All Forum Posts by: Shannon Strickland

@Kristine Ann  

I used the term "traveling medical professionals" in the first week of my first rent-by-the-room/co-living MTR listing while waiting for input from a local real estate attorney on my legal document. Shortly after, I was advised to remove any specific employment references to avoid potential employment discrimination charges. The vetting process for serious leads may lead to the desired result.

@Robin Evans Do you have only those leads, or are you receiving a steady flow of leads? I highly valued the first traveling medical professional who passed all our vetting processes. So, I was willing to fulfill the request, just like the one you mentioned, but I had the choice of FF leads. This led to a glowing review of the property and landlord (me) and an extension of the stay. As a result, the property became more desirable and attracted more high-quality traveling medical professionals. So, in the beginning, it was worth accommodating the request for my situation. However, if my leads were scarce, I would not have been able to do so. I hope that makes sense.

Quote from @Jeremy Jareckyj:

For those house hacking - rent by the room folks, do you sign a lease for those who are renting by the room even if you are living in the house? I'm curious to see how people approach this! 

I highly recommend hiring a local RE attorney to draft this unique document. We did, and it gave great peace of mind because we didn’t know the local nuances of residential law or that we fall under boardinghouse rules. Your local laws will vary from others’ in the country.

I highly recommend reading 30-Day Stay from Bigger Pockets-it will be your go-to reference for your first experience.

Our real estate attorney had us move to 7-day notices with our MTR and everyone is content.

We just received quotes for STR insurance and the most specialized coverage costs a little more for bunk beds due to the ladder liability.

@Shannon Dennis

During BP Rookie Bootcamp, we were encouraged to call ourselves real estate investors while searching for our first properties and speaking to others.

@Desiree L.

Congratulations!

I’m guessing that you heard the amazing Amanda Han. She spoke with her husband on the OG RE Podcast Episodes 846, 424, and 370.

@Jack B.

If your model is rent-by-the-room, is that super clear in your listing? I treat the listing copy as the first step in screening.

Maybe you could seek input here about how your FF listing appears.

Shannon

@Mose Gebremeskel

If you search using the magnifying glass above with the keywords "furnished finder," you will find various informative discussions about this topic.