Insurance company placement for medium term rentals

[Malik R.]

I have received messages in the past from insurance companies trying to place their clients on medium-term rentals and a colleague has recently taken on such a tenant.

I wonder if insurance companies have departments that arrange rentals for their clients who may need to be out of their homes for fire or other reasons. Where can one find this category of tenants?

[Cameron Moore]

@Kyle Mccaw might be able to answer this. He/his network have rented for short to medium term to people being housed while their fire-damaged properties are restored. 

[Kyle Mccaw]

@Malik R. 

These mid-term rental make GREAT money. I had one this year that an insurance company paid me $30,000 for 4 months. The house was all bills paid and furnished by me. Unfurnished, it would typically rent for ~$1,200/month.  

yes many insurance companies have departments that source housing. But most often they contract with a 3rd party. They are difficult to find and contact. Can you imagine the number calls they would get? We keep a list of these agents so we can reach out to them to stay front of mind. 

[Kyle Mccaw]

@Cameron Moore thanks for remembering me on this.

[Eliu Rosario]

Quote from @Kyle Mccaw:

@Malik R. 

These mid-term rental make GREAT money. I had one this year that an insurance company paid me $30,000 for 4 months. The house was all bills paid and furnished by me. Unfurnished, it would typically rent for ~$1,200/month.  

yes many insurance companies have departments that source housing. But most often they contract with a 3rd party. They are difficult to find and contact. Can you imagine the number calls they would get? We keep a list of these agents so we can reach out to them to stay front of mind. 

 How is the rent determined in cases like these?  Is there a formula for how much you charge or do they give you a fixed rate?  

[Jamie Banks]

List on ALE Solutions which is a site that houses displaced families. When you list you include the address, BR/BA count, etc and a housing specialist will reach out to you when a family needs housing in your area. The issue is that these requests come in last minute and the guests often need housing ASAP (within the week) so listing on those sites requires a lot of calendar management. 

[Adam Martin]

Quote from @Jamie Banks:

List on ALE Solutions which is a site that houses displaced families. When you list you include the address, BR/BA count, etc and a housing specialist will reach out to you when a family needs housing in your area. The issue is that these requests come in last minute and the guests often need housing ASAP (within the week) so listing on those sites requires a lot of calendar management. 

I have used ALE solutions in the past and they were great.  I had a ltr and they paid to furnish it and rented it for 750 over market for 6 months.  I was hoping I found a nice niche with them and listed again when I had the next vacancy but they didn't need anything at the time.  Now I just focus on LTR because I don't want to deal with the vacancy but if they reached out again and it was a slow time of year I may be tempted.  I doubt I would do it in the summer though when rates are up but off season is a possibility especially around the holidays.  I really thought I found a gold mine here and was hoping to just turn them all into MTR for them but there is just not enough consistent demand and I'm not willing to let it sit vacant hoping they reach out.  

[Jamie Banks]

@Adam Martin Listing on ALE Solutions is a great option, but as you mentioned, it's not enough. Once I'm connecting with a housing specialist at ALE Solutions in my city I send consistent follow ups to see if housing is needed. Most of the time the answer is no but I like to be on the front of their minds when a housing need arises. Furnished Finder and Zillow are also great sources for finding insurance related housing inquiries. 

[Bonnie Low]

Check out Rachel Gainsbrugh on social media. She has conquered the insurance placement niche and offers free and paid coaching and courses on this market. Given California's wildfire risk, insurance placements can be a smart strategy to focus on.

[Kyle Mccaw]

Quote from @Eliu Rosario:

Quote from @Kyle Mccaw:

@Malik R. 

These mid-term rental make GREAT money. I had one this year that an insurance company paid me $30,000 for 4 months. The house was all bills paid and furnished by me. Unfurnished, it would typically rent for ~$1,200/month.  

yes many insurance companies have departments that source housing. But most often they contract with a 3rd party. They are difficult to find and contact. Can you imagine the number calls they would get? We keep a list of these agents so we can reach out to them to stay front of mind. 

 How is the rent determined in cases like these?  Is there a formula for how much you charge or do they give you a fixed rate?  

It's your property. You set the terms. You can negotiate with them if you want.

[Chase Puckett]

Quote from @Jamie Banks:

List on ALE Solutions which is a site that houses displaced families. When you list you include the address, BR/BA count, etc and a housing specialist will reach out to you when a family needs housing in your area. The issue is that these requests come in last minute and the guests often need housing ASAP (within the week) so listing on those sites requires a lot of calendar management. 

 how long does it typically take them to reach out after filling out the ALE property form? I submitted a while ago and haven't heard anything...

[Jamie Banks]

It depends on the demand in your area. I've reached out to a few reps directly via Linkedin to get on their radar @Chase Puckett

[Chase Puckett]

I am in the denver area

[Chase Puckett]

Reached out to a bunch with no response. Any other company suggestions? I have a great home setup, just need to find the right connections on the placement side

[Pedro Cardoso]

@Chase Puckett, any luck with ALE or did you find any other companies that does that? Thanks!!

[Nicole Heasley Beitenman]

Do you still have those messages? I'd reach out to the representative who sent them and ask who you can speak to within their organization.

[Chase Puckett]

Quote from @Pedro Cardoso:

@Chase Puckett, any luck with ALE or did you find any other companies that does that? Thanks!!

 Nope, no luck. Most of my leads have been through airbnb but those are slowing down and occupancy is becoming more spotty. Any suggestions welcomed. I have two luxury, fully furnished properties with great amenities 

[Chase Puckett]

Quote from @Nicole Heasley Beitenman:

Do you still have those messages? I'd reach out to the representative who sent them and ask who you can speak to within their organization.

 I do and seem to be hitting a wall with them. They say I am in there system and they will reach out if they have a fit. 

[Roger Flot]

Quote from @Jamie Banks:

It depends on the demand in your area. @Chase Puckett

 This is logically sound.  

I wonder if there is actual data that indicates locations that would be ideal for the MTR Insurance strategy.  I imagine anything can happen anywhere, but there are locations that are more prone to insurance type incidents that displace and I imagine having properties in those areas may be more advantageous for MTR, as long as they are able to survive the actual event.

[Zachary Deal]

Hey @Chase Puckett - you may be already doing this but I would recommend posting on Furnished Finder, VRBO (30 + day stay) and Facebook in addition to Airbnb and ALE Solutions. I think the key to MTR success is casting a wide net and using a variety of sources for leads. On Facebook I would recommend posing in both local RE groups and more general groups for traveling nurses, etc.

For insurance placements it may be worth checking out TPS Housing as well if you want to go that route.

[Bonnie Low]

There are several well known people working in the insurance placement niche and offering coaching on this. Here are two of them (I think you can find them all here on BP or on various podcasts):

1- Jesse Vasquez

2- Dr. Rachel Gainsbrugh

It's a great strategy!

[Chase Puckett]

Quote from @Zachary Deal:

Hey @Chase Puckett - you may be already doing this but I would recommend posting on Furnished Finder, VRBO (30 + day stay) and Facebook in addition to Airbnb and ALE Solutions. I think the key to MTR success is casting a wide net and using a variety of sources for leads. On Facebook I would recommend posing in both local RE groups and more general groups for traveling nurses, etc.

For insurance placements it may be worth checking out TPS Housing as well if you want to go that route.

 All good advice. Furnished finders doesn't seem to be a good fit as my home is too large for the typical 1-2 nurses looking for housing. I will get more active on Facebook and look into TPS as well. Thanks for your response. 

[Chase Puckett]

Quote from @Bonnie Low:

There are several well known people working in the insurance placement niche and offering coaching on this. Here are two of them (I think you can find them all here on BP or on various podcasts):

1- Jesse Vasquez

2- Dr. Rachel Gainsbrugh

It's a great strategy!

 I have followed those guys for a while but can't justify spending that much on coaching. Can't imagine they have any other advice than what I have already received in this thread. 

[Bonnie Low]

Quote from @Chase Puckett:

Quote from @Bonnie Low:

There are several well known people working in the insurance placement niche and offering coaching on this. Here are two of them (I think you can find them all here on BP or on various podcasts):

1- Jesse Vasquez

2- Dr. Rachel Gainsbrugh

It's a great strategy!

 I have followed those guys for a while but can't justify spending that much on coaching. Can't imagine they have any other advice than what I have already received in this thread. 

 I haven't been through Jessie Vasquez' coaching program but I have been through one of Rachel's. And I can tell you that the level of detail and tools she provides is worth the cost. I don't like spending money on coaching, but there are a lot of steps to the insurance placement strategy and I felt like it was well worth it, just as an FYi.

[Chase Puckett]

Quote from @Bonnie Low:

Quote from @Chase Puckett:

Quote from @Bonnie Low:

There are several well known people working in the insurance placement niche and offering coaching on this. Here are two of them (I think you can find them all here on BP or on various podcasts):

1- Jesse Vasquez

2- Dr. Rachel Gainsbrugh

It's a great strategy!

 I have followed those guys for a while but can't justify spending that much on coaching. Can't imagine they have any other advice than what I have already received in this thread. 

 I haven't been through Jessie Vasquez' coaching program but I have been through one of Rachel's. And I can tell you that the level of detail and tools she provides is worth the cost. I don't like spending money on coaching, but there are a lot of steps to the insurance placement strategy and I felt like it was well worth it, just as an FYi.

 I appreciate the info. I will look into it. I may end up just selling and 1031'ing into something else.