The Midterm Rental Lease

[@midtermrentalconsulting]

If you are struggling with analysis paralysis and/or your rental is underperforming, email me for a one hour consulting session. I can help. [e-mail]

[@jackiejake3501]

I'm new to the MTR business and I found this video very helpful, I have also emailed you for the Lease Template. Thanks for all you do.

[@midtermrentalconsulting]

Thank you for watching and for the nice remarks.

[@chaelecooper5769]

your videos are so helpful, erin. thank you! I had two airbnbs in los angeles for years, then switched to long-term tenants when our city ordinances changed in 2019. now investigating mid-term for a current vacancy. as a housing provider, however, I encourage my guests and tenants to let me know immediately if there's a leaking faucet or other damage because I want to know about it right away and repair before it turns into something more expensive. I do have my technicians schedule directly with my tenants whenever possible... 🙂thank you again !

[@midtermrentalconsulting]

Thank you for watching and for your thoughts on timing with maintenance. Hope you like MTR as much as we do!

[@briandwyre7712]

do you do rental arbitrage at all with MTR?

[@MikeDeZort]

Awesome info thanks

[@midtermrentalconsulting]

Thank you for watching!

[@angelinekanehailua1788]

I am new to MTR. Thank you for the information in your video. I am interested in your lease templet. I wish you had a reply section to some of the questions that were asked, it would be helpful.

[@midtermrentalconsulting]

Would that be easier than just the replies embedded in the videos?

[@nursekeng9545]

Am new with MTR what are the regulations? Do i need to get permits from the city and HOA?

[@macoeur1122]

Erin, Thanks you so much for your videos! Question: Is there a reason you do your background checks through Zillow instead of Furnished Finder?

[@midtermrentalconsulting]

Because I primarily use Zillow and Airbnb these days to find tenants. I have not been using FF as much in the past 18 months.

[@12janicerd]

Can you just do a tenancy at will agreement?

[@midtermrentalconsulting]

For people that want more information on this topic, check out this link: ipropertymanagement.com/laws/colorado-eviction-process#:~:text=In%20Colorado%2C%20a%20landlord%20can%20evict%20a%20tenant%20without%20a,or%20%E2%80%9Choldover%20tenant%E2%80%9D).

[@jamesschafer5133]

Question regarding renting individual rooms in a home. How is the best way to handle this?

[@midtermrentalconsulting]

This is a big question that has some nuance. Please email me if you'd like to discuss. [e-mail].

[@joannpalladino6761]

Where can I find a printable lease? And how do I schedule a consultation with you

[@midtermrentalconsulting]

You can email me for both. [e-mail]

[@kymeriascott4180]

​@@midtermrentalconsulting good morning. do you mind sending me a lease template

[@nakzadi4015]

How about if it’s less than 6 months but more than 3 months? Who’s going to pay for the small maintenance fee? 🙏🏼

[@midtermrentalconsulting]

There's an argument that the tenant should still pay a small amount of the maintenance fees. My concern with this though is more about getting them to schedule than it is the payment. The structure for this is to prevent me from having to schedule anything.

[@adrianwooten6848]

What is your deadline for extensions?

[@midtermrentalconsulting]

I used to say 45 days, but now I don't even put that in. I just try to source a new tenant and when someone serious comes in, I give my existing tenant the option to renew the lease at whatever price or length the new interested party is willing to pay/rent at. If they pass, then the new party is secured.

[@macoeur1122]

This may not be the best video to post this question under because it's not really related to the topic.....But having just rented my "mother-in-law suite" / ADU for the first time with a lease from June 1 through Sept 30, I now have another renter wanting the unit fromJanuary through March. I'm just wondering how landlords typically handle this kind of scheduling issue. Not that it's anything "huge"...I guess I'm just thinking, if I black out the availability from January through March of next year, it may be more difficult for me to get someone in the unit for October, November & December. Would it have been better for me to hide my listing until maybe 1 month prior to it's availability in October? Just wondering the best way to navigate this and/or think about it.

[@leesillemon6749]

Hello, you are doing a great job. I have a question for you if you will. Do you prequel the midterm tenant before you show the unit? Thanks

[@midtermrentalconsulting]

Thank you for the kind words. This is a case by case situation. A lot of the time, I provide the tenant with a video but don't necessarily show them the unit in person... especially, if it is has current tenants. Again, depends on the circumstances.

[@alona724]

In MO they always say you can’t use the deposit to cover rent. Is this different in CO?

[@maritparker7059]

How much do you charge for an application fee? We are looking to rent a furnished home. Love the video! Thank you

[@midtermrentalconsulting]

Both KeyCheck (embedded in Furnished Finder) and Zillow Rental Manager pass the application fee onto the tenant. The cost is $30-$39.99 depending on the platform.

[@camerinj]

Question would you say your book gives the basics to get started ?

[@midtermrentalconsulting]

I'd buy the Guide to Midterm Rentals or My First Workbook for that. Both of those are specific and for beginners.

[@72franzini]

Do you include the utilities on the first 3 months rent?

[@midtermrentalconsulting]

Not if they are renting 6+ Mos.

[@michellediehl754]

Hi Erin! Thanks for your educational video on mid term rentals. I just purchased a condo and would like to use your lease. Can you please share with me? Thank you! Also, I will live in my rental for four months of the year and lease it the other months. Do you see a problem with this scenario? I am planning on keeping utilities in my name. I will only require them to provide their own internet/cable. Just seems easier for all. Again is this going to be a problem for me???? Thank you!

[@midtermrentalconsulting]

Hey there- Here is the link with the lease, etc. stan.store/erin_spradlin

[@diegoutor8891]

Hi Erin can I have your template pls

[@midtermrentalconsulting]

Absolutely. You can download it here: stan.store/erin_spradlin

[@KAS20238]

Hi Erin, what type of insurance do I need to have for my medium term rental properties

[@midtermrentalconsulting]

I am not an insurance agent, but I believe you can use your standard insurance as it is 30+ days. Nevertheless, make sure they know what you are doing and maybe see if it makes sense to add a landlord policy on top of it. (This supposedly protects you for lost income in case of some catastrophic event.)

[@Jayn911]

Is your book different content than the videos?

[@midtermrentalconsulting]

Yes.

[@anicorless]

Can you elaborate on hiring a building manager? I just have one house but own it from out of state.

[@midtermrentalconsulting]

Are you talking about a property manager? My opinion is that people in the long-term and midterm furnished space should do their own rentals without a property manager as they are easy enough to do on your own and you can save a ton of money.

[@kristineoquendo5479]

How do you hire plumbers or handyman? Do you pay them monthly fee so they can be on call for emergency cases like flooding of toilets etc.? Or only one time fee per incident?

[@midtermrentalconsulting]

One time fee per incident. I don't know if I've ever needed to call one either. I have had to call electricians and washer/dryer repair, but I've never had a middle of the night emergency where I needed someone to come in immediately. That said, if I did- there are 24 hour plumbers. You just pay more.

[@kristineoquendo5479]

I see thank you so much

[@اماراتيوافتخر-ت2د]

Im interested in learning from you.

[@midtermrentalconsulting]

Great. I'd love to help. You can email me at [e-mail].

[@hopejordan2386]

Do you offer consulting for rental arbitrage? My business is matching tenants to properties of other homeowners. Also, I’m seeing a lot of ads regarding paying for pets and people are now wanting to name them as service animals, therefore requiring no additional fees. What are your thoughts and recommendations?

[@midtermrentalconsulting]

For arbitrage, this would be a case by case decision. It is similar to non-arbitrage and I have consulted on it before for a few clients. Re service animals, etc. It's kind of a nightmare situation. I have complicated feelings about pets and their role in rentals in the future. Specifically, if Americans can't afford kids moving forward and their pets become their children, then pets should have the same rights as kids... BUT, as a landlord, I think the support animal letter writing feels disingenuous and not a good solution for the property owner.

[@joyallen2415]

We have a short-term rental and somebody found us through VRBO. They would like to rent for 9 months. How would you handle that? Would you run it through? VBRO? Or just have a lease on the side?

[@midtermrentalconsulting]

Hey Joy! Thanks for the question. Can you please email it to me at [e-mail]? Thank you!

[@ori_agonor]

How do you control utility usage? I have some traveling nurses leaving light & spaces heaters on all day while there are out of home

[@midtermrentalconsulting]

If you have them on a lease (so FF, Zillow, Avail, etc.) you can put in a utilities deposit (assuming your state allows for this.) If you are on Airbnb, you are more limited. I usually cover utilities for people staying 6 months or shorter. I make them do the utilities if they are staying longer.

[@maximizedmoney]

The maintenance angle is very interesting. Can you please offer an example? I think you said chancing light bulbs. And what about other stuff like toilet paper, detergent, hand soap? Do you just have ample of that in house for 3 months? Or are they responsible for getting their own? Thank you! I also sent an email about getting a copy of the lease.

[@midtermrentalconsulting]

Happy Thanksgiving! And thanks for the comment! I might do a first round of everything (toilet paper, paper towels, etc.) but I don't supply that for the entire stay. They need to fix stuff like that same as an LTR would. Re maintenance, it's smaller stuff. I think maintenance should be like $300-500 or less for smaller items. That way you aren't playing telephone for minor expenses.

[@tracy3066]

Erin what did I hear that you don't provide sheets and towels for Midterm stays? I'm thinking about copying that!! (Has it gone over ok?) And where and when do you let them know they need to bring there sheets etc? (I thought I say that in your lease or your welcome doc but now I can't locate it)

[@midtermrentalconsulting]

I let them know when we start having discussions about them renting the place. I've found people react better to bringing their own sheets and towels than they do arriving and seeing them clean but used.

[@tracy3066]

@@midtermrentalconsulting Thanks for the info! For some reason I thought you had it in your lease or your welcome doc. I think I'm going to try it. The property they will be staying at has a coin-op washer so I don't want to incur the extra cost to have to wash the linens and towels or have to take them home and wash them. (I just don't think I can do that if I end up booking someone on Airbnb to fill in the gaps between nurses)

[@midtermrentalconsulting]

@@tracy3066 Agree. Much easier to do as an MTR than an STR.

[@tracy3066]

@@midtermrentalconsulting ok what about kitchen hand towels and wash cloths? Do you provide those? And what about the mattress cover and comforter? Do you provide those? I would appreciate your help! I’m taking in my first mid term rental this Saturday!!

[@midtermrentalconsulting]

@@tracy3066 I don't provide kitchen towels either. Yes on a mattress cover. Good luck this Saturday!!

[@tameralynn7579]

I am starting my first medium term rental on December 1st in Colorado! Can you send me your lease you use please?

[@midtermrentalconsulting]

Please email me directly at [e-mail] and I'll send it out.

[@tameralynn7579]

@@midtermrentalconsulting done!

[@ernestocarrillo7]

@@midtermrentalconsulting I see you responding to the comments. Your awesome Erin and team.

[@midtermrentalconsulting]

@@ernestocarrillo7 Awe! Thanks! Happy Holidays!

[@ernestocarrillo7]

@@midtermrentalconsulting✌️

[@abbar1122]

Where can I get your contract?

[@midtermrentalconsulting]

You can reach out at [e-mail]

[@cmargo10]

Florida is 28 days

[@midtermrentalconsulting]

It is likely set at the city level and not the state level.

[@beverlycampbell7902]

Please send the copy of the lease you use that you offered to send on your very helpful video today. I have sent a separate email with my email address. Thank you.

[@erinspradlin2188]

Yep. It is on its way.

[@vcventures]

@@erinspradlin2188 Can I get a copy as well? About to send an email.

[@leahlandis404]

So, you have the tenant video and send the video by way of Marco Polo within 48 hrs..what if they dont comply..or don't get around to it for weeks?

[@midtermrentalconsulting]

You can also do the video and say something about needing a response time. If not, it's assumed the rental is in the condition in the video.