All Forum Posts by: Joey Banasihan

HI @Eden Meng! I just came across this post and hope you have been able to come up with a great strategy for this investment! I think you are absolutely correct in ensuring you have a well established tenant/roommate agreement in place to ensure all parties have clear expectations as to utilizing shared spaces, outlining the cleaning services, etc. The last several years I have been a resident director overseeing apartment complexes/dorms for universities, and mediating/facilitating roommate agreements is sort of a specialty of mine. 

The key is making sure the housing environment for future tenants is clear (traveling nurses/medical professional shared home), the house rules/agreement should specifically list what items/areas are shared vs private, and outlining how tenants should coordinate with other tenants around utilizing shared areas, having guests over, mediation, etc.  Would be happy to provide further guidance and advice around how to create/structure house rules/agreement if you would like! Feel free to connect with me and send me a message if you want to talk further :)

It depends...which I know is the worst answer XD  I currently focus/specialize in MTR in the Boise, ID area, but I had to do a lot of market research to learn the demand of what industries in the areas are calling for traveling professional, the tier system of hospitals versus their need for specialized medical departments/needs, and competition analysis of platforms like VRBO/AirBnB to see the success of similar like properties. These are some of things I would consider when you consider the MTR market in your area.

I primarily use Furnish Finder for my MTR, which is widely used and accepted by many traveling nurses and medical professionals.  Hope that helps!

@Kendrick Okafor you are asking really asking great questions and @Taylor Dasch also brings some great perspective/insight.

Another option I'd suggest is keeping it as a LTR and get a line of credit with the equity of the home, and using that money to invest into another property. Find a lender to give a line of credit on an investment property can be difficult but definitely possible. And/or this equity could be used to invest into furnishings/upgrades for your a STR.
Check out Felipe Mejiarei on instagram, he has used this method to scale to 72 doors. I’m currently doing this strategy.

Just an option/idea but continue consulting with others and go with whatever is going to provide momentum. Good luck, you got this!

For sure, to answer your question I have not experienced a major slowdown (nor a slowdown in general) with my current single family rental property in Boise.

I hope this is vacancy does not last much longer for you!

Hey Oren, currently a Real Estate Investor rookie in Boise. Not sure who your Property Management company is but you should check out Cohesion Property Management, they work along side Boise TurnKey Properties, a Real Estate Brokerage that specializes working with Real Estate investors. 

Current Boise Rental vacancies for single family homes are roughly 2.19%; 1.1% for multifamily (Reference: https://www.weknowboise.com/re...)