All Forum Posts by: Account Closed

Just bought my first rental property (1 bedroom condo) in the Walnut Creek, California area (SF Bay Area).

I've decided I'd like to rent the condo as a medium term rental (MTR) to travel nurses, corporate housing, etc, but I have no idea how this works.

Do I just go to hospitals and let them know I have a condo for rent? 

Are there websites specifically for travel nurses and corporate housing (finance, technology companies, etc)?

Just bought my first rental property (1 bedroom condo) in the Walnut Creek, California area (SF Bay Area).

I bought it all cash so I don't have any holding costs other than HOA, and property taxes.

At this point, I'm not sure the best way to make money from it.

Long term rental (LTR) - Either 6 month or 1 year lease. Steady cash flow, but concerned with California laws around someone not wanting to move out when I ask them to. 

Medium term rental (MTR) - Furnish the apartment with some light furniture and start marketing it to hospitals (travel nurses) and corporate stays. Concern here is the apartment may have a high vacancy rate and I would not make as much steady money as renting it long-term. It could stay empty for long periods of time.

Short term rental (STR) - Put it on AirBNB and furnish it with light furniture. Same concerns as above around vacancy rate, and having to build my AirBNB business (have never done AirBNB before). Also, I'm not sure if the condo HOA allows AirBNB, or if they'd care. My plan is to only rent to people with high quality AirBNB profiles with many reviews.

Combination of Medium term rental (MTR) and Short term rental (STR) - Primarily use it for traveling nurses and corporate stays, and put it on AirBNB when it is empty. 

Which one would you choose? Would just renting it long-term with a lease be better? 

I'm a 29 year old American living in California (Silicon Valley) with $500k in cash.

Due to religious reasons, I cannot use leverage (i.e. bank loans), so my investments need to be all cash.

I need to invest this money in a way that will get me good rental returns.

I do think my only options may be to go out of state.

I was thinking of potentially buying two condos in not so great neighborhoods in California ($250k each) and renting them out.

I was also thinking about going out of state and buying two nice townhouses (maybe somewhere in Arizona, North Carolina, Texas, etc) at $250k each and renting them out.

I'm not sure what to do with my money that will get me good returns, while not being able to use leverage.

Should I go out of state, or invest somewhere in California where the rental returns won't be so great?

If so, which state and area?