We introduced our MTR Host Resources section a few months ago to help prospective mid-term rental operators get started. In this post we’re going to walk you through exactly how to use these resources to maximize your MTR operation.
Here is a realistic (but fictional) scenario using an example avatar that we’ll call Alex. Alex owns two duplexes that they currently rent out on traditional long term leases. They’ve owned the properties for a few years and have become disappointed with the profits they’re making. They are barely breaking even most months and at this point they are considering selling the properties and putting the money to work someplace else.
While scrolling social media Alex comes across a rental strategy they hadn’t considered previously known as mid-term rentals (MTRs). With claims of increased profits versus long-term rentals (LTRs) and less operational and regulatory headaches than short-term rentals (STRs), this sounded like an ideal strategy that could allow Alex to keep their rental properties.
Alex was intrigued but didn’t know where to start. As they continued their research they found our MTR Host Resources. Using our MTR Starter Guide they learned the exact steps needed to convert their four LTR units to MTR, including how to research their area for mid-term demand, how to run their numbers to ensure profitability, how to budget and source furniture, and tips for creating their first listing.
With a big picture plan for converting their units to MTRs, Alex’s next task was figuring out how to furnish their units. They turned to our Furnishings List and Minoan Showrooms for inspiration and guidance. These resources provide the exact pieces we selected to furnish our units, including prices and links. There is also a budget tracker included so you can see exactly how much you’ll need to spend to get started.
Alex now had a plan and furnishing budget for the units, now they just needed to figure out where to get the funds to purchase the pieces. Alex didn’t have the cash on hand to furnish all four units, but knew the value of their rental properties had increased a bit over the last couple years and decided a cash out refinance would provide the funds needed to buy the furniture. After reading our post about our experience using Kiavi for our refinance, Alex chose to go with them, and saved $350 at closing by using our referral link.
Alex’s experience with Kiavi went just as smoothly as ours and they were able to pull out about $40k in equity from just one property. Enough to spend up to $10k per unit for furnishings, which was more than enough based on the budget Alex created using our Furnishings List. Now with a plan, budget, and funding Alex was ready to get started.
After measuring every room and ordering the pieces for the soon-to-be furnished unit, the deliveries started to arrive at Alex’s rental property. With the help of a friend, they were able to assemble and stage the first unit over a weekend. They took a ton of photos of the furnished unit and created their first listing for Furnished Finder. Since it was their first listing, they wanted to get feedback from an experienced operator. Alex decided to contact the community at Nalsie Ventures and request a review of their listing. They received constructive, detailed feedback that helped them to improve their listing and they confidently posted it on Furnished Finder, where they received inquiries right away and their first booking within a couple weeks.
And as a bonus resource, if Alex’s properties were located in Cleveland they would be able to list them on our Furnished Housing page (or ClevelandTravelNurseHousing.com) and we can help get them rented. We offer a referral program where we share leads with other operators in our network to help them keep their units filled.
If you are like “Alex” and would like to learn more about getting started in mid-term rentals, we encourage you to utilize the tools available within our MTR Host Resources.
