Short Term Rental Strategy in Alexandria VA

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Hello fellow BP investors, I am trying to do a favor for one of my co-workers. He owns an old row home in Old Town Alexandria Va. It started as a primary residence and turned into a rental so the numbers aren't great. I told him today that he might want to consider offering the home as a furnished, short term rental to increase his NOI. I'm not talking AirBNB as that strategy could become rather cumbersome, especially for he and his wife who are both military and often out of state. Something more like working with an agency for housing traveling nurses or some other form of professional. Anyone have any experience with such a strategy or have any recommendations.

The largest employer in my town of 9500 is a petrochemical refinery.  They permanently employ about 600 local people.  But at any given time, there are 50-250 temporary workers here from far away doing contract jobs.  They are the people you see working on the large erections of steel at a refinery.  I rent my STRs to them.

Drive by your local motels in the evening.  Look for company trucks, they'll have the company name printed on the side.  Those people get a per diem to pay for their motel and food.  Those people are your target market.

Try to fit that target market in with your day job.  My day job is doing the pre-employment drug screens for people to enter the gates at the refinery.  That's how I make my sales pitches and find out what companies are coming here.  I provide my information to their HR department to disseminate to their workers before they come here.  When my older tenants leave, they each receive to take home a wall calendar of scantily clad women with information about my rentals on the bottom.  Younger guys will get a xxx movie with my information on the jacket.

Hey @Andrew Hemminger I know a few people who do this successfully.  They consider it a "corporate rental".  I would start listing it as a furnished rental on Craigslist to test the waters.  If you don't have any luck there are management companies who specialize in marketing to corporate clients as well as travelling nurses.