All Forum Posts by: Kathy Cooper

@John Tobin I do a lot of MTR in a different area and like it more than STR. It's more steady income. As far os guests hard on the home, I recommend screening for smokers and not allowing pets. Those. Are the most damaging. Collect a good deposit and background check. Most areas are hotel tax free for 28 day or more bookings check first. I us dochub for contract signing and Intuit merch account with QuickBooks. Easy smeazy.

Thanks Peyton. I'm rethinking the whole big reno idea in a new area. I have moved along :)  Thank you so much for your suggestions...

Hi Amika, I'm interested. I have funds available

Hi Alex, traveling nurses need one bedrooms. Keep in mind that they are not the only market for MTR. Families relocating, waiting for their builder to wrap up construction, medical recovery (if you're by a hospital), and I just had a family who is doing a total rehab on their home. If your market is primarily nurses, your 3 bedrooms will sit for the most part. They do not like to room with anyone else, need their own bathroom and a good washer/dryer.  

As far as payments, I still use Quickbooks & their merchant account. I only manage 4 properties tho. Monthly isn't a big time consuming task. 

I collect first month + cleaning fee + deposit with contract and then each month after that 1 week prior. I state the due date for each month in the contract so there's no misunderstanding.

You may want to think about cleaning services during their stay (include or provide contact if they want to hire your staff, etc...)

Linens get soiled over long stays...I state the replacement costs and offer the option to not include. Lawncare is another optional service...I provide mower or they can opt to pay extra.  

I agree...I would wait. The photos are important to get the product correct. Also, MTR tend to rent close to the check in date. I have learned not to stress about filling my houses, as they come along last minute a lot. I just did that today...one week from current guest check out date.

Great post...

I have a 1 BR that rents solid (wish I had more) and my 3/2's are booking well. I rent from $2,800 to $3,200 as a base, and have had great bookings from VRBO occasionally - usually about $4,000. I'm in a medical center area and military relocations are common (I give them discounts). The medical center brings patients who need to stay close by for treatment or recovering. 

I work hard not to allow pets, but will if I have to with a good understanding about the rules. Never allow cats. I try to keep several homes pet allergy free.

I've had a person rent furnished and asked me to store one bed (to bring in their kids furniture) then the other bed (for their father to move in with his own mattress) and then ask me for a discount because they aren't using all my furniture...lol. No, they didn't get it. They moved along.

With MTR it's also important to realize people often need extentions to their booking. Builders never meet their closing date, and so on. I don't contract the next people until I'm sure the current is not extending. 

I also contract with or with out linens (replacement costs of linens written into contract). Many people like to use their own sheets to avoid the replacement cost. I also book without lawn care and provide a mower. The lawn service is optional with an extra cost. People like the flexibility. This being said I have seen my neighbor mow my lawn because the guest did not.  lol Yes, it was the same guest who requested a discount.

Great post...

I have a 1 BR that rents solid (wish I had more) and my 3/2's are booking well. I rent from $2,800 to $3,200 as a base, and have had great bookings from VRBO occasionally - usually about $4,000. I'm in a medical center area and military relocations are common (I give them discounts). The medical center brings patients who need to stay close by for treatment or recovering. 

I work hard not to allow pets, but will if I have to with a good understanding about the rules. Never allow cats. I try to keep several homes pet allergy free.

I've had a person rent furnished and asked me to store one bed (to bring in their kids furniture) then the other bed (for their father to move in with his own mattress) and then ask me for a discount because they aren't using all my furniture...lol. No, they didn't get it. They moved along.

With MTR it's also important to realize people often need extentions to their booking. Builders never meet their closing date, and so on. I don't contract the next people until I'm sure the current is not extending. 

I also contract with or with out linens (replacement costs of linens written into contract). Many people like to use their own sheets to avoid the replacement cost. I also book without lawn care and provide a mower. The lawn service is optional with an extra cost. People like the flexibility. This being said I have seen my neighbor mow my lawn because the guest did not.  lol Yes, it was the same guest who requested a discount.

Thanks guys...