All Forum Posts by: Joey Banasihan

Hey @Leon Lee,  I think having that language in your lease is always a good idea. I cover the idea of utilities and mindfulness around maintenance in my Digital Property Handbook where I talk about those things, and cover a lot more details around the property. We can always front load and provide the information the best we can, but I have yet to find a way we can have tenants feel the same sense of ownership that we do for our properties. Which is a bummer for sure.  I hope you find a good solution!

Hey @Justin Macaskill, I am currently in a similar timeline situation. I would bolster your lease agreement around secuirty deposits. I would consider a two part payment for the deposit, 1/2 now and 1/2 a month later. Have something that states the security deposit is not be refundable 14 days or less before move-in date if tenants decided to break their lease.  Also maybe have something in writing that the first month rent is also due 14 days before move-in, if not lease will be terminated and deposit not refunded (have a lawyer look over that stuff.

The reality is that some families are strapped for cash, and anything close to $6000 is not an easy feat for most folks.  Just be sure to have language that protects you but also making it clear of the expectations and consequences if timelines are not abided to. 

Just my thoughts, but everyone has their own threshold of risk, and always make sure legal stuff is run by lawyers and aligns with county/state guidelines.

Hey @Leon Lee Here are some of my thoughts:

- I think the $1500/$2000 dollar deposit a reasonable ask.

- I use furnish finder, so it just has to be 30 days or more. No caps, but you set your own price based on competition and the market. Bot sure where you are marketing this but you can certainly cap it but the question is will your pipeline become smaller?

- That notice period seems short with turning it around, cleaning, and getting new tenants in. Maybe consider longer?

- You should switch to a monthly cleaning, fixed in the rental price; this does a couple of things, keeps your place cleaned on a regular basis, sets expectations for tenants but you need specifcy in the lease they still need to maintain the space in a clean matter, and lastly you build a relationship with your cleaners to keep on eye on the space so you are aware of the overall condition. 

Just some thoughts and happy to talk more!

Hey @Cheng Chu! Like others mentioned, looking at furnish finder stats but also I like to take stolk of whats currently available and then search for listings 3 months in advance. You will begin to see how many other properties (or the lack thereof) pop up. Also many travel nurses use the AirBnB platform, so you may want to do the same research there for 30 day minimum stays.

The next step, a bit more advance, is calling and talking with agencies/hospitals around platforms they post their Travel RN contracts. For example, I have several apps that update me on contracts, prices, and positions within my area. This helps me gauge the local market for nurses, compensations packages, etc. to fluidly adjust my listings as needed. 

Hope that helps!

Hey @Cameron Enger! I believe that link is helpful but it depends on how you structure your MTR and your audience. When using a platform like Furnish Finder targeting travel nurses with typical contracts for 13 weeks or more, you will follow the same process at LTR with screening, creating a lease, etc. in which your rental will be more than 30 days (you can also require a minimum rental amount, aka. 2 months or longer). There is still the same amount of upfront costs and hospitality needed as a STR, just a little different.

The LTR route will not have the upfront costs, rather just ongoing maintenance and/or management (pending if you self manage or not), but pending on your goals the cash flow may not be as high pending your current mortgage, interest rate, etc.  Happy to talk more, I have a good friend who has two MTR's in COS that she has found some good success with.  Good luck!

@Jacob Zivanovich Hey, sorry man I missed this replay (MB!)

Yeah within the Boise area there are some cool opportunities with the Boise Upzoning code to turn SFH into multilple doors, pending the lot, setbacks, etc. Specifically with ADU's.

Our team is currently helping a client get a home in Meridian with a basement that he will be turning it into a separate unit while he lives in the upstairs. After that he will look into converting the detached garage into an ADU; so turning a SFH into 3 doors.

Finding the hidden value and being committed to the long term process goes a long way in this area for sure. Continue talk with Tracy and our team, we love helping folks get started/enhance their investing journey. 

Hey @Luke Davis, awesome job starting out and diving into your education. Here are some of my initial thoughts and I hope you are able to thrive in this life journey of real estate investing!

- Keep going; honestly in this current market and the areas you are looking, it may take 6 months minimum to find a half-decent deal. It could be less for sure! But try to approach it with a long term mindset, some of us look over the course of a year, daily, to find something within our buy box.

- Partner with an investor friendly agent; this may be common knowledge, but expand your resources, time, and eyes by partnering with an agent who has been doing this for investors and can help find added value or hidden value in areas, neighborhoods, etc. that you may not be aware of.

- Are you renting or do you own a home? If there is a possibility of purchasing a home for yourselves, buying something that needs a decent amount of work, put some sweat equity into it, and then move out of it into the next one. It may not hit your 2 properties goal but could provide you with a lot of experience and possibly build some equity along the way.

Just some ideas, but you will need to put in some work one way or another; analyze deals a few hours a day for months to get good at it and find something that fits your buy box. Time spent fixing and preparing your next rental via your primary home. You got this, keep going!

Hey @Rachel Manning!

It depends on your goals and what you value. LTR may get less money but management (if doing it yourself or hiring someone) is minimal for 6,9,12 months; plus you do not have the upfront costs of furnishing the space. MTR is a hospitality business, similar to the STR, more upfront cash, you are being thoughtful and intentional around how you present, offer, and welcome guests on the front end, plus the same leasing, monthly payments, maintenances requests as a LTR; but you a get a more money monthly. Both are different, one gets less money but less time/hospitality/upfront costs; another gets more money, with more effort, more hospitality, being more available for guests upfront, plus extra expenses on the front end. Just wanted to provide a different perspective, happy to chat more.

Also, @Johnny Hernandez freaking AWESOME job on those two units. I have similar setup (soon to be once we move out of the top unit), and really love what you did. I would recommend hiring a professional photographer, I feel like it would make your property shine (couldnt tell if those were professional photos or not).

https://www.furnishedfinder.com/property/406995_1

Hey @Johnny Hernandez!  Like Nicole said, the MTR leases are a lot of similarities with some tweaks around utilities as mentioned.  Other additional areas to consider is based on how you set up the space and amentities you have provided (kitchen appliances, secuirty cameras/video doorbells, monthly cleaning service, etc.).  Including parameters around the care and usuage of additional kitchen appliances or smart technology around safety could be helpful. Also having a list of the items included on the lease to use as a check in or out list to ensure all appliances are present.  With my Ring doorbells, I am able to share access to my guests, for their sense of safety and ownership over the space, and so I include specific language around the use of that access, the video cameras themselves, etc.  Along with specific language around all of the furniture and appliances you have included for your furnished space (Smart tv devices (ROKU).  Use the lease for the specific and legal jargon, then make a friendly digital PDF homeowner manual to send them that is user friend, hospitality forward, with helpful reminders.  

Hope this helps!