anyway I am thinking to try mid term to traveling nurses for a bit as we are 5 mins away from University and Childrens. 

I don't know why but having mid term scares me a bit. What if we choose the wrong person and they don't take care of it? Also, I gave no idea on how to charge! 

The basement has 2 bedrooms. one with a queen size bed and the other with two twin beds. It has a small kitchen with no stove. I have a ninja foodie with 20 plus cook settings, a toaster oven and microwave. I can get a electruc burner too. There just isn't ventalation that cooking may not be the best. I saw lityle ventalation fans I could look into. 

The other thing is the laundry room is down there and it is our storage. Can we negotiate laundry time?  We can't move laundry upstairs. 

So questions 

1. what ways can we verify this person or two? 

2. Do you think they would rent with cooking gadgets and no stove? 

3. How do I create a lease? I hear they are expensive? 

4. How do I figure out a good rental price? Is there a site I can do a background check? I have a child so want to be safe. What references do I ask for?

5. is the paper work different with the county and home insurance for midterm than short term? 

I know a ton of questions! I hope someone can help! 

@Conner Olsen To make sure that I am understanding correctly, it is $300/unit/month more. Which in this case equates to $108k per year across the 30 units. That seems a bit harder to toss away for convenience.

My wife and I picked up a multifamily unit in LA County (Monrovia).  We plan on modifying our rental strategy by having one unit be a LTR, that is currently occupied and the back unit as an MTR.

The MTR is a second story, cute and quaint.  2br/1ba, nice size bedrooms, smaller bathroom but fully functional.   Galley style kitchen and separate laundry room.   Living room is snug and there is no room for a dining room and living room.   Even within the kitchen a dining table is not a real option.  I'm trying to think minimalistic European furniture options for a solution to a dining table. 

I was hoping to get peoples opinions of how to approach this lack of eating space in lieu of everything else about this unit being perfect for MTR.  We decided to go with a nice comfy living room as this was what we felt would be a priority for tenants. 

Thoughts and opinions are needed.

Can anyone recommend an A to Z MTR Rental Arbitrage System? (I've read the book 30-Day Stay but it's not in-depth with scripts and contracts). Thanks in advance. 

Hi,

I have a multi unit property in Los Angeles County. I have renting them on Airbnb for 1.5 year and it has been doing great. Unfortunately local laws about short term rental is changing next year April 2024. Now I am looking to switch to midterm furnished rental. From my research these are most popular website for listing for traveling healthcare professionals

1. Furnished Finder

2. Travel Nurse Housing

3. VRBO

Beside these 3 website does anyone have other solutions?
Does anyone have some sources how to contact hospital or staffing services directly?

Any helps will be gladly appreciate it ^_^

I'm considering getting out of the Mid-Term Rental Game.

I purchased 30 apartments (two 10 units, a 6-unit, and a 4-unit) for the purpose of running them as Mid-Term rentals.Currently, half of them are being run as MTRs while the remaining are still LTRs.

My MTRs average $1,600/month while the LTR rate $900/month.Now that I have some data, I wanted to compare apples to apples for MTR vs LTR revenue.After adjusting for the increase in Insurance, my VA for communicating managing, and supplies/increased repairs it's looking closer to $1,200 for MTR compared to LTRs $900.

It's a lot of extra headaches for $300 more per month.

I'm also having trouble refinancing these properties because banks hate seeing anything but LTR. So even though I bought a distressed multifamily and stabilized it, I'm unable to access the cash.

The numbers still work great as a long term rental but ever since I ran the numbers comparing the two I realized it's not as profitable as it looks on paper.

For context, im in a small tertiary market (Dayton, OH) and most of my apartments are 1 bed / 1 bath with some 2 beds.

 These are so different that it's an apples to oranges comparison. If you're buying for cash flow, have the money to put down on and do a great job furnishing a larger property AND you're in a market that is conducive to it, then it's a no brainer to go for the larger insurance placement strategy. It takes work, though, and you have to make the connections within the industry so cash reserves are also important when you're getting started and may have some vacancies. If you have less cash to work with or you already have a smaller unit in a location conducive to travel professionals, then start there. It's really hard to compare the two.