All Forum Posts by: Joey Banasihan

@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!

 ^^^^ I like this person right here @Bjorn Ahlblad XD

 Hey @Alexandra Garcia, great questions! I self manage locally and I wanted to that for the learning process. Because MTR's are a combination of STR & LTR, I have pieced together management strategies from both.

- So yes, cleaners are your ALL-STARS and they ensure my property is being kept in great shape. I choose to have a cleaning service once a month (paid by tenant) to ensure the property is being checked on regularly and helps reduce the wear/tear of the space. The tenants have really appreciated this thus far. The important part here is making clear of your expectations for the cleaners and giving them some type of walkthrough inspection/list that they can use to ensure everything is being expected the way you would like. 

- Currently, I meet in-person for inspecting the property with leaving tenant and new tenant to ensure we are on the same page around condition of property. If I was doing this afar, I would look for a handyman, vet them thoroughly, and hire them via their hourly rate (or double it to make it enticing) to walk through with tenants to fill out the inspection condition report.

- I have set up my property with an STR mindset of utilizing technology to provide an ease for tenants to check in and monitoring cleaners/maintenance folks to gain access as well. Primarily installing Shlage Encode Smart Locks, Ring Door Bells with subscription for security, and external cameras. This helps the process of checking out and in tenants smoother and easier.

I hope this was helpful! Feel free to connect with me and message me with other questions if you have any!

@Romy Gibson you should look at Furnish Finder, that is a great place to start. That is where I find my tenants for my MTRs. Hope that helps!

@Bailey Kramer, I late to this party huh?! Hahaha. Looks like folks have provided some good information and personal experience, I will try not to duplicate or be a broken radio lol.

I believe that MTR's is currently and continue to be a strong investment strategy. I don't like to be in the "versus" mentality because there are just too many factors and personal experiences to take into consideration to determine better, worst, etc. haha. Defining what type of mid term rental tenants you are targeting is an important factor to determining and strategizing around MTR investing. Traveling nurses, traveling professional, relocation services (floods, fires, etc.), corporate housing...each demands a variety of approaches to accommodate their wants/needs.  My personal approach is that the MTR strategy is trying to provide solutions to circumstances/problems/inconveniences that 30+ tenants are having to face. 

I hope your co-hosting with MTR continues to be smooth and profitable for you, and hope you are continuing to hit your investment goals!

@Gururaj Iyer I am a bit late on this post but have you converted anything over to MTR/LTR yet? I agree a lot with Bonnie, MTR can be a great solution if problems arise with occupancy rates, local law changes, etc. Furnish Finder is the platform I use to host my MTR and I also use that plus RentOmeter.com to get a better understanding around monthly market rates.  RentOmeter does an okay job providing local rental market rates but typically unfurnished, I dive deep into market analysis/competition within AirBnB and Furnish Finder to find similar furnished properties with similar amenities to better understand how to identify my price point. Happy to provide more information or happy to help analyze pricing strategies if you ever want to hop on a call or via DM. Let me know and hope business continues to be prosperous for you!