All Forum Posts by: Michael Stevens

@Mark Ainley I'm considering Chicago as a new market (for me) as well and would love a link to your podcast and / or article as well!

 I agree with Elaine and eliminate the French doors and opt for windows. The space is tight and the doors will really inhibit furniture placement.  I would also opt for a galley style kitchen with an open island / peninsula similar to your 1 Bed scheme.  These are more efficient and will photograph better for marketing. 
I would eliminate the second closet in the smaller bedroom. I find STR and MTR guests really need less closet space. I would opt for including a desk in the second bedroom. Maybe it's a personal thing, but I'd opt for a walk-in shower instead of the bathtub as I don't see families as your target audience for this setup.
I think it’s critical to include a washer and dryer, a stacking unit would be fine. 
Good luck!

Hi Anthony, yes on Ten Broeck near downtown. 
Do you invest in Albany?

I've had great luck with MTR rentals within a 4-plex.  We're still seeing a high demand in our area for small private furnished rentals, primarily travelling medical professionals.  In my case because of the demand, having a number of apartments of similar size and scale helps with keeping the vacancy low.  

Not a house-hacker but I see no reason it wouldn't work within this strategy. 

I have a number of MTR apartments within two different 4-unit MF buildings in Albany.  I'm based in NYC and managing the MTR apartments remotely has not been a problem.  I ended up hiring one of my LTR tenants as a house manager to handle all of the cleanings, turnover and provides my local eyes and ears.  

All of my bookings have come from Furnished Finder thus far, with occupancy at 92%.  Most of my units are 1 / 1 apartments of similar configuration which has made it a lot easier to slot in new tenants with minimal gaps in the schedule.  

Good luck!

Hi Denis, I'd recommend speaking with @Steven Luttman.  He's an investor and broker in the capital region and has a lot of insight to offer. 

Hi Natali,

I'm an architect and interior designer based in NYC but have a few muli-family LTR and MTR properties in Albany.  Would be happy to connect and share my experiences. 

Good luck!

Hi Quiana, my first post!

I too am NYC based but have rentals in Albany, both LTR and MTR. 

Most of my MTR apartments are 1 Bedroom, and I have had good luck with Furnished Finder, less so with AirBnB. I love hearing about the others opposite experience!  

Also cannot agree enough with Corby's point about having a couple exit strategies.  I only got into MTR because the LTR rates didn't support the higher rents necessitated by some extensive renovations.  For now it's a win-win as the renovations pushed my appreciation and the MTR cash flow offsets the renovation expenses.  

I'd be happy to talk further about my experiences so far.