All Forum Posts by: Nick Gober-Keller

If you are trying to attract professionals in the tech field, I suggest focusing on designing your MTR specifically to these types of tenants. Here are some examples of things you can focus on to make your property appeal to them.

1. Home Office Setup: Create a comfortable remote work environment equipped with reliable high-speed internet.
2. Coffee Machine: Keep them energized with a high-quality coffee machine like a Keurig.
3. Outdoor Workspaces: Offer an inviting workspace outdoors for good weather days.
4. Proximity to Amenities: Ensure your property is close to grocery stores, restaurants, and entertainment.
5. Smart Home Features: Increase appeal and convenience with smart home features.

Balancing the appeal of your property for diverse tenants is crucial. Regardless of the specific amenities, always uphold cleanliness, provide excellent customer service, and offer competitive rates to ensure a great rental experience. Targeting tech professionals is advantageous due to their higher income and frequency of business trips.

There are a lot of tech companies with large presences in Raleigh. IBM, Cisco, Red Hat, and Lenovo are all examples of tech companies with offices in Raleigh, so targeting individuals in the field is a smart way to go.

Hey there, congrats on your success so far!

You've got the gist of the BRRRR method, but remember, the goal isn't necessarily to pull out all your money in the refi, but to minimize how much you leave in. Even leaving some cash in the deal but getting a cash-flowing asset is a win.

About the cash flow, yeah, it does seem a bit thin in your example. But remember, the cash flow is just one part of the return. You're also getting the property appreciation, mortgage paydown, and tax benefits which should be factored into your total return.

Also, consider tweaking your numbers a bit – maybe find a better deal, negotiate harder, reduce rehab costs, or find ways to increase rent. Every bit counts and could help improve the cash flow.

Hang in there, keep refining your strategy and remember to take into account the whole picture! Good luck!

Hey there, congrats on your awesome real estate game so far! It's really cool you're reaching out to the community to bounce around some ideas.

Here's what I'm thinking. Why not hold on to your townhouse? It's already a proven winner with good equity and steady rental income. Plus, it's likely to keep appreciating and rental rates are probably gonna keep going up.

While you're raking in that rental dough and working your day job, you could be stacking up cash for that dreamy lakehouse down payment.

This way, you're spreading your bets – you're keeping your foot in the door with the bustling townhouse scene, while also making a splash into the vacation rental market with the lakehouse. Picture this: cash flowing from the townhouse and your own lakeside retreat for those much-needed breaks, or even an additional rental income source if you decide to rent it out!

Just some food for thought. Remember, the best move is gonna be the one that vibes with your financial goals and risk level. Hope this shakes things up a bit and helps you out! Good luck and keep crushing it in real estate!

Congratulations on your decision to invest in the Mid-Term Rental (MTR) sector. Your savings give you a great start, and Houston is indeed an attractive market due to its diversified economy and presence of numerous Fortune 500 companies.

While MTR can potentially provide higher returns, it also involves more work than Long-Term Rentals (LTR). MTRs require more hands-on management, like furnishing, managing utilities, WiFi, and prompt responses to maintenance requests. If you're ready for the additional responsibilities, MTR can be a lucrative option.

However, don't discount the potential of LTRs. With less day-to-day management and more predictable cash flow, they offer stability and ease of operation. With careful market research and negotiation, you might find LTR properties in Houston that can provide a good return.

As for the type of property, it largely depends on the demand in your chosen market and the type of tenants you want to attract. Single-family homes, duplexes, and apartments/condos each have their unique advantages and potential challenges.

Engage with local real estate professionals, do your due diligence, and consider all your options before making a decision. Ultimately, the best choice will align with your financial goals and personal commitment level.

Good luck on your real estate journey!

Firstly, thank you for your service! It's great to see you exploring options to attain financial independence through real estate.

Based on what you've shared, it appears your situation has unique challenges and opportunities. One thing I suggest is to closely analyze how much you could charge for rent if you completed the renovation downstairs and added a bedroom. I generally recommend this strategy as it could boost your property value and your potential rent income. If you find that you can cash flow with the increased rent from the added bedroom, I'd lean towards keeping it as a long-term rental.

Although the prospect of a mid-term rental can be appealing, keep in mind that they can be considerably more demanding to manage, especially if you're far away due to military duty. Mid-term rentals often require more attention than long-term ones, and being remote could complicate things like cleaning between tenants and resolving maintenance issues quickly. Guests in mid-term rentals often expect the same level of service they would get from a hotel, which means they want issues fixed promptly, and this might be challenging if you're not nearby.

Having said that, if you believe the demand for mid-term rentals in your area is high and that the potential income outweighs the challenges of remote management, the 3/2.5 + 1/1 configuration might be a good option.

Ultimately, the best choice depends on your specific situation, your comfort with property management, and your long-term financial goals. You're asking the right questions, and doing this research will serve you well in the long run.

Keep up the great work, and best of luck with whichever route you decide to go down!

Columbus and Cincinnati are both larger markets than Troy, which could potentially offer more opportunities for your MTR.

If I were you, I'd take it a step further and consider the specific demographics you're looking to cater to. A good starting point would be to use platforms like Furnished Finder to check who the traveling professionals in these cities are and what their price ranges might be. There are also Facebook groups for traveling professionals that could provide more insights.

Another important factor to consider is your proximity to these markets. MTRs often require more hands-on work than traditional long-term rentals. Managing an MTR remotely can be quite challenging, though it's not impossible. If you're closer to one of these cities, that might tip the scale in its favor.

On top of the factors already mentioned, remember that Cincinnati has several Fortune 500 companies, which could potentially increase the demand for mid-term housing, especially from professionals visiting these corporations.

Lastly, you might want to consider what type of MTR you'd like to operate and who you'd like to cater to. If you're thinking of offering housing to travel nurses, for instance, then a city with large hospitals might be an ideal choice.

Kudos to you for doing this research and asking these questions - it's an essential step on your path to success. Keep up the good work and don't hesitate to ask more questions as you continue to explore this opportunity.

Best of luck with your decision-making process!

Hi there,

It sounds like you're in a great position with your property and are asking all the right questions - that's a fantastic start!

Deciding between offering a 2 bedroom with an office or a 3 bedroom depends heavily on the demand in your area. Is your property in a location that attracts WFH professionals for leisure as well as work? Cities with tourist attractions like Miami, FL, or Charleston, SC, might justify keeping an office space. However, if your market doesn't cater to a large influx of tourists or people seeking a work-cation, you might be better off converting the office into a third bedroom.

Considering the needs of travel nurses is another crucial factor. If your area has a high demand for travel nurses, offering a third bedroom could be a competitive advantage. Travel nurses often aim to save as much as possible while on assignment, so splitting the rent three ways could make your property highly attractive. Plus, having roommates can offer a sense of community, which is often appreciated by young professionals in a new city.

In terms of attracting corporate travelers, they usually have designated workspaces during their stay. So, an office space might not be as necessary as one would assume.

It seems like converting the office into a third bedroom could potentially attract a broader range of renters and offer more versatility. But remember, real estate success is often about knowing your specific market and catering to its needs.

You're doing a great job asking these questions and seeking ways to optimize your property. Continue being proactive and curious, and I'm sure you'll make the best decision for your situation. Good luck!

Hey there,

I empathize with the frustration you're currently facing. The transition to a mid-term rental, especially after the extensive renovations you've completed, can indeed be challenging. But don't lose hope just yet. I'd love to know - how long have you had this property as an MTR?

You've already tried Furnished Finder and few other sites, which is great. But it seems like Furnished Finder is the only site specifically targeting the audience you're after. Have you considered investing in a professional photographer to capture your property in the best light? Or creating a promotional video to highlight the property's upscale furnishings, proximity to medical facilities, and the surrounding neighborhood's attractions? These could significantly enhance your listing and draw attention.

I'd also recommend diversifying your advertising. Have you tried posting on Facebook Marketplace? It's another avenue worth exploring to expand your reach.

Another approach I've found helpful is tapping into the local contractor market. Try driving by nearby hotels in the evenings and note any contractor trucks. You can then follow up with the corresponding offices to offer your property as a lodging option. Many contractors have sizeable accommodation budgets and your offer might be more attractive than a hotel deal.

In essence, I'd encourage you to persist and keep trying different strategies for at least a year. The mid-term rental market can be quite lucrative if navigated correctly. However, if you find the margins remaining thin after that period, selling the furniture and reverting the property back to a long-term rental could be a viable option.

Don't get discouraged - this industry takes patience and creativity. Best of luck!

I've had experiences with both long-term and mid-term rentals. Transitioning to a mid-term rental can indeed bring financial rewards, but it's a move that requires careful thought, planning, and research.

An effective starting point would be examining the size of the nearby hospital and the demand for housing among travel nurses. You can use platforms like Furnished Finder for this. Also, don't overlook the HR departments at the nearby hospitals. They can provide insights about their travel nurse program, including the number of travel nurses they employ per year and the agencies they work with. This can help you get a sense of the potential demand.

Once you've gathered this information, consider the typical budget ranges for these nurses. Ensuring their budget aligns with your required rental rate is crucial for this venture to be financially viable. There could be a thousand travel nurses at that hospital but if they are not willing to pay what you would need to break even then it doesn't matter.  And housing stipends have dropped substantially this year compared to the covid years. Something to keep in mind. 

Should you decide to convert your space for travel nurses, remember that thoughtful furnishing can make all the difference. A full or queen bed, a fan for white noise, a Keurig for convenient coffee - these small touches can add significant value. Additionally, being close to social and entertainment venues can be a selling point, as many travel nurses are younger professionals who enjoy such amenities.

Transitioning to mid-term rentals involves a significant amount of work, but with the right preparation and dedication, it can be incredibly rewarding. As with all real estate ventures, it's about assessing potential risks against prospective returns.

I hope this gives you some food for thought and proves helpful in making your decision. Best of luck!

Hey Ben,

If I am understanding your question correctly, this would be a rough outline of the steps your attorney told you needed to be followed. Let me know if this sounds correct:

1. Prepare the Property for Sale:
2. Property Valuation:
3. Listing the Property:
4. Negotiate with Buyers:
5. Enter into a Purchase Agreement:
6. Property Inspection:
7. Remedy any Identified Issues:
8. Title Search and Insurance:
9. Close the Sale:
10. Fulfill all Legal and Tax Obligations:

I have never sold a property and I have bought several and I do not really know a way to bypass these steps. Real estate is a great business, the best in the world in my opinion, but it requires grit and working through a lot of things that are not everyons favorite.  If you're lucky sometimes a buyer will bypass some of these steps (for example, they may waive an inspection to make their offer more competitive.) This of course would bypass any need to remedy any issues identified as well.  

Hope this is helpful.  By actively posting on BiggerPockets and asking insightful questions, you're already steering your path towards success in real estate – keep up this commendable work and continue pushing forward!