All Forum Posts by: Daniel Hajduga

Thanks for the feedback, Ryan! 

We currently have it planned at a local brewery but Panera sounds interesting as well. 

Noted on the Meetup app. 

Hi everyone! My friend and I have noticed the lack of REI meetups in the Hudson County area here in NJ. So, we decided to take things into our own hands and organize one ourselves!

I was wondering if any of you have any advice or recommendations for a first-time Meetup? Such as, where would be the best place to advertise it (besides BP, of course)? 

Also, the event is posted here in BP under events and meetups if you'd like more information! 

Thank you all in advance! 

Hi Everyone! @Emily Shlapak and I are happy to announce that we will be hosting a networking event here in Jersey City on Wednesday, September 27th at 7:30 pm! Come join to meet fellow investors, industry professionals, and learn from our guest speakers. (This is not a sponsored event and there will be no gimmicks or sales pitches). To attend, sign up on the Registration Form. Hope to see you there!  @Emily Shlapak

Quote from @Jake Handler:

I would definitely recommend running your numbers based off a long term rental's income.  If the numbers work for long term, then the asset should work as an easy pivot for mid term; even with added vacancy, furnishing, and any other unforeseen challenges that could bite into your cash flow.

 For sure. I have been running two sets of numbers: one as long-term and one as medium-term. This is to ensure the potential deal works as an LTR and that the MTR strategy receives higher rent and is a worthwhile option. 

Quote from @Assaf Lowenstein:

Great points. 

Also learning about market analysis for MTR, yet to buy a property. From what I learn, making sure the property will cashflow even as an LTR is important so you can pivot. 
See if there's more one industry with MTR need around - university, military, big companies, etc, so you're not depending only on TN and increasing substantially your chances to rent. 

Heard in a podcast with Sarah W that lots are posting in FF are disappointed when no one reach back. Listing in TN and mid-terms rental facebook groups is highly recommended. 

 Definitely, I would say it's good to have a "niche" but having various pools of potential residents does not hurt. 

Quote from @Trent Rogers:

Quote from @Taylor Dasch:

This was my biggest obstacle in finding a short term / mid term rental. It is hard to analyze the vacancy rates. 

Just using my logic, in my market there is a large hospital that brings in students and nurses/doctors on contracts. So logically I would think there is a demand for STR/MTRs.

With this, I just decided to purchase a cheap property, furnish it, and give it a go then base my future investments on the performance of this specific one.  

This is pretty much where I am as well. My city and the larger next closest city (15 mins) both should have decent demands for MTR but I'm having a hard time proving it. The only thing I haven't done is try reaching out to HR depts. or staffing/headhunter agency that may be able to give me some insight. 

I'm thinking I'll start with a smaller rehab in what should be a prime location for MTR as a proof of concept. The goal will be that it doesn't cost me money as an LTR if the MTR doesn't work. lol

I'm not currently using FF, does it give you any additional market metrics as a "property owner"? They provide a traveling nurse specific demand tool free on their site, just curious if the back end gives you anymore tools or data?

 It provides some very non-specific metrics. I believe it only provides average rents and an estimated amount of rentals within the market. I'm guessing it pulls how many were listed in the past year or so but they are not very specific on how they obtain or calculate those figures. 

When clicking on "Travel Nurse Budgetary Stats", I only see the same information as mentioned above 

Quote from @Taylor Dasch:

This was my biggest obstacle in finding a short term / mid term rental. It is hard to analyze the vacancy rates. 

Just using my logic, in my market there is a large hospital that brings in students and nurses/doctors on contracts. So logically I would think there is a demand for STR/MTRs.

With this, I just decided to purchase a cheap property, furnish it, and give it a go then base my future investments on the performance of this specific one.  

I went live on Furnished Finder last week at well above LTR rents. From what I have seen there is much less action on it than a LTR - I have gotten 4 inquiries within a week and just got a lease signed. 

To me, the key is to put it on every single site to give it the most exposure possible - AirBnB, FB, Zillow, Realtor.com,VRBO, etc. Fortunately, I have not had to do that yet but it does make sense to get the most out of the property. 

That is a good point, Taylor. Plus, I am building my criteria so that the deal would still work as an LTR worst case (I know this area has a healthy LTR demand). But it is definitely an area of uncertainty and "analysis paralysis".

Hi BP Community! 

I'm going to dive right in - I am doing my research and due diligence on my next investment. I plan on purchasing a multifamily in Essex County here in NJ where I plan to house hack and rent out the rest as an MTR. 

Here is the question - how can I better determine vacancy rates and demand? When looking at listings on FF, most do not seem to be booked far out if at all. The ones that are booked are mostly booked via Airbnb for a week or so. When searching, I leave dates blank so I can see as many available units in the area as possible.

My suspicion is either my approach is flawed, or that the demand is not very high in this market despite the numerous hospitals nearby. 

I have also reached out to some hosts in the area as suggested in "30 Day Stay" to see if they would be willing to share any insight. If I hear back from them, I will update you guys.

Any suggestions or feedback is greatly appreciated and please feel free to ask questions. Always happy to share insight and connect with fellow BP members!

Thanks for your response, @Drew Sygit and @Nathan Gesner! 

When I began, I was able to determine that in NJ and FL, a broker's license is required to be a property manager. The way my FL management arrangement was structured bypasses this need because, for example, one of the agreements is that I will not be able to negotiate lease terms among others. 

In the meantime, I am working on obtaining licenses so that I can provide 100% of the management services typically provided. 

I appreciate the feedback! 

Quote from @Kyle Aho:

Good work on the closing. I'd say consistently network. Find as many meetups and REI groups to be a part of and let those folks know your passion. Most would be thrilled to find someone passionate on the property management side and if you have the track history to back it up you will have endless work.

 Thank you, Kyle! I will definitely look into more meet-ups now that they are starting back up again.