All Forum Posts by: Rae Targos

Hi All,

I'm seeking a licensed and insured general contractor for a property in Decatur.

The plan is to convert part of the house into a mother in-law suite. The rooms are already finished, but will need a kitchenette (and plumbing for it) installed, along with adding an exterior door through the brick siding. The electrical panel will also need to be upgraded from 150 to 200amp.

Who do you recommend?

Hi all,

I'm going to be in San Diego October 1st-5th for BPCon. I have a hotel room booked with 2 beds and was wondering if anyone wanted to split a room. (If you booked one already, you might be able to cancel.) I did this at FinCon with 3 other girls and it made attending the conference a lot more fun / less scary.

If you are interested, send me a message and tell me a little bit about yourself. Links to social media, etc. get bonus points so I can confirm you aren't a weirdo. :) 

About me: I'm from Nor Cal, but currently split my time between FL and NY. I'm closing on my first property right now and have worked with both Rachel Richards (@moneyhoneyrachel) and Sarah Weaver (@sarahdweaver) for coaching. I just recently started a financial literacy education business. I am a seasoned CouchSurfer and CouchSurfing host, so that's why I don't think this whole proposal is weird. Haha.

Hi All,

I'm under contract on a 1960s single-family in Chattanooga that needs some renovation (north of the river). Please send me any of your recommendations for general contractors & handymen.

Bonus points if they have a website or social media presence with before and after pictures.

I'm traveling for the summer, so would ideally find someone who has experience with long-distance investors. 

@Jared Hottle Thank you for your response. Agreed. I was looking to do a rent-by-the-room strategy and only settled on midterm last week, so I, unfortunately, passed up a deal 2 days ago because I wasn't well-researched.

Since then, my realtor has checked all of her utility bills and I came up with a range to expect based on number of people and square footage. I got estimates from landscapers. I did some more digging to find better midterm comps. The ones I've found in my market are charging about 60% more than LTR on average.

Charging 50% more would essentially break even with LTR cashflow, but you'd still have the added expense of furnishing and extra vacancy. So at least 60% more seems necessary.

Thank you @Ron Brady. That makes complete sense. I definitely don't think 25% more for MTR makes sense at all. It won't cover the cost of utilities, let alone lawn care, advertising, vacancies, and the cost to furnish. The properties I'm looking at would need to charge about 50% more than LTR rates to cover the added expenses.

@Carolyn Fuller Thank you.

Hi All,

I'm currently looking for a property to turn into a midterm rental in 2 different markets.

Both agents I'm working with are investor-friendly, but one has no experience with MTR and the other tells me I can charge 25% more for MTR.

With that pricing strategy, the properties I've looked at so far will actually yield better cashflow as an LTR. For example, one property we looked at would rent for $1100 per unit LT, but around $1300 for MT -- but utilities will be more than $200 per month. 

Unfortunately, there aren't any good comps on Furnished Finder. Many of them are a bedroom in an owner-occupied residence or a co-living type situation.

How do you price your midterm rentals? I'm beginning to think I can charge more than 25% extra.

Hi All,

I'm seeking investor-friendly recommendations in Huntsville, AL for:

- lenders
- insurance companies
- inspectors
- contractors

Thank you in advance!