Are Medium-Term Rentals the Easiest Real Estate Investment of 2023?
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- Опубликовано: 19 июн 2024
- Medium-term rentals have seen growth like almost no other type of real estate. In the past, if you wanted high cash flow, you’d be hit with the headache of running a short-term or vacation rental. So, most investors who wanted to take the passive investing route stuck to regular, long-term rental properties. But, with interest rates higher than many of us have ever seen, most regular rental properties simply won’t cut it. Thankfully, there's a strategy that merges short and long-term rentals, with many of the combined benefits but few drawbacks.
The strategy is simple: buy a house, furnish it, and rent it out for over thirty days. Surprisingly, doing so will often get you double the rent as a regular rental property without the constant turnover of short-term rentals. Don’t believe us? Maybe Sarah Weaver and Zeona McIntyre can change your mind. They’ve been doing the medium-term rental strategy for years, and it’s what’s given them the financial freedom they enjoy today!
Sarah, shortly after finding out about the medium-term rental strategy, converted many of her long-term rentals into medium-term. Zeona, a former short-term rental owner, knew the high cash flow, low maintenance approach would help her live the nomadic lifestyle she loves. They detail exactly how they did it, what it takes to succeed, and how you can repeat the process in their new book, "30-Day Stay."
00:00 Intro
01:51 Quick Tip
03:07 Getting Started Investing
09:15 Why Switch from Short to Medium-Term Rentals?
11;49 Where to Buy and Who Should Try It?
20:08 Medium-Term Management and Maintenance
30:33 The Optimal Property Size
37:13 Bookings, Analysis, and Free Resources
46:02 Leases and Cleaning Procedures
53:12 Grab the New Book!
56:26 Deal Deep Dive
01:04:13 Famous Four
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Past Episodes with Sarah and Zeona:
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Furnished Finder Stats:
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Episode 679
Show notes at: www.biggerpockets.com/blog/re...
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After having an 8 month stay and seeing the mess, I now include bi-weekly cleaning services. I feel this positions me within hotels and I get to walk the property twice a month to protect my investment.
Definitely, we haven't started doing this but some have. You can bake it into the price. The issue is some people don't clean the whole time. What we do is give them the name, rate, and contact info of our cleaner at the beginning of their stay and these high income guest often hire her.
I do 28 day maintenance and clean.
I feel the same. I was doing mid term by the room and long term one of the rooms, and house hacking (4BR but keep my BR unavailable)...it was annoying. This was a temp situation before doing Short term rental
@@serialmigrant
Did you stay in the home while you had the bedrooms midterm rented or did you rent out your house and managed remotely ??
In all podcasts about short term rentals and medium term rentals, investors talk about just going out and furnishing the house, as if that can be done by flipping a switch or signing a form. We have had three medium term rentals for two years, and furnishing them head to toe was a JOB--it took time and money. From furniture and beds and mattresses to pillows and bedding and towels and wall art and TV's and filling up the kitchen cabinets with all of the kitchen items, and coordinating everything to look good together--it took time and money. And ours are right in our home town. I always wonder how investors, particularly those who don't live near the STR or MTR, manage to furnish a property so seemingly easily. Pray tell !!
I think Sarah mentioned they've used a company that stages properties. I'm not well versed on the subject, but I imagine you can hire these staging companies to furnish/stage with the difference being that they don't take the stuff after photos are done.
I’ve done 6 properties on my own in 6 months. I can help you get started!
Hey Thomas, I have actually found it to be more challenging when you live in the same town because I tend to do a little over a long period of time. The job is definitely a massive undertaking. When I fly to my out-of-state properties I dedicate a whole 4-5 days with one other person and we can bang it out. We make sure everything is there waiting for us so it's mostly building, unpacking, and dealing with 100s of boxes. It's a lot but worth it.
@@ZeonaMTR Thanks! That makes sense. I think that many investors might tend to underestimate the time and effort it takes based on what I normally hear and read from experts. And I have your new book on order!
@@thomasdove3000 Hey Thomas, thanks so much for getting our book. There are all sorts of tips on furnishing in it AND since you preordered, you will receive a furnishing spreadsheet which will help out with your next project.
Calculate how much rent $ you get each day (with expenses).
I've rented a small 1 bedroom appartment for:
1 year lease: 35$ per day
medium term rentals : 70-80$ per day
Short term rental: 80-105$ per day.
A 2 bedroom apartment:
1 year lease: 50$ per day
Medium term rental : 65$ per day
Short term rental: 120-205$ per day
A 3 bedroom:
1 year lease: 62$ per day
medium term rental: 72$ per day
Short term rental: 125-205$ per day.
The debate within all that must start with numbers for me to help with comparisions!
It sounds like most of their clients are travel nurses. Travel nursing contracts have peaked and are less than half of what it was 2020-2021. Although it still pays well, its definitely on the decreasing in trend across all specialties across the US. Yes some agencies can pay for housing but most nurses elect to receive a stipend which is tax free. Additionally the nurses that use furnished finder are getting paid that stipend and will be more wary of prices as opposed to when the company pays. MTR definitely worked during the covid market but i would bet on margins getting tighter. My SO and I are travel nurses also have 2 MTR properties. would love to keep the gravy train going but new investors should keep that in mind. We were actually thinking of switching to LTR when these contracts dry up.
We house travel nurses, digital nomads, insurance clients, business travelers and more. I have two units in Boulder that rarely have nurses. The real money maker is connecting directly with insurance adjusters and medical professional recruiters. This way you make what a short-term rental would. I don't see this slowing down, I'm actually learning how to milk these furnished rentals for more.
I heard a statistic today that the shortage of traveling nurses is not suspected to get back to pre-pandemic levels until 2030. You got time
MisterM I totally agree! The market is super saturated. I am a travel nurse as well for many years. I have never seen so many properties on Furnished Finders. I was thinking about getting into the MTR market- but after further consideration- I believe this market is way to saturated at the moment
@@jimowczarzak5924 It's simply not true. Dig into the data rather than going on a hunch. STRs are stagnant for now, but even those will come back. It's all about watching market trends.
Thank you for another great episode, Zeona and Sarah are rockstars. I've already read the book once and will be doing so again so I can take notes and let the info soak in. Just purchased my first official MTR property so I have a feeling that I may be reaching out for some wisdom sooner or later.
Congrats on your first MTR! Thanks so much for reading our book. Could you take a moment and leave us a review wherever you purchased the book? It would mean so much to us!
Fantastic show, so inspirational. Thank you. I already ordered my book
Thank you!
I just ordered the book. Thank you all great podcast today.
Zeona had my second favorite BP episode and it's really good to see her back on! Good to see how strategies change.
second favorite?! Who was first, haha
This was awesome 👏🏾 Excellent information Ladies!!
Thanks Kenisha!
Love this episode! Bought the audiobook. Just really wish it was narrated by the authors.
Girl! Tell me about it, we actually auditioned and BP told us no, because professional audiobook narrators require less editing. It's my biggest regret from this process.
Does your book cover paperwork, i.e. house rules, etc?
Great furnished finders ad!
ha! There are many more places to find tenants.
Great great content thanks a bunch !!!
Thank you for watching!
Hey! Don't worry David! I am a girl and a big fan of yours already. So you have some girl fans too.
Look... if I ever get to see you in person I will come after you and (try to) give you a giant hug and treat you like a superstart that you are!
About the episode... midterm rental is something I would like to give a try. So there is a lot of good content in here. I will definitely be ordering their book. Thank you for another great episode!
Thanks for supporting us by picking up the book! Excited to hear your thoughts.
Great podcast. Just bought the book!
Thanks so much for buying our book!
Great job ladies! Learned a lot
so glad to hear it!
Flour isn't a spice😅 but excellent episode 👏🏾. You've given me something new to think about pre house hack🤔
thank you! Thought the same thing! 🤣
Hell ya! MTR can work well with househacking. Super charge it!
furniture arriving shortly....Move-in Dec 1st but gotta get pix uploaded...fingers crossed !
Amazing Yvonne! Congrats. You've got this!
What about deposits, credit checks, cleaning charges and what do you charge for rent for mtr vs long term vs short term? Can you please break down this??? Thank you
General rule of thumb is MTR is 1.5x market rate but if you build relationships with recruiters and insurance agents you can get 2x. I only do background checks when someone is booking directly (like through furnished finder, not airbnb) and if they are not a nurse (they are already heavily background checked. For cleaning, it all depends on what your cleaners charge for a deeper clean, I get a quote for a monthly stay instead of a nightly.
Mid-Term are clearly the more profitable option when you minus the cleaning fees, turnover repairs and scheduling issues.
We think so!
When will this book be put up on audible? I too would like to add this book to the list of books to read 😉
When it is released on Amazon! Dec 8th
I'm genuinely interested in this approach for a long term rental in Austin that isn't cutting it and I missed the sell window on. I'm hoping to understand what vacancies look like typically and how you mitigate this seemingly large risk for MTR? Thanks!
Hey Michael, I don't really have vacancies and don't think you should either. There is a lot of demand. We cover calendar strategy and management in great detail in the book.
@@ZeonaMTR Thank you for getting back to me! Good to hear. I ordered the book last week and will dig in. Shout out from another Denver investor! All the best!
@@ShadesofTexasLLC Yay, I hope you enjoy the book! Thank you for your support! Best to you!
Maybe I can help? I'm in Austin and I market 20+ MTR's in Austin
MTR to tenants who are moving to your area, is where it's at. bump up your minimum stay to 14+ days and that will be the way to go. I have two bookings coming up up 50+ and 10 days and i can tell you it is massively more profitable to hold out for those, than to continuously do 3-day stays.
nice technique!
@@ZeonaMTR are you ever considered about potential squatters? In California that’s a big concern due to stronger tenant’s rights
@@cyrusjulian187 Good question. With MTR guests they usually already have a place to go another job contract out of state, back home, on to the next travel destination so we haven't had any issues. Definitely always use a lease!
@@ZeonaMTR Thanks Zeona! Just bought your great book and the market research chapter alone was worth it! Thanks! Regarding your reply above, do you have any filtering questions and/or obvious signals that they are definitely on a job contract? If it's a traveling nurse, I get that. I'm just not familiar with other industries so have no way of verifying this. Apologies in advance if your book covers this as I dove in straight to the Market Criteria section. Thanks again and belated Happy Turkey Day!
@@cyrusjulian187 I would just ask. "What brings you to town." If they have a recruiter or agency they are working with we want to be in touch with them to get more tenant referrals! Screening questions are in the book. We would love a review from you when you get a minute, wherever you purchased your book. Thanks!
Awesome information
thank you!
Interesting that they only have 1/1 or 2/1 units for MTR. As far as traveling nurses go, having a larger unit such as a 4/3 works as well. Rent by the room is often perfectly acceptable to them, as they pretty much just use the place to sleep or relax.
I am thinking of doing that with my duplex when my tenant moves out. one unit has 3 bedrooms and 2 bath. Do you get a lot just renting a room?
@@amellousmendoza2856 If you want to dedicate time and energy to building relationships to get direct contracts, large homes 3 bed + work well. Rent by the room does work but can open you up to blending relationships and tenant disputes. I'd rather not.
Yes sir. I presently rent rooms period.
@@patricesimmons7958 Are you renting the rooms while also living in the home or are you remotely managing the house
I was surprised to hear you say MTR rents are double LTR. Other sources I've looked at say perhaps 25-35% more - not 100% more. Does this vary by market?
Hey Terri, the general rule is MTR is 1.5x market rate but if you spend the energy learning to win direct contracts through placement agencies you can get 2x.
@@ZeonaMTR thank you for the clarification!
@@terrirafiq9329 Any time!
Do you think houses with 4 or 5 beds and and 2 to 3 baths would work as well as the 1 or 2 bed places you currently focus on? Why or why not? Thanks
Yes but for different tenants. 1-2 bed places are good for biz travelers, digital nomads and nurses, larger homes are good for insurance contracts or tenants who need to be out of their home for a few months due to fire, water damage, natural disasters.
How about a 3 bedroom & 1 bath house in downtown San Antonio.
I love this episode! I want to convert all my rentals to MTRs. Question: "If I look on FurnishedFinder in my area and I see almost 1,000 listings, should I be scared? If I look on zillow in the same area I only see half that number listed for LTR. Seems the competition for me is actually greater with MTR."
What market are you in? I wouldn't be scared, sounds like there is demand. I would only change one place at a time.
Hemanth- it’s definitely over saturated. Way less travel nurses now too- a ton of people turned to MTR at the height of the pandemic and now there are way less travelers- not a great space to get into at this point
@@jimowczarzak5924 thanks for sharing Jim. Do you mind me asking if you’re close to many hospitals? Just trying to dig into the weeds of what makes a good market vs a saturated market. Thanks in advance
@@jimowczarzak5924 I completely disagree. 5 states: California, Texas, North Carolina, Florida, and Illinois are not projected to get back to pre covid levels of travel nurses until 2030. 7% of the US workforce could work remotely before Coivd now its 42%. That demand is only ramping up. This is early days.
@@ZeonaMTR which areas in Florida?
OMG this video was great. Thank you!
Thanks so much for watching
This was an awesome episode with Zeona and Sarah sharing great information about MTR. I learned a lot from them. Also, I think Zeona should adopt the nickname “Zmc”. Thanks again.
Haha thanks TJ, I'll consider it.
with condo purchases how do you get around hoa restrictions for str and mtr...where I am it seems hoas have min 1 yr lease clauses in by-laws.
Hi Julie, it depends on where you buy. In Boulder & Denver STR is only allowed if you are owner-occupied. Most condos in these towns have a 30-day min rental restriction. That works fine for us, I just avoid any that are longer. There are rare but I have seen some 3, 6, and 12-month mins. If you want to look into investing out of state reach out and I can help guide you!
@julie Gagne in TEXAS at least, you are not legally obliged to produce any lease agreement. I would check for a similar ruling in your state. Second, you COULD sign the guest a one year lease with an escape clause with 30 days notice but just make sure the guest doesn't plan to really stay that long lol
@@CorporateRentalsUSA Yes! I've heard of people doing this in Maui where the rule is 6 months and giving them the ability to get out if the travel nurse doesn't extend beyond 3 months.
How do you get ahold of traveling nurses? To rent to them
Furnished Finder is a great place to start.
I have a 6-bed, 3 bath home would this be to large for mid term renting what's your thoughts
You can also look at padsplit, the larger the number of bedrooms the better. They focus on local working people.
Not necessarily, you will just want to focus on insurance stays.
How do you hire and pay your handymen? Are they on your payroll or just pay whenever they pay a visit? I struggle to find a reliable and affordable one.
We pay per visit. I recommend asking other investors in the area or your realtor for contacts.
@@ZeonaMTR hi, do you mind i asking, do you know any agent of traveling nurse in western Kentucky? Thanks
@@ngocluu690do you mean an agency / recruiter?
Do you need a realtor license to do this business? How do I find out if I need one in my state?
not if it is your own properties but you intend to manage for someone else, you need to be a licensed property manager.
A quick tip: keep cleaning supplies available!
indeed! Maybe it encourages tidying up.
@Bigger Pockets
Could you guys discuss investing in foreign markets. The USD has gained strength in the forex market lately and seems like a great opportunity to scoop up good deals abroad. I'm wondering what options there are for financing against a foreign property.
Thanks
Do travel nurses get rental assistance from their agencies?
Hey Richie, great question! Travel nurses are paid a per diem and a housing stipend from their agencies when on a travel assignment. They can either receive it directly to try to find cheaper housing or let the agent book it for them at a higher price.
Maybe I'm stupid but do you list on airbnb as well as furnished finder, as a Mid term? If so, do they set a duration price per 30 days and use pricelabs to maintain prices or?
Yes both of those sites. Set it to minimum 30 days and I use pricelabs to get me fluctuating rates.
Question, if a MTR tenant cause damages to the condo, how do you hold them accountable, how they pay for the damage ?
Great question! With airbnb its through AirCover, their 1 million dollar insurance policy or if its a direct booking, like through furnished finder, we take a deposit and it comes out of there. I've experienced very little damage.
I’m curious to know how much more time do you spend managing medium term rental versus long term rental?
It really depends, if you are self managing it could be similar or a little bit more. If you have a property manager and you are just managing them then it is definitely more. I have 5 MTR, 2 STRs, 5 LTRs and maybe it’s a couple of hours per week.
So much less time! I usually manage 4-5 guests a year per property. Most of our places are newly renovated so maintaining is low also
I don't get it Sarah 1200 long-term rental verse 1900 MTR that's $700 difference not including utility and yard maintenance and furniture? I would go with the long term and put the headache aside
Hi Mahdy, it all depends on where one is at in their investing journey. For Sarah, she is already paying for yard maintenance since it's a duplex so for just $300/mo more in utilities, she is getting an extra $400 per month in her pocket. For many long-term rental owners who are happy with $200 per unit, that represents two units. With MTR we are able to gain financial independence or leave or jobs using less units. It's all preference.
Are they renting the MTR by room or by the entire unit?
@RJ Sykes _ Good question, I am wondering same - if they rent to only one nurse in dwelling at a time or if rent by room to more than one nurse and how that effects the fee's charged?
Entire unit, but many people do well by the room. We just find it to be more of a hassle than we need.
@@ZeonaMTR do you have any suggestions to make a room more attractive to traveling nurses? I rent by the room, and honestly I have had no travel nurses rent from me through Furnished Finder . I’ve had several long stay guests through Airbnb thankfully but it seems like traveling nurses just don’t seem interested. (I have nice linens, comfy mattress, black out curtains, private bathroom, etc), so I’m not sure what to do at this point to attract traveling nurses. Any suggestions are appreciated. I’m in San Antonio, TX, and my home is less than 5 miles away from several hospitals.
@@healthcarehacks Make sure you have professional photos and that the furniture both in the bedroom and common spaces is stylish. On furnished finder make sure you are actively reaching out to all the leads. I have a template that I use if you need that.
@@ZeonaMTR Great information! Do you reach out to all leads, or only the leads where your property matches the requested must haves?
Sounds like chasing properties to the bottom to me,
Airbnb rates keep declining while new inventory keeps coming on to the market,
I've got some really great long term rentals that I'll never sell but I'm not sure I would be excited to get into a new venture at this time,
Call me scared money lol
It all depends on where people are in their investing career, the newbies may want to milk their places for all the cash flow possible so they can leave their jobs. You seem pretty comfortable so you may not want to go the extra mile to furnish
Loved this one. Been on the fence about str vs mtr. I’m in the process of building my adu right now
congrats! This will be great for you
Who pays utilities
The landlord pays them.
The owner does
Does 50 deals in 20 months and being an owner of a software platform qualify you to be a guest?
If you are interested in being a guest on the podcast you can apply here! airtable.com/shrUj5YX0XwmJk1qb
Im in Baytown, near Pasadena. Im thinking the MTRs will do well here.
You definitely want to dig into comps before buying anything
@@ZeonaMTR will do. LTRs do really well here. The refineries have a lot lf temp workers and they have a well developed medical system.
@@03c5z Nice! Sounds like a great opportunity. Go get 'um
David Green= D-G! Have a black person say it. We’ll make it sound cool!😊
love the vids man your sessions are very inspiring
David/Zeona power couple 2023?…
ha! nah
You’re DG. The dollar general.
sorry, I got to ask this question. one of the guests said they can rent a one bedroom for 1400 per month or $2,400 as a MTR. but, once you add utilities cable, etc are you making only like $400 more? honestly, with the wear and tear on the furniture I don't know if it's worth the small difference.
This property I rent for $2500 now, mortgage + hoa is $1250, utilities are less than $100/mo because I only have electricity (heat comes through a shared boiler) and WiFi. I’m making plenty in the spread.
@@ZeonaMTR how much would you get if it was a long term rental?
@@ZeonaMTR that is awesome less than $100 on utilities. Utilities on my four unit apartment is about 450 per month, so over $100 and I do not pay for cable.
@@tinachxx110 Likely $1250-1400 so nearly break even
@@phil1954 Yes its important to favor in utilities when running numbers because they can vary so much on what you buy!
To go surfing and run into Brandon and Josh would be the most epic moment ever! Such an awesome story.
thanks!
Waaaoooww😂
You're famous? C'mon Man!
You're talking my language!!!! Thank you for this video. How do I submit a question for the show
In the forums I believe
After one eviction last year, I turned one of my long term rental to MTR for traveling nurse. Love it! This year I turned 2 more LTR to MTR. Most of them extended hospital contract to 6 months. Now I learned to refurbished furnitures to furnish my property. Most of them I get it free.
Incredible. Congrats on your success
Thank you Zeona, Sarah, David and Rob
Nice nuggets of information. I have turned a long term rental into a medium term rental. Sounds like I made a good decision.
How long ago did you transition it? How's it going for you so far? How big is the population of the market you're in?
heck ya you did!
@@josiahhein6036 it took me a month to transition feom LTR to MTR/STR becuase I had some repairs to do after move out, furnishing, and getting utilities set up. I spent 2 weeks fine tuning things up to my standards (example: staying there myself and using the space and a couple of soft opening stays with friends and family who were traveling to the location anyway.) After my own experience and the feedback, I fine tuned the experience and am listed and booked
Great show, bought the book.
Thanks so much for your support Mario! Let us know what you think.
Is there any plans to make a medium term rental calculator on Bigger Pockets? Or is there any place other place to find estimates for average rents? Thx
just use the long term rental and adjust to mid term! Or you can use short term rental prices booked 95%, and take away 10% -15%.
@@currently9143 Yep thats a great plan. Just make sure to account for utilities and furniture.
So basically what you're telling me somebody came up with a fancy name for month-to-month rental agreements? Incredible. I have month-to-month rental agreement on all my units where the tenant and landlord are not tied or obligated to a specific amount of time to each other.
Not the same.
@@josiahhein6036 Agreed not the same. These units are furnished and if you learn to market them well, you can get 2x market rate rent.
@@ZeonaMTR it's the same and my point was proven in the deep dive example at the end of the show where the tenant stayed at the unit for almost a year.
The only difference in the strategy is that your marketing toward a specific group of people "travel nurse". I'm getting the same result marketing toward section 9 tenants in my county receiving guaranteed market rents with zero vacancy with a strategy called month-to-month rental agreements. Been around for years, nothing innovative about that.
@@JC-qu7iw I agree that executive rentals are nothing new but renting unfurnished to section 8 is not the same. Ita a great strategy but a completely different tenant avatar. Nurses are not new as well but the demand for this type of housing exploded since covid so we are just bringing the information and the opportunity to the people.
I wonder in the duplex you have , if the long term tenant gets annoyed with having to have to constantly live next to somebody new.
Bad podcat
It's crazy how things are reversed in this day in age. You have millennials and Gen Z putting in work to retire in their 20s and 30s and those in other age groups still wanting to think about it. We ain't trying to work another 2-3 decades.
Yup
Exactly my plan
I'm trying to retire by 40 and started my financial/investment journey at 30. I'm 36 now! Lol. I better hurry!
@@josiahhein6036 Its doable, you got this!
As to whetherbor bot "learnings is really a word, the Gramarist says "You may use “learning” and “learnings” in informal contexts or corporate jargon. However, it’s still best to stick to synonyms “lessons” or “studies”.
I guess we should take out our cobb pipes and enjoy the use of this word in such informal settings.
Woot first 🥇
This was hands down David Green’s worst performance I’ve ever heard. He just came off so offputting while talking to the girls about how famous he is. So so awkward. It reads like he’s got the biggest chip on his shoulder with women. You know how young guys that can’t talk to women “neg” them. That was this, but even worse, because he’s actually got the power dynamic in his favor. I literally cringed over 15 times. Humility on the part of David Greene is in sadly short supply in this painful episode. I really like BP, and David for that matter, but man how uncomfortable. Be better David.
Hmm I didn't have that experience, but if it helps, he was really sick while recording this episode.
@@ZeonaMTR key insights.. perfect example of why one shouldn't jump to judge people so quickly, you have no idea what cross they are bearing or what weight they're carrying, or any other million explanations for why they may not be acting perfect in the moment.
@@ShadesofTexasLLC 100%
Oh I see you guys are trying to sell a book. That’s why you’ve been pumping this so much
Actually its because its a strategy that works really well right now, whether or not you buy the book. Investors need to stay informed and be ready to pivot as markets change
Do you like renting to college students? Talk about throwing house parties.
I don't. They are not my MTR tenants
I'm so fucking tired of this podcast trying to sell me things
Why are you guys pumping midterm rentals so much now? This isn’t anything new and even Airbnb was promoting this at the start of the pandemic. Bigger pockets seems to be lagging on trends per usual. I do also see because so many over payed for their properties that this is a better option with str being banned In many places and booking slowing down