I have been doing this for 22 years! First renting by the room and then for the past 9 years renting to Doctors, Nurses, Flight Attendants and Students. It has allowed me to travel the world and live the life of my dreams. I have always said that it is about Cash Flow! Cash Flow allowed me to have Freedom for 22 years. Good Job explaining Medium Term Rentals.
Thanks for sharing, how did you advertise to those specific categories of careers? Was that a strategy to Target those people or were they just the type of people that found your ads?
In Florida, every property that is booked for 6 months or less is considered a vacation rental. Anything after 6 months and a day is considered long term rental. Anything considered short term rental (including monthly stays for snow birds) is subject to laws, regulations and vacation rental taxes. Make sure you understand the laws in the city county and state that you are doing business in. To buy a property for more because you believe that you can get more money by doing something other than a long term rental can leave you over leveraged and overwhelmed. If the numbers don't work as a long term rental, then walk away. Yet, if they do, AND you can do mid term or short term rentals, then go crush it!
@@ZeonaMTR , not all Florida is like that. Some counties only ban less than 30 days. Regulations keep changing and it is kind of tough to map rules for the entire state. Best way is to contact the city/county and get the info from the source. Can I ask? In which platforms do you advertise your medium term units? Airbnb?
@@ayne22 Actually Thom is right and they don't if they are under 6 months. This rule is unique to Florida in my understanding but it reminds us to get to know the particularities of an area before investing there.
There's an issue I think about that I never hear addressed. I have several SFH rentals. I've considered converting them one by one to mid-term and/or short-term rentals. My concern is that when I go to buy another investment property, the lender will look at the SFHs I own that I've converted to mid-term and say "We can't count that rental income until you can show two years of tax returns." This is contrast to long-term rentals where they will count the majority of the income if you simply have a signed lease with a one-year (or greater) term.
@@ZeonaMTRdon’t quite understand what do you mean by month to month lease but no end date ? The lease got to say the end date regardless. Like for ex: July 1 st to August 1 st 2023
@@romi929 Leases can all be different. Some have a set term, others are month to month and just label the start date and the clause that it extends month to month afterwards with 30 days required to break the lease.
Thank you for this video. I'm currently in the process of buying my 1st STR and I have been watching a lot of videos from this channel and finding so much good info!! Love it! Thank you for sharing this information as now I have more options. Starting is scary so having more options puts me more at ease
@@ZeonaMTR I'm closing tomorrow on my 1st one!! So I guess that now I have to figure out a way to connect with other investors and I have no clue how to do that 🤭
This is exactly what I needed. I have been looking for the possibility of creating a mid term rental. I will be looking for the next two videos you mentioned. I think this video was excellent and all your points are very good reasons to invest in mid term rentals.
Between Airbnb and furnished finder I am able to keep occupied. You can also use VRBO, Facebook marketplace, Zillow and the list goes on and on but you won’t need to.
Great question! I had another Canadian ask this recently and I'm not sure. I would reach out to furnished finder and ask them if they are planning to expand. You could help them break into the market. Also calling hospitals near you would help point you in the right direction.
This is absolutely insightful and informative! Great guide and strategy for people who wanted to do rentals and for those who are renting because of the nature of their work and lifestyle. Great work!
Video mentioned using Furnished Finder to attract MTR's. Is that your primary source, or do you use AirBnb & VRBO but specify min 30 days? Any other platforms you'd suggest?
I know that we cover utilities if we run a MTR, but is there any restrictions? What if the tenant leaves the AC at 68 all day and night for instance since they know they aren’t paying?
Good question Randi, I recommend having a wifi enabled thermostat so you can control it from your end. Otherwise, you can preset it to stay within a reasonable range. You can also put limits in your lease like we will pay up to $500 in utilities (sewer, trash, water, lawn care, snow removal, wifi, electric, and gas) but if it extends beyond that it is the responsibility of the tenant. You make the rules, you just need to be transparent with your tenants ahead of time.
Yep they should give you some insight. First I search to see if my city has a trauma level 1 or 2 hospital. Those are the ones that typically get travel nurses. Next I want to make sure they have over 200 beds and third I want to be at least 30 mins from this hospital.
I don't think RE is crashing. Too much money was printing so interest rates are being raised to control inflation. it is an incredible opportunity to buy when so many buyers are sitting on the sidelines. This strategy allows you to cash flow when you otherwise wouldn't be able to with long term rentals.
Ya what she said….buy with super inflated prices that give us next to nothing on margin ? A few bad things happen and you are over your head and bankrupt. I love advice from the internet 😂
Honestly my biggest concern over moving into the mid term space is that I won't be able to find enough of a client base in order to stay occupied year round. Otherwise I'd love to make this transition.
If you are making enough with LTR, don't give yourself an extra job, but if you are starting out and need more cash flow, this is definitely a good strategy. Furnished finder is about to roll out new data which will dial in the areas with the most demand.
@@ZeonaMTR so I'd actually be moving to MTR from STR which has been our goal all along. We're burnt out on STR but want to make sure we can actually keep our calendars full at the price point we need.
@@ZeonaMTR how would you reccommend doing that while still earning a fair cashflow? I see furnished properties in our area listed for $17-1800 which wouldn't allow us any cash flow at all.
@@ZeonaMTR sorry, I definitely mistyped haha. I meant to say $1700-1800 per month range! Ours are usually listed between $2500-2700/month which allows us a net profit of about $1000/month. We are in Memphis, TN. Just having a hard time finding MT renters to be honest. Any advice would help!
Great topic! Very informative. We got into the same type of market during 2020 and we've been loving it! Medium term rentals are so great for cashflow! Excited to share our experience with them soon! Our portfolio is currently a mix of medium, short, and long term rentals.
My biggest hesitation with MTRs is that it’s still passive where as an STR is ‘active’ and you write paper losses off from your regular W2 job and basically pay no income taxes
@@smiff339 Very true. It all depends on your goals. You can also just use MTR as a back up strategy for your STRs. If regulations out law STRs in your town or if you need long term tenants to fill your calendar for the slow months.
@@smiff339 Doesn't that all depend on how "Active" you are in your real estate business? Obviously a CPA can answer that better and some people don't want to be as active in their investments.
Thanks so much for the insight! If someone does a 6 month rental- how do you handle the money to ensure that they don’t default on you like some normal renters?
We have a lease like a long term tenant. Most of my 6 month-ers are nurses so they have good jobs and leave at the end of their contracts. No evictions.
Thank you for this! How do you handle turnovers for medium term rentals? Do you end up with a lot of vacancy? Do you ever book short term guests to fill gaps?
Hey Zack, great questions! It all depends on what is legal in your market. Some people do short and medium term in a hybrid model and that can be great. I have 2 where I can do that and 2 where I can't, so for the ones where I can't I only open my calendar 5 weeks at a time and make guests send a request. With this I can negotiate days to see if I can keep my place free of vacancy!
That's so inspiring! I have some LTRs under the local property management, want to convert to Med-Term rental. How do you manage remotely with the Medium-Term Rentals?
Its actually pretty simple because these tenants don't need to view the properties before booking. I have another two videos coming out with biggerpockets, one specifically on management.
1-2 bedroom units, I like multi-family 1-4 unit (lower expenses), within 5 miles of two hospitals and then I may sure that the the rental comps on furnished finder will pencil out when I run the numbers.
That’s great, I definitely want to take the insurance approach & is still researching. Who do you contact for insurance claims? If you don’t mind me asking
@@0309jph I would call the individual insurance companies and see if there is a head of adjusters or if you need to speak to the individual adjusters which could be a lot of work.
@@LifeFer48 Travel nurses are my favorite tenants, so today when I was looking into new markets I decided to search the largest hospitals in the US. I try to be within 5 miles of 2 hospitals.
@@ZeonaMTR that's awesome! Thank you for the tip. Do you have a mentoring program or are you accepting interns? I'm a current high school teacher but I've been trying to learn as much as I can about STR and long term rentals but never heard of midterm rentals. I love learning from others and seeing everything in action.
Covid haha. I still have some short term but I love being diversified through markets and rental strategies. Plus I’m lazy and these are so easy to self manage.
Wait until squatters gonna figure this new trend in RE investing and will overflow furnished finder platform. Easy money for squatters. You must have good screening process in place like for LTR and do all documentation without middle man platform.
BiggerPockets - I just have to say as a media professional, this sporadic generic b-roll cover strategy you all have adopted for so many of your videos actually makes it harder to watch in my opinion. Good info though (per usual).
One reason to never do medium long term rentals that will trump all her reasons for it... Professional renters gets squatter rights after 30days of living in a space. Can't kick them out if they don't pay.
Eviction questions came up at our talk at BP Con 2022 and Julie Gates, who manages over 100 MTRS said she only had to deal with one eviction since 2017. Its rarer than you think. Plus this applies to long term rentals as well, so are you saying you should never invest in rentals???
Very Little details about how to and steps. Not sure if her book will be helpful if she can waste our time without telling valuable information. I feel I Wasted time to listen to her. I rather Watch Jesse’s episode which tell the real things about midterms rental.
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I have been doing this for 22 years! First renting by the room and then for the past 9 years renting to Doctors, Nurses, Flight Attendants and Students. It has allowed me to travel the world and live the life of my dreams. I have always said that it is about Cash Flow! Cash Flow allowed me to have Freedom for 22 years. Good Job explaining Medium Term Rentals.
congrats! You are the OG, love it!
Thanks for sharing, how did you advertise to those specific categories of careers? Was that a strategy to Target those people or were they just the type of people that found your ads?
@@judd73 I will second that question. thanks!
Would love to know what strategies are you using to stay consistently booked on this MTR.
That’s quite an accomplishment! Congratulations!!!
@@judd73would love to know what kind of strategies are you using to stay booked with MTR.
That’s quite an accomplishment. Congratulations!!
In Florida, every property that is booked for 6 months or less is considered a vacation rental. Anything after 6 months and a day is considered long term rental. Anything considered short term rental (including monthly stays for snow birds) is subject to laws, regulations and vacation rental taxes. Make sure you understand the laws in the city county and state that you are doing business in. To buy a property for more because you believe that you can get more money by doing something other than a long term rental can leave you over leveraged and overwhelmed. If the numbers don't work as a long term rental, then walk away. Yet, if they do, AND you can do mid term or short term rentals, then go crush it!
good to know about florida. I have a quad in ocala I was thinking about converting. Maybe I will hold on that one.
@@ZeonaMTR , not all Florida is like that. Some counties only ban less than 30 days. Regulations keep changing and it is kind of tough to map rules for the entire state. Best way is to contact the city/county and get the info from the source. Can I ask? In which platforms do you advertise your medium term units? Airbnb?
@@renatodias3948 Airbnb & furnished finder
Month to month furnished rentals are allowed in Florida and bypass the STR zoning rules
@@ayne22 Actually Thom is right and they don't if they are under 6 months. This rule is unique to Florida in my understanding but it reminds us to get to know the particularities of an area before investing there.
As a nurse who plans to travel nurse I’d love to see more content about this investment idea! I love it!
There's an issue I think about that I never hear addressed. I have several SFH rentals. I've considered converting them one by one to mid-term and/or short-term rentals. My concern is that when I go to buy another investment property, the lender will look at the SFHs I own that I've converted to mid-term and say "We can't count that rental income until you can show two years of tax returns." This is contrast to long-term rentals where they will count the majority of the income if you simply have a signed lease with a one-year (or greater) term.
The way we get around this is sign a month to month lease, no end date.
@@ZeonaMTRdon’t quite understand what do you mean by month to month lease but no end date ?
The lease got to say the end date regardless. Like for ex: July 1 st to August 1 st 2023
@@romi929 Leases can all be different. Some have a set term, others are month to month and just label the start date and the clause that it extends month to month afterwards with 30 days required to break the lease.
This is some of my favorite content I've seen. Excellent concise summary of a less understood rental strategy. I'll be picking up the book
Thanks so much Jonathan! The book is super thorough so you’ll get all the detailed steps to get started.
@@ZeonaMTR can't find the 2 other videos mentioned. Can you link?
@@afriendabroad2083 they will be coming out over the next two weeks.
Thank you for this video. I'm currently in the process of buying my 1st STR and I have been watching a lot of videos from this channel and finding so much good info!! Love it! Thank you for sharing this information as now I have more options. Starting is scary so having more options puts me more at ease
Yep its scary for everyone but you get better at it each time. You just have to jump in and surround yourself with others investing.
@@ZeonaMTR I'm closing tomorrow on my 1st one!! So I guess that now I have to figure out a way to connect with other investors and I have no clue how to do that 🤭
@@ZeonaMTR 😃👍👍thank you!!!
So CLEAR-fantastic video-thank you! Just downloaded your book. Would love to be notified if you offer trainings for MTRs
This is exactly what I needed. I have been looking for the possibility of creating a mid term rental. I will be looking for the next two videos you mentioned.
I think this video was excellent and all your points are very good reasons to invest in mid term rentals.
thank you for watching! I hope it helps.
@@ZeonaMTR , absolutely!
Besides FF what other platforms are being used?
I want to know too!
Between Airbnb and furnished finder I am able to keep occupied. You can also use VRBO, Facebook marketplace, Zillow and the list goes on and on but you won’t need to.
Where can I find these other two videos?
I believe they are releasing one a week. This one just posted today
What’s the furnished finder for Canada?
Great question! I had another Canadian ask this recently and I'm not sure. I would reach out to furnished finder and ask them if they are planning to expand. You could help them break into the market. Also calling hospitals near you would help point you in the right direction.
This is absolutely insightful and informative! Great guide and strategy for people who wanted to do rentals and for those who are renting because of the nature of their work and lifestyle. Great work!
glad you enjoyed it!
Video mentioned using Furnished Finder to attract MTR's. Is that your primary source, or do you use AirBnb & VRBO but specify min 30 days? Any other platforms you'd suggest?
Yep those are the 3 I use. You could expand to zillow and facebook marketplace but I have high demand and never need to go that far.
I know that we cover utilities if we run a MTR, but is there any restrictions? What if the tenant leaves the AC at 68 all day and night for instance since they know they aren’t paying?
Good question Randi, I recommend having a wifi enabled thermostat so you can control it from your end. Otherwise, you can preset it to stay within a reasonable range. You can also put limits in your lease like we will pay up to $500 in utilities (sewer, trash, water, lawn care, snow removal, wifi, electric, and gas) but if it extends beyond that it is the responsibility of the tenant. You make the rules, you just need to be transparent with your tenants ahead of time.
How do you test your market for demand?
Will hospital HR know how many travel nurses they have in my area?
Yep they should give you some insight. First I search to see if my city has a trauma level 1 or 2 hospital. Those are the ones that typically get travel nurses. Next I want to make sure they have over 200 beds and third I want to be at least 30 mins from this hospital.
How is this applicable in today RE crashing, high interest rate, and recession time?
I don't think RE is crashing. Too much money was printing so interest rates are being raised to control inflation. it is an incredible opportunity to buy when so many buyers are sitting on the sidelines. This strategy allows you to cash flow when you otherwise wouldn't be able to with long term rentals.
Ya what she said….buy with super inflated prices that give us next to nothing on margin ? A few bad things happen and you are over your head and bankrupt. I love advice from the internet 😂
Honestly my biggest concern over moving into the mid term space is that I won't be able to find enough of a client base in order to stay occupied year round. Otherwise I'd love to make this transition.
If you are making enough with LTR, don't give yourself an extra job, but if you are starting out and need more cash flow, this is definitely a good strategy. Furnished finder is about to roll out new data which will dial in the areas with the most demand.
@@ZeonaMTR so I'd actually be moving to MTR from STR which has been our goal all along. We're burnt out on STR but want to make sure we can actually keep our calendars full at the price point we need.
@@drewgarrison185 Understandable, I find demand is still there, you just need to be on top of pricing trends as it changes seasonally with demand.
@@ZeonaMTR how would you reccommend doing that while still earning a fair cashflow? I see furnished properties in our area listed for $17-1800 which wouldn't allow us any cash flow at all.
@@ZeonaMTR sorry, I definitely mistyped haha. I meant to say $1700-1800 per month range! Ours are usually listed between $2500-2700/month which allows us a net profit of about $1000/month. We are in Memphis, TN. Just having a hard time finding MT renters to be honest. Any advice would help!
Great topic! Very informative. We got into the same type of market during 2020 and we've been loving it! Medium term rentals are so great for cashflow! Excited to share our experience with them soon! Our portfolio is currently a mix of medium, short, and long term rentals.
same here! gotta diversify through rental strategy
My biggest hesitation with MTRs is that it’s still passive where as an STR is ‘active’ and you write paper losses off from your regular W2 job and basically pay no income taxes
@@smiff339 Very true. It all depends on your goals. You can also just use MTR as a back up strategy for your STRs. If regulations out law STRs in your town or if you need long term tenants to fill your calendar for the slow months.
@@smiff339 Doesn't that all depend on how "Active" you are in your real estate business? Obviously a CPA can answer that better and some people don't want to be as active in their investments.
Is your book available in an audio format?
It will be when it is officially out Nov 8th.
Will there be an Audible version of this book?
Yes! Stay tuned. It will also be on audible.
Great info! How do you handle the utility bill charges??? You just gestimate or invoice them the month after?
For medium-term rentals, just like short-term we cover the utilities
Thanks so much for the insight! If someone does a 6 month rental- how do you handle the money to ensure that they don’t default on you like some normal renters?
We have a lease like a long term tenant. Most of my 6 month-ers are nurses so they have good jobs and leave at the end of their contracts. No evictions.
Thank you for this! How do you handle turnovers for medium term rentals? Do you end up with a lot of vacancy? Do you ever book short term guests to fill gaps?
Hey Zack, great questions! It all depends on what is legal in your market. Some people do short and medium term in a hybrid model and that can be great. I have 2 where I can do that and 2 where I can't, so for the ones where I can't I only open my calendar 5 weeks at a time and make guests send a request. With this I can negotiate days to see if I can keep my place free of vacancy!
Will there be an audiobook version of the book?
There will be! Available Nov 8th!
That's so inspiring! I have some LTRs under the local property management, want to convert to Med-Term rental. How do you manage remotely with the Medium-Term Rentals?
Its actually pretty simple because these tenants don't need to view the properties before booking. I have another two videos coming out with biggerpockets, one specifically on management.
Great video..thanks for sharing. How do you identify suitable properties for MTR, apart from close to the hospitals perhaps ?
1-2 bedroom units, I like multi-family 1-4 unit (lower expenses), within 5 miles of two hospitals and then I may sure that the the rental comps on furnished finder will pencil out when I run the numbers.
Mid-term rental*. I do this with travel nurses, business professionals, and insurance claim clients.😊
How do you determine where to buy? For those industries and situations?
That’s great, I definitely want to take the insurance approach & is still researching. Who do you contact for insurance claims? If you don’t mind me asking
@@0309jph I would call the individual insurance companies and see if there is a head of adjusters or if you need to speak to the individual adjusters which could be a lot of work.
@@LifeFer48 Travel nurses are my favorite tenants, so today when I was looking into new markets I decided to search the largest hospitals in the US. I try to be within 5 miles of 2 hospitals.
@@ZeonaMTR that's awesome! Thank you for the tip. Do you have a mentoring program or are you accepting interns? I'm a current high school teacher but I've been trying to learn as much as I can about STR and long term rentals but never heard of midterm rentals. I love learning from others and seeing everything in action.
5:19 STR earn more
6:01
2:07
5:12 Furnished Property
8:29 Furnished Finder
This information is awesome. Thank you.
Thanks for watching!
I don’t own any properties. What about arbitrage rentals?
you can, I just like to work towards more passive investments. Arbitrage is a very active business.
Great content and thanks for sharing!
Thanks for watching!
Ordered the book. Definitely interested in trying this with one of my LTRs
Thank you for buying our book! We appreciate the support.
Great info!! Thanks
Thanks for watching!
You use to be all about short term rentals. What happened??
Covid haha. I still have some short term but I love being diversified through markets and rental strategies. Plus I’m lazy and these are so easy to self manage.
Thanks for the content
I'm looking to connect with any investors looking for property in CA I have a few off market
The forums are a great place for that!
Wait until squatters gonna figure this new trend in RE investing and will overflow furnished finder platform. Easy money for squatters. You must have good screening process in place like for LTR and do all documentation without middle man platform.
Its no different that LTR, just screen your tenants.
BiggerPockets - I just have to say as a media professional, this sporadic generic b-roll cover strategy you all have adopted for so many of your videos actually makes it harder to watch in my opinion. Good info though (per usual).
One reason to never do medium long term rentals that will trump all her reasons for it... Professional renters gets squatter rights after 30days of living in a space. Can't kick them out if they don't pay.
Eviction questions came up at our talk at BP Con 2022 and Julie Gates, who manages over 100 MTRS said she only had to deal with one eviction since 2017. Its rarer than you think. Plus this applies to long term rentals as well, so are you saying you should never invest in rentals???
Very Little details about how to and steps. Not sure if her book will be helpful if she can waste our time without telling valuable information. I feel I Wasted time to listen to her. I rather Watch Jesse’s episode which tell the real things about midterms rental.
Wow, I did a 3 part series for Biggerpockets and this was just a 101, what is an MTR, no how to promised. Jesse is in our book.
Pay attention
So this is a pro tip vid on screwing everyone over especially your first time home buyer families for maximum cash flow?