All Forum Posts by: Wes D.

Hi @Christi, my independent broker, Moody Insurance Worldwide, set me up with a policy at Traveler's Insurance that's designed for furnished rentals. Very reasonable premiums and great service from broker. Best of luck! 

Wow @Lucas Miles that's an impressive deal, congratulations! We just launched our first MTR and our first guest moves in tomorrow, so I can't imagine a project with 37 units and funding from investors. 

However, I'm interested in learning about partnerships and just finished reading Ashley Kehr and Tony J. Robinson's book, Real Estate Partnerships. Were your investors equity or debt investors? Which do you find to work best?

All the best on continued success!

-Wes

Thank you @Scott Trench! I've learned so much from the BP community, the books, podcasts, and Forum. Grateful to you for building a great platform for real estate investors--we couldn't have done it without you!

- Wes

Investment Info:

Condo buy & hold investment in Wilder.

After a six-month search, we found our first investment property, a 2BR 2BA condo, with the invaluable help of an investor-friendly agent. It took a lot of work to find the right location, the right deal, and to get it furnished and ready to rent. We are excited by the progress we've made in 2023 on this new venture for us!

Thank you all!!

What was the outcome?

We closed on the property in October, furnished it in November, listed it as an MTR in December, and rented it within ten days to a traveling nurse. Once our guest services are humming along, we'll focus on finding the next deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We couldn't have done it without advice from other investors. We're grateful to @Ashley Kehr for her keen insights and practical advice in "Real Estate Rookie: 90 Days To Your First Investment" and to her and @Tony Robinson for their podcast "Real Estate Rookie." Also, @Zeona McIntyre and @Sarah Weaver's book "30-Day Stay: A Real Estate Investor's Guide to Mastering the Medium-Term Rental" was tremendously helpful; the bonus chapter by @Jesse Vasquez led to helpful advice from him on BP Forums.

Hi Alex, we just got started with our first MTR and used Furnished Finder for demand data and pricing. It was very helpful. I also called them to talk it over with them and they began sending me information on current housing requests from travelers looking for MTRs in our area. It costs only $99 per year to list with them, and there are no booking fees. 

We listed our first-ever MTR unit with them and it rented after only 10 days.

All the best as you figure out your market.

-Wes

I'm looking for a cleaning company for our first furnished rental. It's a 2 bedroom condo in Wilder, KY. I'm self managing remotely and interested in both move-in/move-out cleaning and monthly cleaning services. 

Thank you for any recommendations,

Wes 

Thanks, Jesse, that’s very helpful and exciting. I’ve just finished reading 30 Day Stay by Sarah Weaver and Zeona McIntyre and just now read your case study in the bonus chapter at the end of the book! It’s tremendously helpful. Thank you for breathing new life into my MTR plans!

-Wes

I love this idea! Would going directly to hospitals or agencies work to overcome HOA rental restrictions of a minimum of six months? What's a typical lease for a hospital or agency, 12 months? Do you then sublet to the tenant?

Thanks, 

Wes Dyck

Safety Margin Properties 

Sarah, I recently bought your book "30 Day Stay" and learning a lot. I'm looking for a a MTR in northern KY, and your book has been super helpful. Thanks for sharing your expertise! All the best, Wes

Thanks for all the advice everyone! I have much to learn and really appreciate your suggestions. I've started reading 30 Day Stay by Zeona McIntyre and Sarah Weaver, published by BiggerPockets, and it's really filling me in on the MTR strategy.

I don't live in the Cincinnati area so doing this at a distance, but we have family who live there and we visit a couple times a year already.

Bonnie Low, thanks so much for the tips and information! I didn't know Cincy was the #1 market for travel nurses last year; very encouraging. And thanks for the cautions about condos/HOAs. It seemed to me that condos would be more attractive to traveling medical professionals because they typically have pools, ponds, gyms, and a club house. What do you think on that point, would it interest them?

Lots to consider. Thanks again everyone.