All Forum Posts by: Wes D.

Hi Sigmund! 

I use Furnished Finder for our MTRs and haven't found the need to use any other software (except for finances); I have two rentals. Because travel nurses are typically on three month contracts, there are only four tenants per year; much less data to keep track of vs. STRs.

FF is a lead generation site, not a booking site, so landlords interact directly with potential tenants. There's no automatic bookings. 

I use KeyCheck, a FF affiliate, for background checks, lease agreements (available for all 50 states) and electronic signing, and payment processing including credit/debit card payments. KeyCheck is integrated with FF and works well.

FF provides a great overview eBook (see link below) that you might want to review before buying new software. https://www.furnishedfinder.com/Resources/best-practices

I hope this is helpful to you, all the best!

-Wes

Hi Martin! Like @Miguel Del Mazo I collect LTR data from BP rent calculator and multiply by 1.5x. Then I get STR data from AirDNA to ensure it's well above 1.5x LTR data. And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?). Of course the listed price may not be the actual rented price, but by tracking several listing for a while you can gain a better understanding of the market.

I hope this is helpful, all the best!

-Wes

Hi Paige! Our MTRs are in Cincinnati, not Nashville, but if you go to FurnishedFinder.com/stats you can see data related to demand for a given city. I just ran it now for Nashville and it shows over 900,000 housing searches in the past 12 months, and about 1,900 whole unit rentals available. There's also data on pricing. Nothing on vacancy rates though.

When I was trying to determine demand for Cincinnati, I selected about 20 listings near the location I was focused on, and tracked them for several months. If it gets rented the owner will update the listing with a new available date; if this moves by 30 days or more you can reasonably assume it rented. If it moves a few days after reaching the available date, it's likely it hasn't rented yet. Tracking several for a few months will give you some understanding about vacancy rates. Also note if the listed rent changes.

Our actual vacancy of less than 10% has closely tracked the data I collected this way. I hope this is helpful to you, all the best!

-Wes

HI Zac!

We have two MTRs in northern Kentucky; both are 2 bed/2 bath. Along with Shannon, I recommend reading 30-Day Stay by Zeona McIntyre and Sarah Weaver, published by BiggerPockets. They provide excellent, practical advice on every aspect of MTRs. 

For furnishings, we bought Sarah Weaver's MTR shopping list. It's detailed, thoughtful, and specific with links for each item making it fast and easy to find and purchase everything you'll need. We spent about $9,500 on furnishings including furniture, electronics, kitchenware, bedding, towels, etc.

Hope this is helpful!

Hi Pat!

Yes, we use FF for our MTRs and we're really happy with it. Our turnovers (only two so far)  have been 3 days for one and 2.5 weeks (ouch!) for the other. I accepted the 2.5 week wait because as a rookie I was worried I might not get someone else--the next day I had to turn down someone who would have moved in on our "available" date. 

I'm still learning the pace, but I hope this is helpful to you.

All the best,

Wes

Hi Matt! 

For our MTRs we use landlord insurance from Travelers. You can specify the coverage level for the dwelling, household furnishings, loss of use, liability, and medical payments to others. I purchased the policy through an insurance broker, Moody Insurance Worldwide (301 417-0001).

Hope this is helpful.

-Wes

Hi Emma! Congratulations on your first deal!! 

We have two MTR properties in NKY and the demand seems strong and steady. Our first purchase was in October 2023 and it was a little tough to fill late in the year (due to the holiday slowdown), but our first guest arrived in early January and it's been booked ever since, now through September. We bought a second property in February and it's booked through late August. 

I recommend 30-Day Stay by Zeona McIntyre and Sarah Weaver, published by BiggerPockets; it was a great help as we got started. We also used Sarah's shopping list to help us furnish them properly for medical travelers; she has great suggestions with links to the best prices. It saved a lot of time and money. 

For more details, see our BiggerPockets profile and let me know if you have any questions. I'll draw on my vast--er, 8 months--of experience :)

All the best as you get started in MTRs!!

-Wes

Thanks Cynthia, best of luck to you as you get started!!

Hi Cynthia, congratulations on starting your own business! For our furnished MTR LLC, we use 53 Real Estate and Rental Leasing and subcode 531110 Lessors of Residential Buildings and Dwellings.

All the best,

Wes

Quote from @Neil Daugherty:

Quote from @Wes D.:

Hi Johnson, for our MTRs we use landlord insurance from Travelers. You can specify the coverage level for the dwelling, household furnishings, loss of use, liability, and medical payments to others. I purchased the policy through an insurance broker, Moody Insurance Worldwide (301 417-0001).

All the best,

Wes

 Wes, how long have you been using them? Have you processed a claim with them yet? 

Hi Neil! I've used the insurance broker for over 30 years; knowledgable staff, excellent service, and great pricing. The broker recommends carrier and coverage levels. I've used Travelers for furnished rentals for only six months (since we started rentals); no claims yet :).