70% Higher Rents with Mid-Term Rental Properties

[@yonmoore]

Just saw you both at BP con in San Diego!!! Really enjoyed your presentation and now this KZbin video.

[@jasonbrungardt3682]

Very excited to see you two young ladies getting out there and making it happen! Congrats. Keep the hunger. God bless your journey.

[@raj1essrani]

Great stuff!!

[@gracegudenkauf6813]

Thank you!!

[@mrc.4751]

Really interesting. Great questions and topics to think about. Thanks for sharing!

[@ameliamcgee657]

Thank you!

[@josephlusardi759]

Crushing it!! I love to see fellow young people taking advantage of opportunities. I hate to go there but being women, it’s so encouraging to see, I have a daughter and you guys are such an inspiration. You’re really doing it! I don’t know you but I’m so proud of you. Get it!!

[@ameliamcgee657]

Thank you so much - what a kind comment! We love being an inspiration to others - especially women!

[@lloyddickerson1559]

Hi and thanks so much for sharing your knowledge! Quick question. I have 6 STR's and often get 30-90 day stays but want to focus on Mid Term Stays. How do you keep a 90 day block open for a booking without blocking your calendar for short term stays and loosing money while waiting for that Mid term stay? Thanks so much for your time.

[@larrychong]

Where do you best market your unit for Mid-term rental? How do you target traveling RNs & such midterm corporate workers?

[@gracegudenkauf6813]

Furnished finder!!! It’s mostly used by travel nurses with other traveling professionals as well :)

[@travisjacobsvideos]

I have been considering my unit for a mid term rental for when I move out. I could just leave the temporary furniture i bought new and leave it there 🤷‍♂️. Thanks for the insights!

[@ameliamcgee657]

Definitely worth a shot!

[@gracegudenkauf6813]

Definitely!!

[@chuanqiwang9427]

Thanks fhe sharing. Do you charge the traveling nurse 3 months at beginning of the signup or month by month like the traditional rental.

[@ameliamcgee657]

Month to month!

[@evickyhill]

Hello! Loved this video. How do you price the mid-term rentals?

[@ameliamcgee657]

Look at comparables on Furnished Finder and Airbnb monthly stays!

[@coachdudeck]

What type of insurance roadblocks have you run into (if any?)...

[@ameliamcgee657]

None! These are technically not considered short term rentals (since they are 30+ day stays) so no additional insurance is needed other than our standard landlord insurance.

[@kailalily3719]

This is great, thank you! How do you protect yourself against possible squatters given the extended time frame of a mid-term rental?

[@ameliamcgee657]

A good lease ;)

[@kailalily3719]

@@ameliamcgee657 thank you!

[@richardjudge2322]

S/O Long Term. Great video

[@07krutons]

Would love to hear how the profit/loss shakes out at the end of a year and if it is really worth it

[@ameliamcgee657]

Good idea. I know we’ve already made our initial investments in the furnishings back and are profiting $500 more per month than we would with a long term tenant so it seems that it will be!

[@mlaclair2009]

Great video and info. What can an out-of-state investor expect to pay a PM to manage a mid-term? With far less turnover I'd expect less than the 20-30% a short-term requires. Thanks!

[@ameliamcgee657]

I’m not sure! Probably 10-15% would be my guess. I’d call around and ask, some might not even be familiar with the concept!

[@aaronlewis7191]

What platform(s) are you using to analyze a market to see if mid-term rentals work in that area? Which platform(s) are you using to list your units?

[@ameliamcgee657]

There isn't a specific platform we use to analyze a market for mid-term rentals. A good indicator is the number of hospitals in the area. We use Furnished Finder and Airbnb to list our units.

[@asmrwaterskin2478]

Hi guys I have a Triplex in Iowa Falls IA and trying to figure out a property manager. Any advice or reference?

[@ameliamcgee657]

You might try looking for a property manager in the Waterloo/Cedar Falls area if you can't find one in Iowa Falls.

[@asmrwaterskin2478]

@@ameliamcgee657 i kind of did but maybe need to look into it again

[@ameliamcgee657]

@@asmrwaterskin2478 Good luck! Sorry I can't be of more help, I'm not located in that part of the state of Iowa :)

[@tressacramer9192]

Do you allow pets? Are there any extra fees that you charge if you do allow pets?

[@ameliamcgee657]

@@tressacramer9192 Yes, I allow pets. I charge a $50 fee per month.

[@avaisabella5585]

How do you guys deal with regulations in the cities that you all have arbitrages in? Or do you all not have to worry about that bc you're renting your units out for no less than 30 days?

[@ameliamcgee657]

There aren't any regulations in the cities we invest in that disallow short term rentals. However, since these are monthly rentals, the same rules as short term rentals don't apply anyways.

[@avaisabella5585]

@@ameliamcgee657 Gotcha

[@catherineduncan6611]

Now that I’m getting further into purchasing a property, I’m realizing there are some legal obligations that I know nothing about. Do you recommend getting a lawyer to write up these leases? I really don’t know what I’m doing as far as that goes

[@ameliamcgee657]

Yes! If you are lost when it comes to leases you either need to hire an attorney or reputable property management company to help.