Rental Property Investor · Greenville, NC · Member since 2017 · 78 posts · 38 votes
It's been a while BP Nation!
It's been quite the ride getting started! I've finally seem to found my niche in short term housing for traveling medical professionals. My duplex is 1.5 miles away from the local hospital (Vidant Medical in Greenville, NC).
Is there anyone else that is currently using this approach?
What have you found that helps your vacancy rate & most of all how to create a better experience for your traveler?
There is a petrochemical refinery in my town of 9500. I rent to travelling contractors, welders, pipefitters, boilermakers and such. I keep an ad up on Craigslist every day, and I have a billboard in the contractors parking lot.
How do I make a better experience for my renters? There's a washer/dryer with detergent in every house. Larger houses have 2 of each. Every kitchen has all the utensils and appliances to cook everything from a pop tart to a Thanksgiving dinner. Living rooms have a Smart tv along with cable. Bedrooms have cable tv.
Every common living area is decorated with masculine themed artwork. Every bedroom is decorated with nude women.
There is a petrochemical refinery in my town of 9500. I rent to travelling contractors, welders, pipefitters, boilermakers and such. I keep an ad up on Craigslist every day, and I have a billboard in the contractors parking lot.
How do I make a better experience for my renters? There's a washer/dryer with detergent in every house. Larger houses have 2 of each. Every kitchen has all the utensils and appliances to cook everything from a pop tart to a Thanksgiving dinner. Living rooms have a Smart tv along with cable. Bedrooms have cable tv.
Every common living area is decorated with masculine themed artwork. Every bedroom is decorated with nude women.
@Sebastian Kressley Sounds like you have found your niche due to your location. My Niche is for families taking vacation since I am on a Lake with a Dock.
@Sebastian Kressley That's great to hear from you. Are you living in one side of it or have you moved on? I'm sure your CL ads read a bit differently than @Paul Sandhu 's, but it's the attention to detail and the accuracy that stand out to the renter.
@Nancy Bachety thank you for the response! Currently I live in one side and rent the other. Looking for the next duplex now. June 2019 both sides will be rented. Short term in side A and long term in side B.
@Nancy Bachety Side B will just about cover the mortgage and A will be pure cash flow. Diversification is really what it comes down to, for me I thought as though it was a safer move.
Does anyone know what typical per diems these medical professionals (or nurses) receive? Are they booking properties at $100/day? $150/day? What’s the price cut off for most of them?
I was a resident and Vidant, and rented out my rooms to all the travel nurses that came through. It was a good strategy and I made a lot of money and stayed pretty full. But I found that by expanding to not just the nurses, I stayed even fuller. I advertised on Airbnb that my room was for traveling professionals and offered an all inclusive monthly rate. I didn’t make them pay through Airbnb since it had a surcharge, but you have to be a bit careful. While I never had a problem getting people to pay, some of the people that I could not host and referred to a friend didn’t pay.
@Heidi Kenefick thank you so much Heidi! I will absolutely reach out. I’ve had nothing but success as well and the many I have referred have been amazing! I have found that some reach out on VRBO - I am going to market on there.