All Forum Posts by: Zachary Deal

Yes what Dallas and Sophia mentioned regarding price/ratio is spot on. Going to be difficult to find a lender to approve a 1/1 (or 1/1+) price to reno budget rehab for any newbie. I'd suggest starting with more cosmetic projects and working your way up.

Have you tried listing it on Facebook? Local or national groups could be a good option. Lowering the pricing initially to get some reviews and traction is also probably a smart strategy. Good luck! 

Yes I agree with Jamie. While I don't have personal experience I think a rental car agreement would be a complicated thing to add to a lease. If you set it up with a car rental service like Turo are likely protecting yourself/car more from potential issues and damage and may be able to keep it off platform and only make it available to your renters (not sure on that last part but just a thought).

Also, from a lender perspective it could complicate things if you are looking to refinance one day and have car payments included in the lease payments/on the lease. Might cause you more headaches than it's worth in UW.

I think Bonnie and Nicole are spot on with their recommendations. In general smaller towns could be a bit riskier for an MTR as a there are not as many employers for temporary workers but sounds like your are has a some solid demand with the University and Hospitals and not too much competition! Would you be able to pivot to an STR if the MTR demand is not there? That may be something to look into before investing in furnishing the place.

Are these in Minneapolis area? If you're unable or don't want to list them as an STR. Listing them on Furnished Finder, Aribnb, VRBO and Zillow for 30+ day stays are likely your best bets. You can try also finding local real estate groups on Facebook or try posting on some of the national ones focused on travelling nurses

Hi Boffill, since you're out of state and in person events to find PMs may be difficult I'd suggest also posting in the classified section of Bigger Pockets to see if you can find someone good that can help!

Does it cashflow as an LTR? If your ultimate goal is to buy and hold long term I think it would make sense to pursue that strategy and try and make it work. Unless the numbers are really off it likely should be feasible 

I like @Andrew Bosco's idea of going with the 2 bedroom and providing the ability to lock 1 bedroom at a reduced rate. I think the 2 bedroom provides you with more ability to maximize revenue and still provides a large enough living area, especially as this is only a temporary accommodation for someone!

Agreed with @Ben Russell. While state specific leases are simple and can work, spending the extra investment and having a real estate attorney help create one for you will likely create more value/protections and save you money in the long run

Hi Julie, I'd recommend posting in the classifieds section of BP. You may have better luck there.