All Forum Posts by: Doug Fluckiger

MTR was our initial strategy, but Furnished Finder has been a bust for us (renting individual rooms in Memphis, TN). We've gotten exactly one rental through them, and that was a mess because their BillPay system (or whatever they call it) is so complex to use. The website is significantly outdated and it's hard to get a response back from them. We paid them money and we do all the work.

In contrast, we just turned on extended stay settings in Airbnb and off it goes. Occupancy for all three rooms is above 70% and I would say 90%+ of our bookings through Airbnb are for more than 3 nights. That's not 30 days, but it's still a win because of lower turnover.

Thanks everybody. :)

We have a renter that has stayed in one of our available Airbnb rooms almost since we started renting it. He left once, gave us a good review, and came back a few days later. Just when his contract is about to expire, he extends it; sometimes by a day, or by several days. He always pays his rent. The property's out of state but I've been there when he's there, I met and chatted with him, and he's very quiet, clean, and respectful. We appreciate the reliable income, but this seems unusual. I glanced at his laptop and it appeared older and small, so I'm not sure he's actually working in there; we don't smell smoke, for example, so we've let it go. But should we be concerned?

We'll be paying cash for a property in the Joplin, MO area for our daughter to live in. She'll help with minor upgrades such as painting, but we'll have contractors handle plumbing, flooring, etc. She may not be there longer than six months, so when renovations are complete and she leaves, we'll sell it.

The question: if we're not financing the property, what paperwork needs to be completed? Title search and transfer, insurance, contract, what else? What do I put in the contract? Is there a template I can use? An attorney to review before completion?

Quote from @Paul Sandhu:

I've rented to traveling nurses before.  They are either psychotic or a mutt.  They also don't make money.

I rent to traveling workers.  Welders, fitters, boilermakers, electricians and inspectors.  They are either psychotic or a mutt.  But they can afford $500/week for an STR that I would normally make $500/month if it was a LTR.

Paul, where do you find these renters? FurnishedFinder? 

Nice work! But I’d get sales shots on a clear, sunny day; this looks rather gloomy.

Good points, Eric. Now that you’ve closed, how’s it going? We’re looking at an MTR on a property which closes later this month; I talked to a friend who’s also a traveling nurse and she said make sure your photos emphasize the bedrooms, especially if they have adjacent baths. I’m not sure about mixing university students and professionals. I’d think you might have fewer problems with working professionals.

Quote from @Conner Olsen:

The rent seems high for the price of the home. I'd make sure there's a strong rental demand at that price.

 Good point, Conner. Thank you.

Quote from @Chris Webb:

Do you happen to know what the average Cash on Cash return is in the area? 10% is my ideal CoC return, but that is because 7% is my area average. 10% is not a good deal if the area average is 12%. Check a few of the the other properties in the area and see where this home falls. If you have any questions on how to quickly do this calculation let me know as I have a few videos on this practice. Take care and happy hunting!

Thanks, Chris. We now have an accepted offer on this property and are looking instead at making it an STR.

First-time investor here. The numbers seems to check out, and I've tried to be conservative, but I welcome your input!

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*This link comes directly from our calculators, based on information input by the member who posted.