All Forum Posts by: Joey Banasihan

Hey Alec, just sent you a message/connection! Look forward to connecting!

Hey @Maria Matthew! Here are some of my thoughts, hopefully they provide some value.

There are a lot of resources out here in BP around Distance Self-Managing and hiring a property management, but it comes down to your goals. MTR management, pending one which platform you use (AirBnB, VRBO, Furnish Finder, etc.) is very doable but also depends on your current property and how you have it set up.  The needs for MTR are going to look different and the turnovers are less often.  I have a friend in Colorado Springs using a property management company through AirBnB for two MTRs and they charge 20%. Every property management company will provide a breakdown for their services and it just comes down to your goals for the property and quality of life you desire while traveling.

Pending on the type of MTR travelers you receive and your space, with MTR you are providing the same things as a STR, but most of the necessities (paper towels, toilet paper, cleaning supplies, etc) are going to be fronted by you, but necessary for you to keep them stocked week by week or month by month (based on the expectations you set up from the beginning). Other amentities such propane may be needed to be restocked but it depends on the type of service and experience you want to provide to your guests.

I go on and on and on around lots of details and such, but I will message you and happy to walk through everything with you so you can feel confident making a decisions moving forward. 

I agree with @Andrew Bosco and I would do something along those lines. As previous Higher Education professional working within Housing and Residential Life for several Universities for 6 years, roommate/house contracts and facilitating conflict was a bit of specialty haha.

Positive incentives goes a long way around trash/recycle and shared area cleaning responsibilities/expectations. As @Laura Shinkle stated, ensure these expectations are stated ahead of time. The more detailed and thorough you can be around 1) what is a shared space? 2) what is required to clean a shared space? 3) and in some instances defining what clean means? can be important and go a long way.  And be sure to have some sort of SOP around recieving and facilitating complaints, rather than folks taking into their own hands via passive aggressive approaches.

Hit me up if you want to process anything but there is a big part of this that you will learn as you go, you go this!

@Christian Ehlers you hit the nail right on the head; MTR retursn and translation of revenue is a bit of MacGyver process hahaha. 

My unconventional process when using Furnish Finder is placing the "move-in date" a month ahead for the areas you are looking, and analyze the properties that are currently booked and will be "Available on {Future Date}." Sometimes it can be a lot but you can start to 1) understand the demand and 2)analyze the competition/property types/amenities/price/etc.  Next, I go over to AirBnB and search for the 30+ stays only to dive deeper, and hopefully you can begin to create a range of  properties/size/amentities and the revenue/returns you potentially can hope for. 

Then, it would be research hosptials, what Level there are (1,2,3) and contacing their agencies/recruiters to better understand demand/need.  Hope this provides some value!

@Spencer Cuello Hey! Not familiar with san antonio but familar with MTR's. @Nicholas Davaul is correct to visit furnish finder to look at some stats, that is always a great idea. Additionally, do a market/competition analysis of 30+ stays within AirBnB/VRBO, this will give you a understanding of the competition, pricing, amendities, etc. in your area.

Next is research your hospitals, not every hospital is alike, but each have different ratings (Level 1,2,3). Level 1 & 2's provide expansive care for all types of emergencies/traumas/surgies, with a high variety of specifialized departments. These hospitals always attract and are in need of traveling medical professionals. 

The MTR world expands way beyond just nurses but thats a great way to start, and utilizing Furnish Finder is a great platform to get things kicked off. If you want to chat more, connect with me to continue to conversation. 

@Nathan R Andersen your thoughts are all over the place and I love it because that is my mind everyday...just bouncing off walls, going from idea to idea, and more hahaha; so thats awesome. I'm going to send you message and connect, because I want to help but needing more specifics around numbers of your place.

My advice, take a STR approach with a MTR mindset. Currently in your market, there is not much competiton around 5-7 bedrooms homes that can house more than 8 - 10 people within the STR/AirBnB market. There are, however, a high supply of rooms via AirBnB and furnish finder, that are all currently available/vacant. Again, I want to know more about your property, renovation approach, etc, but sometimes you need to play toward the strengths of your property rather than trying to fit a square peg in a round hole. I love MTR's and that is what I focus on in investments, but I wonder if you approach the renovation/furnishings as a STR, but setup your home on Furnish Finder for room rentals (only costs $99 bucks) as a feeler. Then you could always fall back on it being a STR; the caveat are those 2 rooms you want to rent out.

Anyways, would love to dive deeper into your investment/property/numbers if you would like to process more. 

@Allen Duan These are great questions! I have each of my MTR tenants sign leases/rental agreements for the duration of their stay (typically 13 weeks). So I use Avail as my platform to manage my rentals, check collection, and *lease creation.  I take it a step further and after I created my first general lease, I paid a attorney/lawyer to look over and edit the lease to ensure it was updated to local/state laws/policies that would best help protect myself.  

I will send a message to connect, and happy to talk in more detail around other things I do for my MTR tenants.

@Kelly Vandever other data to look at is the Level of those hospitals you mentioned. Typically there Level 1 (think greys anatomy; they can literally take any kind of medical need/trauma/emergency) with high specialized medical department,  Level 2 similar but less specialized departments, Level 3 are very very basic care, found in more rural areas.  

Level 1 & 2 hospitals create more demand and need for traveling medical professional. Hope that helps!

@Joe Gee - I haven't run into this yet but I am currently preparing for it, and I will be using both Furnish Finder and AirBnb as my platforms. Furnish Finder for my typical 13 week traveling nurses and AirBnB for those 2 - 3 weeks of gaps inbetween.  

The further step you could take is to begin idetnifying agencies in your market that work with hospitals, larger corporations, etc, that help assign and find medium term stays for traveling professionals.  Building a relatoinship with these folks could help build a better funnel of tenants outside of these larger platforms, and maybe get rid of those gap weeks in general.

Just some ideas to through out there and hopefully you are able to get those gaps filled with bookings!

@Cynthia Sigler I think this is a cool strategy and something I have considered. Though I have not done it, I do not see many complications outside of not doing the market/competition research to see if there is a demand/need in the area of your second home.  But seems like you have been doing your research around those aspects.

Something I would consider and consult with some professionals would be a LLC and insurance. It could be worth distancing/protecting the second home from your personal assets, but I know everyone has different opinions and levels of comfortability.

Thus far, MTR's have been a great investment for me and I only need 4 tenants (13 week contracts with nurses) to take care of the entire year. A complication for you could be navigating when you desire to stay there in relation to tenants traveling dates contracts.

Please feel free to message and connect with me if you want to ever hash out ideas, talk about SOP's, or whatever, I really like talking about this strategy with others haha. Good luck with everything!