All Forum Posts by: Shannon Strickland

I heard a podcast discussing this topic with Stayamo--maybe that would help you.

@Marc Shin

If I could, I would invest in Falls Church and Fairfax because I get a steady drip of leads for travelers going there. But, if you need to increase your radius as I did, you will attract quality MTR leads if you buy and design with them as your target tenants (know your audience).

John Bianchi has a very helpful free course on YouTube that taught me how to identify good data amid bad data. I can't recommend his content enough.

@Tracy Scott

Scour the HOA docs for wording involving occupancy such as, "not more than three (3) persons not related by blood or marriage living and cooking together as a single housekeeping unit."

@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.