All Forum Posts by: Jamie Banks

Condos usually come with restrictions through the HOA but the restrictions will be based on the community. As you're searching for condos, make sure you understand the HOA's rules on renting out the property.

I have a condo myself and I try to attend all of the HOA meetings and stay in contact with the HOA board so if there's any discussions on upcoming restrictions, I'll know before any decision is made.

MTRs can work anywhere!

There’s always people who need temporary housing after they bought or sold a home, college students needing housing for a summer internship, traveling medical professionals, and the list goes on. 

I’d go to Furnishedfinder.com/stats to find the demand. In addition, you can go on Airbnb and look for properties with reviews that are tagged “Long Stay” to understand if people are coming to the area for longer stays. 

The property is beautiful! 

I saw that there’s a desk. One way you can stand out is providing a monitor with a usb cord and even a keyboard and mouse and comfortable office chair. A lot of travelers are working or have partners who are working and people really appreciate when the home is set up to work from home comfortable. 

The yard is very big, maybe include something in the backyard to cater to guests and/or their pets?

I called around to the larger insurance agencies when I first started and most of them said they use ALE Solutions for housing placement. But smaller, local agencies generally source the housing themselves. I’ve talked to a few local in my area and left my info and a one pager on my properties, their rates, and key amenities. I haven’t gotten any business from them directly yet but I did get a few calls back!

I would invest in AirDNA to understand expected rates and occupancy of your market. In addition, run the numbers with the free BP calculators. I’ve secured all of my investments using those calculators. 

Make sure to take into account seasonality, reserves for repairs and maintenance, and vacancy. Send me a DM if you want to walk through the calculators, I’m happy to help!

I like to understand population growth and migration in a given market. For instance, after 2020 there’s been a lot of migration to the southern part of the US from cities like NY, Cali, etc. Pay attention to where people are moving AND where businesses are moving to determine viability of a market. 
When looking at population growth look at a 5 year average. Make sure that the population growth coincides with solid income growth as well. All

Could you post the link to your listings so that we can give you some feedback?

I’ve talked to a nurse recently who was traveling to my area from a hospital in NOLA. Maybe you should try and go the direct route and call hospitals, find the housing department / agencies who place the traveling professionals, and let them know you’re a housing provider with availability. 

Hey Zach! I’ll be at the MTR summit as well. I’m super excited and would love to connect!

@Jackson Walker Hi Jackson, I have a virtual co-hosting business where I manage furnished rental properties. Please send me a DM if you’d like to discuss!

Hi @Micah Uveges with the MTR space being new I haven’t seen a lot of MTR focused PM companies. I’m starting an MTR PM and cohosting business and plan to charge 15%. However, as previously mentioned there’s less management needed that STRs. When running MTRs you just need to set up a solid process and property management system and it’ll be easy to manage, even from afar.