Hi @Anthony Taylor, I would first identify where you would like to list the home! Furnished Finders can be a great resource for mid-term rentals as well as doing 30 day plus stays on Airbnb. Make sure the house is rent ready and clean! My recommendation would be to get professional photos taken as nice photos really do draw renters in. If you are doing a mid-term then also having the home furnished and making sure the tenant will have the things that they need to be comfortable during their stay. Good luck!
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
#2 Medium-Term Rentals Contributor
- Property Manager
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If you’re looking to leave your furniture and be able to access the home when you return medium term rentals seems like the best fit. If you rent out the property long term unfurnished the tenants will be at the property for a year or more (depending on your lease term) while with medium term tenants may stay 1 month or 8 months, depending on the guest. Between stats you’d be able to access your home and check up on the rental.
Quote from @Anthony Taylor:
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
Anthony, what are you looking for and goals for renting out your current home? Are you looking to just cover your expenses or are you wanting something more passive? Mid term rentals are more passive than short term rentals but there is still work to do to look for guests, making sure the house is cleaned properly in between guests, etc. Long term rental is the least amount of touchpoint but it won't make as much as mid term rental.
Real Estate Agent Ohio (# 2022005650)
@Anthony Taylor if you are just looking to cover costs and will leave your furniture I would block off a room for your stuff and de personalize it. Rent it as say a 2 bedroom if it is a 3 bedroom. Do some midterm rentals. If you are coming back periodically, do you want to use the house? or do you have somewhere else to stay? It might be hard to plan your stays if you rent as a full unit unless you have a set month you will be there. otherwise it might not co-ordinate with your renter. We have rented as a room and just said we won't be there often but you are getting a room price for that. Ideally if you would get the best price if you have a seperate entrance area of the house you can periodically occupy that and treat the main part of the house as a unit you don't have access too. You have like a hotel room without a kitchen when you come home. All depends on your goals and your house setup.
#5 General Landlording & Rental Properties Contributor
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#5 General Landlording & Rental Properties Contributor
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Quote from @Olivia Radziszewski:Thanks for your response! We have decided to go long term but the furniture in our home is very expensive and my wife doesn't want to leave it in the house! So we have to figure this out! But definitely a long term lease.
Hi @Anthony Taylor, I would first identify where you would like to list the home! Furnished Finders can be a great resource for mid-term rentals as well as doing 30 day plus stays on Airbnb. Make sure the house is rent ready and clean! My recommendation would be to get professional photos taken as nice photos really do draw renters in. If you are doing a mid-term then also having the home furnished and making sure the tenant will have the things that they need to be comfortable during their stay. Good luck!
Quote from @Jamie Banks:Thanks Jamie! Long term is definitely the route to go BUT my wife doesn't want to leave the furniture in the house because it's very expensive...she went all out on our first home! But being in Hawaii for so long it makes sense to lease it out. Should we get a PM that sounds right but how to go about that? We want to cover the mortgage!
If you’re looking to leave your furniture and be able to access the home when you return medium term rentals seems like the best fit. If you rent out the property long term unfurnished the tenants will be at the property for a year or more (depending on your lease term) while with medium term tenants may stay 1 month or 8 months, depending on the guest. Between stats you’d be able to access your home and check up on the rental.
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
Anthony, what are you looking for and goals for renting out your current home? Are you looking to just cover your expenses or are you wanting something more passive? Mid term rentals are more passive than short term rentals but there is still work to do to look for guests, making sure the house is cleaned properly in between guests, etc. Long term rental is the least amount of touchpoint but it won't make as much as mid term rental.
Yiwei!! Thanks for your response! But we definitely want to rent the house out long term but my wife doesn't want to leave the furniture in the house because it's so expensive...She went all out with the purchase of our first home. What do you think about getting a PM. What to look for when doing so? We want to cover the mortgage for sure.
Quote from @Colleen F.:
@Anthony Taylor if you are just looking to cover costs and will leave your furniture I would block off a room for your stuff and de personalize it. Rent it as say a 2 bedroom if it is a 3 bedroom. Do some midterm rentals. If you are coming back periodically, do you want to use the house? or do you have somewhere else to stay? It might be hard to plan your stays if you rent as a full unit unless you have a set month you will be there. otherwise it might not co-ordinate with your renter. We have rented as a room and just said we won't be there often but you are getting a room price for that. Ideally if you would get the best price if you have a seperate entrance area of the house you can periodically occupy that and treat the main part of the house as a unit you don't have access too. You have like a hotel room without a kitchen when you come home. All depends on your goals and your house setup.
Colleen! Thank you for your reply! My wife is not willing to leave the furniture in the house because it's to expensive. She went all out on our first home!
Quote from @Anthony Taylor:
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
Anthony, what are you looking for and goals for renting out your current home? Are you looking to just cover your expenses or are you wanting something more passive? Mid term rentals are more passive than short term rentals but there is still work to do to look for guests, making sure the house is cleaned properly in between guests, etc. Long term rental is the least amount of touchpoint but it won't make as much as mid term rental.
Yiwei!! Thanks for your response! But we definitely want to rent the house out long term but my wife doesn't want to leave the furniture in the house because it's so expensive...She went all out with the purchase of our first home. What do you think about getting a PM. What to look for when doing so? We want to cover the mortgage for sure.
If you are not leaving the furniture, I would recommend long term rental. A PM would be good since you are out of state and have no experience with tenants previously. I would recommend getting local referrals or asking around who is good. Make sure they prioritize the management side and have good contractors they work with.
Real Estate Agent Ohio (# 2022005650)
#2 Medium-Term Rentals Contributor
- Property Manager
- Reston, VA
@Anthony Taylor You will have to play with the numbers to see if hiring a PM would make financial sense. LT PMs can charge between 8-12% of gross rent. There’s a lot of self management tools out there though so you and your wife could potentially self manage the rental
I like the idea of self management, at this point that would make the most financial sense! Are there any tools you'll recommend? Our mortgage is 3,000.00 a month rounded it up. If we can clear that by renting it out that would make us pretty happy.
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
Anthony, what are you looking for and goals for renting out your current home? Are you looking to just cover your expenses or are you wanting something more passive? Mid term rentals are more passive than short term rentals but there is still work to do to look for guests, making sure the house is cleaned properly in between guests, etc. Long term rental is the least amount of touchpoint but it won't make as much as mid term rental.
Yiwei!! Thanks for your response! But we definitely want to rent the house out long term but my wife doesn't want to leave the furniture in the house because it's so expensive...She went all out with the purchase of our first home. What do you think about getting a PM. What to look for when doing so? We want to cover the mortgage for sure.
If you are not leaving the furniture, I would recommend long term rental. A PM would be good since you are out of state and have no experience with tenants previously. I would recommend getting local referrals or asking around who is good. Make sure they prioritize the management side and have good contractors they work with.
Quote from @Anthony Taylor:
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
Quote from @Yiwei Cheng:
Quote from @Anthony Taylor:
My wife and I had a change of heart and now instead of midterm we wanted to do long-term rental of the home? What are your thoughts on this. Will be living in Hawaii for awhile and coming back periodically.
Anthony, what are you looking for and goals for renting out your current home? Are you looking to just cover your expenses or are you wanting something more passive? Mid term rentals are more passive than short term rentals but there is still work to do to look for guests, making sure the house is cleaned properly in between guests, etc. Long term rental is the least amount of touchpoint but it won't make as much as mid term rental.
Yiwei!! Thanks for your response! But we definitely want to rent the house out long term but my wife doesn't want to leave the furniture in the house because it's so expensive...She went all out with the purchase of our first home. What do you think about getting a PM. What to look for when doing so? We want to cover the mortgage for sure.
If you are not leaving the furniture, I would recommend long term rental. A PM would be good since you are out of state and have no experience with tenants previously. I would recommend getting local referrals or asking around who is good. Make sure they prioritize the management side and have good contractors they work with.
Thank you Yiwei!!
@Anthony Taylor so if it won't be furnished definitely rent long term but remember you are taking on the additional costs of furniture storage. Upside is no utilities. Is $3000 a viable rent in your area? If you will only be gone one year that may be a concern for some because people moving often dont want to move again. Your best bet if it is a larger home is to focus on people relocating to the area or similar renters. The other option might be students but they can be hard on rentals. You probably want a PM if you will be in a completely different time zone and you have never done this before. If this is a one year rental only and you can't find someone who just wants a year you could store your stuff and find a rental furniture company in your area and do mid term. My question would be how big is the house? How much would you pay for furniture storage? Is your wife going to be upset about every knife or cup that is missing (then you have to pack up and hope someone wants it for a year). I suggest you sit down with your wife and present some numbers. Not renting it, renting as is, furniture storage and rental....you may want to meet in the middle. Another thing to consider is some renters are harder on a property than others. Moving furniture in and out takes a toll. Good luck.
Hi Anthony! Something else you can consider is whether you'd like to work with a property manager or not. They typically know the market and can guide you on exact steps to take to get your property rented out.
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If you intend on coming back I'd rent as a medium term rental. You can collect a little extra in the form of a security deposit for excessive furniture damage and you also earn a little more in rent as well.
Even high end furniture has a 5-7 year lifecycle before it's no longer high end and the style is approaching becoming outdated. You used the furniture for 1 year already so it's now 4-6, 1 year of renting and it's now 3-5. I say all that to say, you're probably closer than you think to the furniture no longer being "high end" so don't overvalue the furniture in your options.
Hello Anthony
I am looking to rent a home. Can it be rented out commercial purposes such as a group home? How much is the rent? I know you stated you will come back periodically are you looking to use it at those time?
Thanks for your time.
Janet