Investor · Statesville, NC · Member since 2015 · 113 posts · 58 votes
Does anybody know about medium rental lease is? Is it only the timeframe that differs from a long-term rental lease? I’m branching into medium and short term rentals and I’m doing my due diligence right now! Any advice and help would be greatly appreciated!
Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
I know I live in a very unique MTR environment with more universities within walking distance of all of my properties than anyone else on this continent, but I do want to add to the list of potential tenants, visiting scholars.
If your property is near a university or college, visiting scholars are also potential tenants for fully furnished MTRs.
Amen! I live near Longwood and my wife used to be a nurse at BWH. In 2-3 years my wife wants us to move to TX so I'm just going to MTR my primary here in Boston to traveling nurses.
Does anybody know about medium rental lease is? Is it only the timeframe that differs from a long-term rental lease? I’m branching into medium and short term rentals and I’m doing my due diligence right now! Any advice and help would be greatly appreciated!
Leases are similar except I take out the language that allows the contract to switch to month to month.
We do a background check, and credit check unless they'd rather show documentation from work for travel. We'll take that instead.
Does anybody know about medium rental lease is? Is it only the timeframe that differs from a long-term rental lease? I’m branching into medium and short term rentals and I’m doing my due diligence right now! Any advice and help would be greatly appreciated!
It really varies by the state
Naturally, the first thing to jump out is the term.
but generally there are specialized amenities, increased entry maintenance, and possibly specialized rules.
again, your state laws will guide a lot of this.
more important than the lease, especially in strong tenant rights states, is discovering who you are leasing to!
Thank you for your response. I used to live in New York, Niagara Falls area, and that is a very Tenant friendly state for my experience. I have about 30 years experience in long-term rentals. Currently I live in North Carolina, which is much more Landlord friendly. The system here understands that we work very hard to obtain these properties and that putting it in somebody’s control is, their responsibility to take care of it. I love the thought process! And you are 100% right. When anybody tells me they’re getting into Landlord and asks me for advice. I tell them that the absolute number one most critical thing they can do is know who they are renting to. Screen him like they’re becoming part of the CIA, because they could make or break your frustration level while they are there! Thank you so much for your reply. I wish you all the best and happy investing!
Not only is it the time frame but often times the lease is more extensive. All of my mid-terms in Denver are furnished (Which I would always recommend for midterms) so we have to include extra provisions in the lease about that as well. We also have different provisions than long term lease on notice to quit and renewal clauses because travel nurses often have a set time for when they know their stay will be extended and because often times travel nurses can have their contracts cancelled abruptly and sometimes even a few days after arriving. If you have any questions feel free to reach out as I have a few mid-term rentals myself!
Brett, What extra provisions do you include in the lease for furnishings? Thanks!
I was at a meetup in Denver a few weeks ago and the guest speaker was Zeona McIntyre who is the author of the 30-Day Stay book that goes over everything STR/MTR. She's awesome and covers all the questions you'll likely have on this strategy. Hope that helps and best of luck with your MTR's 🤝🍀
This makes it like a silly question, but are you referring to Denver Colorado or Denver North Carolina? I would love love to see her. I just finished her book and would just love to see her in person.