Abritage & Medium term rental opportunities
Real Estate Agent · Voorhees, NJ · Member since 2019 · 32 posts · 14 votes
Hello,
I have recently heard that evaluating medium term opportunities is not as simple as looking into something like airdna.,
Especially if you don’t plan to use these site to bring in clients..
I really like the interview that Jesse did with David Greene relating to medium rental models..
My question or conversation that I like to see from this post.. When evaluating locations outside of hospital, college, military area close by what else should I be considering and see if this would fit the medium term model my goal is not to depend on booking sites to generate guests.
My list that I started;
No hoa or condo association
Class c+ neighborhood or better
Population of at least 30,000
I don't think HOA and associations should be a limit, I have 3 in condo-associations. And for MTR's condos can be a great thing because typically these travelling professionals don't need a whole lot of space.
I would a lot look at how many demand drivers are nearby because some hospitals don't need travelling nurses, Some colleges don't have a huge demand. So it is important that there are a few hospitals and a few colleges nearby because there is safety in numbers.
I don't think HOA and associations should be a limit, I have 3 in condo-associations. And for MTR's condos can be a great thing because typically these travelling professionals don't need a whole lot of space.
I would a lot look at how many demand drivers are nearby because some hospitals don't need travelling nurses, Some colleges don't have a huge demand. So it is important that there are a few hospitals and a few colleges nearby because there is safety in numbers.
I don't think HOA and associations should be a limit, I have 3 in condo-associations. And for MTR's condos can be a great thing because typically these travelling professionals don't need a whole lot of space.
I would a lot look at how many demand drivers are nearby because some hospitals don't need travelling nurses, Some colleges don't have a huge demand. So it is important that there are a few hospitals and a few colleges nearby because there is safety in numbers.
Do you have any concerns that the HOA could change the rules on you? That's what I've never liked about condos/HOAs. Even if the HOA allows rentals at the time you purchase, they could always change the rules on you.
I don't think HOA and associations should be a limit, I have 3 in condo-associations. And for MTR's condos can be a great thing because typically these travelling professionals don't need a whole lot of space.
I would a lot look at how many demand drivers are nearby because some hospitals don't need travelling nurses, Some colleges don't have a huge demand. So it is important that there are a few hospitals and a few colleges nearby because there is safety in numbers.
Do you have any concerns that the HOA could change the rules on you? That's what I've never liked about condos/HOAs. Even if the HOA allows rentals at the time you purchase, they could always change the rules on you.
I am not worried. I always have extra exit strategies for each property so I can turn it into an LTR if necessary. I am not the only rental wherever I go, so if they try and stiff me other people are involved too.
I don't think HOA and associations should be a limit, I have 3 in condo-associations. And for MTR's condos can be a great thing because typically these travelling professionals don't need a whole lot of space.
I would a lot look at how many demand drivers are nearby because some hospitals don't need travelling nurses, Some colleges don't have a huge demand. So it is important that there are a few hospitals and a few colleges nearby because there is safety in numbers.
Do you have any concerns that the HOA could change the rules on you? That's what I've never liked about condos/HOAs. Even if the HOA allows rentals at the time you purchase, they could always change the rules on you.
I am not worried. I always have extra exit strategies for each property so I can turn it into an LTR if necessary. I am not the only rental wherever I go, so if they try and stiff me other people are involved too.
I never thought to look into how many rentals an HOA has. That's VERY smart. It gives you leverage. I appreciate the feedback!
Hello,
I have recently heard that evaluating medium term opportunities is not as simple as looking into something like airdna.,
Especially if you don’t plan to use these site to bring in clients..
I really like the interview that Jesse did with David Greene relating to medium rental models..
My question or conversation that I like to see from this post.. When evaluating locations outside of hospital, college, military area close by what else should I be considering and see if this would fit the medium term model my goal is not to depend on booking sites to generate guests.
My list that I started;
No hoa or condo association
Class c+ neighborhood or better
Population of at least 30,000
Pricelabs is better than Airdna when finding MTR comps. They give a table that you can filter minimum stay that's easy to pull comps. If you have a community with 30,000 people it will be hard to find comps.
@Dennis Rogov take a look at facebook groups: "Travel Nurse Housing - The Gypsy Nurse" is the largest one for traveling nurses as far as I know: 130,000+ members.
When evaluating locations, you do NEED to have a reason why people are traveling there for 30+ days. Hospitals, colleges, etc are great anchor points. As Jesse said in the podcast, looking at construction/development companies in the area could be another way to go, but possibly not a good long term/permanent plan unless you want to do a lot of hustling.
I would look for communities larger than 30,000. Or at least smaller communities within striking distance of a larger metro area.
This is perhaps my personal investment appetite but I would look at nicer neighborhoods than C+. Partially because nicer neighborhoods are usually located near the institutions that would draw mid-term travelers (aka hospitals, universities, etc.)
MTR comp evaluation is currently more of a manual process if you want to do it well, at this point I wouldn't trust an aggregation service, it such a newer niche I wouldn't trust any service is doing it particularly well yet. But you can filter Airbnb's by 30+ day stays in areas you are looking. And even beyond that I usually check listings to make sure the reviews they are getting are long term stays (Airbnb made this change last year to start differentiating different types of stays. They have tags called "Long Stay" on reviews by people who stay for more than 30 days)
Furnished finder is another place to check comps. Then facebook groups