All Forum Posts by: Vivian Yip

I think it's a lifestyle thing. It's far too much work for me to deal with potential roommate drama and sign leases with 3 different people. beside with one bathroom, it might be too intimate for strangers to share. 

It is were me, I'd stick to attracting families. My profile has some free masterclasses for you to check out! including insurance contracts. 

 All of this! Plus, I like to ensure that the owner has reserves for his property. When something goes wrong (like HVAC) do they have the money to get up and going again or have you just lost your business and all your effort cohosting a property that isn't well maintained?

Hey @Ashley Kroft I love using Pricelabs feature of creating a comp set because you can really drill down to the finer details of what others are doing in the market, in your specific area. My profile has my YouTube channel and I have an episode that shows you exactly how to create the comp set and look at amenities that matter, what others are paying for cleaning and how other listings look - that way you can see how to best market your property. 

Hi @Melissa Compton I'd love to invite you to watch my Free masterclass. I teach automation in MTRs and best used for MTR/STR hybrid models. With the tech I am using (a lesser known PMS) I am able to automatically screen guests, get their selfies, write leases, and collect deposits in my work flow even for Airbnb guests. My model is NOT good for LTR as it's not cost effective.

Hey Kyle

Lots of good questions here.  One of the best places to see what's out there in your area is to check Airbnb AND Pricelabs.  Generate a comp set in Pricelabs and you can go into finer details on what others are charging. It's really a good tool. I have some free training in my YT channel. just check my profile.  

The area you're targeting might be too small for anyone to be able to provide any detailed insight. Good luck!

Your asset size makes it a good fit for Furnished Finder. Furnished Finder attracts travelers who are single or traveling as a couple. Keep in mind most travelers are unwilling to spend more than $2400 with most around the $1600-1800 range.

What I have found is that travel nurses often want to spend at little as possible so they can pocket the stipend. 

One good idea is to connect with the social worker department at the hospital to see if you can assist with anyone traveling to the area. 

I'm just going to offer my opinion on Arbitrage in general. There are many reasons why I haven't pursued the arbitrage model, but mainly that it takes too long for the ROI after investing all your time and effort into buying furniture and renting and paying utilities.

Let's say you rent an apartment for $1500 and you spend $7000 to furnished it. Utilities cost $150 per month. Your monthly corporate rental rate is $2800 per month and you have an 80% occupancy rate.  Let's say you split the cost of furniture over a 12 month period amortization rate.

Furniture costs: $583
Rent $1500
Utilities $150
Total Cost = $2233

After vacancy costs, your monthly rental revenue is actually only $2240
Formula for vacancy (2800*12)*.80

You're not making money. 

I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases. The risk is far lower, with a better ROI.

OR you can consider learning about government contracts and performing lease matching. 

 OH NO!!!! That's awful. 

 Hey Ryan, Your property checks alot of boxes for me for a MTR focused on attracting families as a whole home rental.

Single story, Good school district, Little to no competition on Airbnb, No HOA.

I bought a property once in 2015 and it barely cash flowed as a LTR but now 10 years later, I cash flow as a LTR about $600 per month.  I think there are some tax benefits that outway the small negative cash flow that you're currently experiencing.  It will cost you alot more to pay an agent and sell it. 

Have you added your home to any of the insurance databases for consideration to help displaced homeowners get temporary housing?

Hi @Lina Truong Welcome to MTR investing. I've been running mid term rentals now for over 5 years and operate nearly 30 properties.  I'm also a licensed Realtor who helps investors find investment properties and I have specific guidance on what makes a great MTR. 

There are so many things to learn about MTRs just like any business.  

Legal
Operations
Systems
Marketing
Amenities
and more!  

I'd love to see how I can help you. You can check my profile for access to more information.