All Forum Posts by: Vivian Yip

If you have housing available for rent, please use the URL above to input your home into our database. Our system will match housing requests as they come in. https://corporaterentalsusa.com/property-owner/

Please note, matches are free but we have a quality assurance program where we send an inspector to the home before a guest moves in and there is a charge for this service of $550.00 (one time, annually).

Thanks

Vivian Yip

Founder: Hestia by Corporate Rentals USA
Austin TX

0 Votes

Los Angeles County, California

Did you find your answer? My favorite way is is simply using Pricelabs using a comp set, OR using Airbnb itself to see what your direct competition is. You can have more upside if you allow pets!

1 Vote

Hey Sean, congratulations on your new launch! I've got a great resource you can download with the lists (check my profile) on where to market your MTR.
I've been hosting MTR's now for 5 years and have worked with most guest avatars and my company helps independent hosts make those B2B connections so I'm fairly well versed in the insurance displacement aspect.

When it comes to insurance displacement, it's like a lottery ticket as you'll need a home that matches the guest insurance policy coverage ie. Like / Kind quality home. You might get lucky and get matched right away but chances are, there isn't a fire happening right were you are at, and with the right home / school / budget, etc.

The best strategy is a well diversified one and using great copy to attract the guests you want!

What kind of home are you offering?

0 Votes

Long Island, New York

Quote from @Colleen F.:

@Vivian Yip We just use a very generous utility cap. It is really targeted at gross overuse.

for sure. i just ensure it's in the contract to that I can exercise the RIGHT to charge it if I want to.

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Quote from @David Rodriguez:

Quote from @Vivian Yip:

Hey @David Rodriguez

I have 5 MTR's that are 2 bedrooms in Austin and they do really well. They are in B class neighborhoods close to A neighborhoods and good proximity to hospitals, downtown, The Domain, etc. I get more than 2x rent for each unit.

I have mine really nicely furnished with good quality furniture and high end finishes (quartz, stainless steel appliances). I recommend 2 Queen beds (King if you can) over choose two twins.

You can also ask members in my FB group, there are 3.5K people running MTRs in my group!

Thank you! I am still heavily debating on whether to go LTR or MTR with this 2 bed/2 full bath. I did some decent renovations on it, and it's very close to downtown Phoenix (8 minutes - no freeway needed) and close to the main university hospital in downtown as well. I would just need to invest in furnishing it very well with better appliances mainly. My main concern is not being able to cashflow the property using the LTR route.

Totally get where you're coming from! I've been there! Here are a couple of HOT tips:

Buy furniture on facebook market place on the last day of the month to score bargains. I've been able to buy a queen bed with frame and nightstand for $150

Use Pricelabs to investigate your potential. I have a free training on my YouTube channel that teaches you how to create a comp set and review the competition in your market so that you can make an intelligent decision on whether or not to move forward. Based on what you've said, you should be able to make 2x rental income and account for 20% vacancy to be conservative.

Last thing, don't forget, hosting IS a hospitality business. Sometimes you have to drop everything to take care of your guest. Make sure it fits your lifestyle.

Good luck!!!!

2 Votes

Phoenix, Arizona

@Drew Sygit ok, here we go!

Pricelabs for MTR competitive intelligence. I create a comp set to dive into the competition and analyze how many other MTR homes there are, what cleaning fees are being assessed, booking lead time, # bedrooms and competition and if EV charge, Pet policy and Pools make a difference.

JURNY for a PMS system & channel manager. With the help of JURNY I am able to instant book guests all day as I collect IDs, selfies, credit card holds and rental agreements on every stay (yes Airbnb and VRBO included)

Whatsapp: I use this to communicate with my cleaners. There doesn't seem to be a good solution for communicating copius amounts of before/after cleanings. but I'm really outgrowing this process and think maybe I need to move to SLACK??? I need a suggestion here to handle maintenance and cleaning

TURNO for automated cleaner payment and scheduling along with inventory tracking

Quickbooks / Bookkeeper to keep my PM business in alignment

Chase bank & trust account

I'd like a better method for managing linens (bulk order) and distribution.
I'd love to compare property management / cohosting agreements with someone to share best practices.

2 Votes

Super great reply

might I add, I didn’t pursue this strategy myself because I did not want to be in the middle of any potential roommate drama!

I will also add that many independent travelers that do room rentals enjoy having their own fridge.

To keep things kosher in shared spaces, my friend who runs PadSplit says every room comes with one colors or plates cups etc to ensure that guests are accountable for their own dishes. They also each get a roll of toilet paper and are expected to self re-stock. Another tip here is to let them bring their own linens (fairly common) so you save money that way!

2 Votes

Cleveland, Ohio

Quote from @Miguel Del Mazo:

Your post brings up a lot of interesting points/questions about MTRs.

1. Can you mix and match tenants to fill a larger space? Yes, but. Its certainly allowable on FF, but I'd make it crystal clear in your advertising that you are filling rooms in the unit rather than listing the whole space once you've filled a room (or 2 or 3). You will likely be annoyed if you get a request for 4 rooms when you have just filled a single room, so be prepared for that.

2. How does one handle requests for housing on FF that are way below your target rent? Reach out to them. We've gotten great residents who we met despite their original search on FF being way below market. You may even be able to fill additional rooms if the potential resident knows others who are traveling to your area.

3. When renting by the room, what amenities are most important? Our rent-by-the room residents appreciate a lockable bedroom door, a private bathroom, sufficient on-site parking, a large refrigerator and a large washer and dryer (in order of most to least important). You may also want to get the fastest internet possible and to set up individual networks by the room.

4. Because FF is not a booking platform, make sure you follow all applicable fair housing laws when talking to potential residents.

5. Renting by the room makes it a lot, lot harder to allow pets. This can dramatically decrease your applicant pool and revenue.

Can you do a rent by the room strategy of FF? Absolutely, but just like with everything in MTR, you need to put a little more thought into it than you would with another rental strategy. :)

0 Votes

Cleveland, Ohio

I'm curious, what tools are you using for MTR?

Do you have anything that monitors energy / utilities use?

What are you using to research a market?

What amenities have helped you attract the most guests? (EV, fenced yard, etc)

What property management system are you using?

Etc, etc.....

While I have been hosting MTR stays for 5 years now, I feel like there is still so much to learn! Please share

2 Votes

Start with your budget then think about location.

This is a really vague question. I know people that do great with $150k homes but also $650k homes each with different strategies but I do believe in the Golden Rule, location x 3.

You're going to have to spend a bit of time researching markets but I think picking a market you like to visit is always good. every vacation becomes a write off!

There is also a lot of activity in my facebook group, and it's all about MTR. DM for a link!

1 Vote

All Forum Posts by: Vivian Yip

Vivian Yip has started 4 posts and replied 38 times.

Post: 🔥 Los Angeles Fire - Furnished Housing discussion

Post: Mid-term rental pricing

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Post: Mid Term Rental Knowledge sharing

Post: Anyone use Furnished finder leads of individuals for an entire house?

Post: Anyone use Furnished finder leads of individuals for an entire house?

Post: Mid Term Rental Knowledge sharing

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