All Forum Posts by: Shawn C.

 Awesome, thank you @Wes D.!

Hello MTR landlords!

I've decided to use KeyCheck for my MTR listing on FurnishedFinder, and I understand that KC offers criminal background check, credit report, and eviction history. I'm going to have an attorney review my lease agreement, but all the documentation that I have came with my BiggerPockets MANAGING RENTAL PROPERTIES book a few years ago, pre-pandemic...and it's a lot.

For those using KeyCheck for their MTR listings, did you also find that additional documentation was needed, besides the 3 key things that KC provides?  For example, there's an Employment Verification Form, Forwarding Address Form for Deposit Refund, and so forth, that you can request your tenant to fill out.

I want to make sure I'm not missing anything (as well as protecting myself) but also don't want to over-burden the tenant.  And it seems like I have to decide which KC plan to purchase before I can look at the documents that are available.

Does anyone have suggestions on additional documents that are a "must" for my situation?

Thank you!

 Hi @Kim Allen,

So far, a few of the insurance options that were suggested weren't viable for me because of different reasons, i.e. Safeco won't take the Owner-occupied risk in CA, same for Steadily, etc.  

I got a quote from Proper Insurance, which was a commercial package since it's considered STR (less than 6 months). It was expensive but included commercial liability, premises liability, alcohol, a bed bug extension if needed, and so forth. This is also impacted by how old your home is, so that was likely a factor for me.

From what I can gather, it's best to increase my personal liability for now and require the tenant to get renter's insurance to secure their own belongings.  I am thinking of doing that until my current HOI comes up for renewal in January.  I am going to check one more company to get a quote.

But please let me know if you find anything relevant for CA.

Good luck!

 Thank you @Rene Hosman!

 Ok got it, @Allen Duan. I've been watching YT videos about what to do when you don't get enough inquiries via FF...I'm still finishing up some improvements at my place so I haven't listed it yet.

I've asked a family member who is an RE attorney (but does not have experience with STR/MTRs) to look over my lease. However, it sounds like I should pay someone to review so that it accommodates any possible MTR issues. No idea if you had one or multiple, but would you happen to have a rec for someone? Please feel free to DM here on BP me if that's more appropriate. Thank you so much!

 I see, thank you @Shannon Strickland. I'm sure the struggles by which the TMPs finally discover Furnished Finder is a whole other post!

Thanks for the feedback, @Allen Duan! I hadn't planned on using Airbnb or VRBO, but I suppose this could change depending on my progress using Furnished Finder. I'd been hoping to not "go overboard" since it's just an owner-occupied house hack in a SFH so it sounds like I *could* keep things simple.

This isn't so much about the software but I saw you're active in LA; did you find that the templatized leases via KeyCheck/Rocket Lawyer suited your MTRs? 

 Thanks, @Shannon Strickland! That's interesting that your attorney advised that you go with weekly rental collection. I hadn't heard that previously anywhere else. Were you targeting traveling professionals in particular for your house hack, and if so, was it a SFH or a duplex type situation?

Great, thanks, @John Steffen!  Also wondering if you've noticed any difference in booking success when using shorter leases? I don't know what yours looks like but in my own renting experience, they tended to be on the shorter side.  

However, as a landlord, obviously I want to include as many terms as possible to spell out what is and isn't required.

Thanks again for your insights!

Hi House-hackers,

I've seen different advice about software that MTR folks should be using but it seems like the suggestions are based on people having multiple properties they're managing, both as STR and/or MTR.

I'm starting out and am hoping to get a tenant via Furnished Finder. I had plans to do this years ago, and when the lockdown happened, it came to a halt.  So I have a lease from back then, but it was written for a 12-month LTR tenant.  There's language that covers all manner of possible issues, and it's 6 pages long, so I'm reviewing again since I'm looking to do MTR now.

Considering I'd "only house-hack" right now for MTR, does anyone have advice about whether or not KeyCheck would be enough for all my house-hacking needs as an owner-occupied landlord, especially in terms of the leases offered and other necessary requirements (credit/background check, Docu-Sign, Online payment)?

Thank you!