Anyone in Las Vegas looking to learn more about MTRs?

Las Vegas, Nevada
Medium-Term Rentals
3yFollow

Anyone in Las Vegas looking to learn more about MTRs?

Allen DuanPro Member
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes

We're onboarding a new MTR in Spring Valley we will be managing and, this being our first property in Las Vegas, I'm looking to connect with anyone who does MTRs already or is interested in learning about MTRs. For anyone wanting to learn, we have opportunities to work with us and learn the ins and outs of how to to set up and run MTRs at scale. 

Post here or DM me and I'd love to connect. 

Thank you all!

5Reply
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Most Popular Reply

Eric FernwoodBusiness Member
Realtor · Las Vegas, NV · Member since 2014 · 994 posts · 1k+ votes
3y

Hello Allen,

Last year, we conducted a study with a few clients and produced a white paper. If you would like a free copy of this white paper, please DM me.

Below are some of the results of our study:

  • Short-term rentals and mid-term rentals are fundamentally different. Short-term rentals mainly cater to vacationers. During difficult economic times, fewer people tend to take vacations. This is why many short-term rentals in Las Vegas were sold during the COVID-19 pandemic. In contrast, mid-term rentals are primarily driven by business necessity. For instance, there is currently a nursing shortage across the US, and traveling nurses help to alleviate it. Our research shows that traveling nurses usually start with a 13-week contract that may be extended. They require a place to live, which is why mid-term rentals are driven by necessity.

  • The primary consumers are traveling nurses. Hospitals with trauma care levels one and two and neonatal intensive care typically have the most traveling nurses. Properties should be within about 5 miles of such hospitals. However, the property must be in a safe location, which is sometimes further than 5 miles from the hospital. See the map below for trauma and neonatal intensive care hospitals.

  • There are two primary places to market furnished rentals, the MLS and sites like Furnished Finder. Our research showed that furnished properties rented through the MLS have a $.60/SF to $.70/SF incremental rent above non-furnished long-term rentals. On Furnished Finder, the incremental rent appears to be about $1.20/SF.

  • Having a property manager to handle mid-term rentals is crucial. The property manager we work with offers reasonable rates for this service and will take care of inventory management, leasing, maintenance, and overall property management.

  • Always buy a property that would also be a good long-term rental. You need the backup option in case the mid-term rental market changes.

  • Minimizing turn costs and downtime is critical. This requires the right renovation components and speedy make-ready after a tenant departs. A renovation company that has already completed over 350 renovations for us will quickly do whatever touchups/repairs are necessary so we can get the property back on the market.

  • Use electronics to control access and reduce turnover time. For example, the garage door must be remotely controlled so:

    • The property manager can remotely open it to allow delivery and service people access.
    • Access to the garage will be through an app on the tenant’s phone, no clickers or digital keypads to reprogram. Also, immediately after the tenant leaves, the access can be changed.

  • Minimizing vacancy is critical. We believe the best way to do this is:

    • To ensure sustained occupancy, positive tenant reviews are crucial. Providing a simple and easy move-in process can help create the best experience for new tenants. The gateway to tenant resources will be accessible through their phones via a QR code, which will give them access to a property-specific website. This website will include links to download the necessary apps to control the house, QR codes for food delivery and other services, maps to locations of interest, requests for repairs, and more.
    • Attractive furnishings. There are multiple companies that, given the dimensions and such, will provide a list of everything you need, down to spoons and salt shakers.
    • High-quality photos. The photos must show a bright, attractive, friendly property. For several years we've worked with a commercial photographer so we can get quality photos at a reasonable price.
    • Currently, properties are marketed solely with photos. We will create a unique website for each property which will increase its desirability. This website would include a walk-through video, more photos, information on what to do in the area, shopping recommendations, places to go, and things to see. By providing an overall guide to the area, potential tenants will realize that there are many things to do and places to go, increasing the desirability of the property.

    This is a summary of the study. If anyone is interested, DM me for the complete study.

  • ...Eric

[email protected]702-358-8884
FERNWOOD Team, KW VIP Realty520 Reviews
WebsiteView Page
6Reply
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  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    I love seeing your company's growth @Allen Duan!!

    [email protected]
    0Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y
    Quote from @Bonnie Low:

    I love seeing your company's growth @Allen Duan!!


     Thanks Bonnie :)

    0Reply
  • Kevin Ferrer
    Member since 2021 · 2 posts · 0 votes
    3y

    Hey, Noobie here but am looking at MTR as an initial step into real estate investing. Currently work as an RN and thats how I heard MTR as a strategy to REI that caters to travel nurses and health professionals. Would love to learn the process, but don't know how much value I can provide as my time is eaten up by a newborn.

    0Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y
    Quote from @Kevin Ferrer:

    Hey, Noobie here but am looking at MTR as an initial step into real estate investing. Currently work as an RN and thats how I heard MTR as a strategy to REI that caters to travel nurses and health professionals. Would love to learn the process, but don't know how much value I can provide as my time is eaten up by a newborn.

    Hey Kevin, are you in Las Vegas area? 
    0Reply
  • Samuel Toma
    Livermore, CA · Member since 2018 · 38 posts · 24 votes
    3y

    Hey Allen, I just sent you a DM. I’m looking to continue buying in Las Vegas and am interested in the mid term renal game. 

    2Reply
  • CheK Uwakwe
    Oakland CA · Member since 2019 · 9 posts · 0 votes
    3y

    i’m interested as well and would love to learn more about MTR‘s




    0Reply
  • Zen Lenon
    Real Estate Agent · Las Vegas · Member since 2023 · 23 posts · 15 votes
    3y
    Quote from @Allen Duan:

    We're onboarding a new MTR in Spring Valley we will be managing and, this being our first property in Las Vegas, I'm looking to connect with anyone who does MTRs already or is interested in learning about MTRs. For anyone wanting to learn, we have opportunities to work with us and learn the ins and outs of how to to set up and run MTRs at scale. 

    Post here or DM me and I'd love to connect. 

    Thank you all!

    Hi Allen, I'm currently offering MTRs today. I'm based in the southwest and I currently have 9 units and I am currently helping 3 investors for MTR at this moment. One of the investors closed last night, and luckily I have the perfect property that meets their needs. However, the challenge with MTRs lies in the CC&R (Covenants, Conditions, and Restrictions) and HOA (Homeowners Association) regulations.

    To proceed with MTRs, it's crucial to carefully review the CC&R to ensure that leasing out a portion of the lot to tenants is permissible. This process requires a significant amount of effort. Lately, I've been constantly engaged in phone calls for the past 6 days, trying to obtain the necessary information. Unfortunately, some realtors don't respond to their phones, some HOAs have outdated contact numbers, and some CC&R documents are not up to date. It's quite frustrating, but I've been able to navigate through these challenges and gather accurate information for my clients.

    I'm curious to know how you approach obtaining CC&R documents at scale. In my experience, this has been the most time-consuming and cumbersome aspect.

    3Reply
  • Kevin Ferrer
    Member since 2021 · 2 posts · 0 votes
    3y
    Quote from @Allen Duan:
    Hey Kevin, are you in Las Vegas area? 

     Yes, North Las Vegas area. 

    0Reply
  • Zen Lenon
    Real Estate Agent · Las Vegas · Member since 2023 · 23 posts · 15 votes
    3y
    Quote from @Zen Lenon:
    Quote from @Allen Duan:

    We're onboarding a new MTR in Spring Valley we will be managing and, this being our first property in Las Vegas, I'm looking to connect with anyone who does MTRs already or is interested in learning about MTRs. For anyone wanting to learn, we have opportunities to work with us and learn the ins and outs of how to to set up and run MTRs at scale. 

    Post here or DM me and I'd love to connect. 

    Thank you all!


    Hi Allen, I'm currently offering MTRs (Master Tenant Rentals) today. I'm based in the southwest and I currently have 9 units and I am currently helping 3 investors for MTR at this moment. One of the investors closed last night, and luckily I have the perfect property that meets their needs. However, the challenge with MTRs lies in the CC&R (Covenants, Conditions, and Restrictions) and HOA (Homeowners Association) regulations.

    To proceed with MTRs, it's crucial to carefully review the CC&R to ensure that leasing out a portion of the lot to tenants is permissible. This process requires a significant amount of effort. Lately, I've been constantly engaged in phone calls for the past 6 days, trying to obtain the necessary information. Unfortunately, some realtors don't respond to their phones, some HOAs have outdated contact numbers, and some CC&R documents are not up to date. It's quite frustrating, but I've been able to navigate through these challenges and gather accurate information for my clients.

    I'm curious to know how you approach obtaining CC&R documents at scale. In my experience, this has been the most time-consuming and cumbersome aspect.


     Correction MTR = Med Term Rentals 

    "Master Tenant Rentals" = auto-incorrect 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y

    We had success in summerlin with insurance company paying .. over a 24 month period we had 3 tenants   fair market rent at the time was about 2200 or so non furnished.. we got 4100.00

    I did not like the turnover so I put it up as furnished rental and got 3500 and its going into its second year with a superb tenant. so seems like a happy medium for us.. although we bought about 6 years ago or so for 270 put 100k into it so you can do the math no debt .. hoa 400 we pay utls. 200 or so.. so 600 a month out of the 3500.. tax's about 1500 a year ( got to love Vegas taxs ) value today right at 600k.. so lets say we net about 33k a year on 370k cash .. so not bad little under 10% COC with an outstanding tenant one of the best I have ever had.

    PS given tenant quality we manage ourselves.. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    4Reply
  • Eric FernwoodBusiness Member
    Realtor · Las Vegas, NV · Member since 2014 · 994 posts · 1k+ votes
    3y

    Hello Allen,

    Last year, we conducted a study with a few clients and produced a white paper. If you would like a free copy of this white paper, please DM me.

    Below are some of the results of our study:

    • Short-term rentals and mid-term rentals are fundamentally different. Short-term rentals mainly cater to vacationers. During difficult economic times, fewer people tend to take vacations. This is why many short-term rentals in Las Vegas were sold during the COVID-19 pandemic. In contrast, mid-term rentals are primarily driven by business necessity. For instance, there is currently a nursing shortage across the US, and traveling nurses help to alleviate it. Our research shows that traveling nurses usually start with a 13-week contract that may be extended. They require a place to live, which is why mid-term rentals are driven by necessity.

    • The primary consumers are traveling nurses. Hospitals with trauma care levels one and two and neonatal intensive care typically have the most traveling nurses. Properties should be within about 5 miles of such hospitals. However, the property must be in a safe location, which is sometimes further than 5 miles from the hospital. See the map below for trauma and neonatal intensive care hospitals.

    • There are two primary places to market furnished rentals, the MLS and sites like Furnished Finder. Our research showed that furnished properties rented through the MLS have a $.60/SF to $.70/SF incremental rent above non-furnished long-term rentals. On Furnished Finder, the incremental rent appears to be about $1.20/SF.

    • Having a property manager to handle mid-term rentals is crucial. The property manager we work with offers reasonable rates for this service and will take care of inventory management, leasing, maintenance, and overall property management.

    • Always buy a property that would also be a good long-term rental. You need the backup option in case the mid-term rental market changes.

    • Minimizing turn costs and downtime is critical. This requires the right renovation components and speedy make-ready after a tenant departs. A renovation company that has already completed over 350 renovations for us will quickly do whatever touchups/repairs are necessary so we can get the property back on the market.

    • Use electronics to control access and reduce turnover time. For example, the garage door must be remotely controlled so:

      • The property manager can remotely open it to allow delivery and service people access.
      • Access to the garage will be through an app on the tenant’s phone, no clickers or digital keypads to reprogram. Also, immediately after the tenant leaves, the access can be changed.

    • Minimizing vacancy is critical. We believe the best way to do this is:

      • To ensure sustained occupancy, positive tenant reviews are crucial. Providing a simple and easy move-in process can help create the best experience for new tenants. The gateway to tenant resources will be accessible through their phones via a QR code, which will give them access to a property-specific website. This website will include links to download the necessary apps to control the house, QR codes for food delivery and other services, maps to locations of interest, requests for repairs, and more.
      • Attractive furnishings. There are multiple companies that, given the dimensions and such, will provide a list of everything you need, down to spoons and salt shakers.
      • High-quality photos. The photos must show a bright, attractive, friendly property. For several years we've worked with a commercial photographer so we can get quality photos at a reasonable price.
      • Currently, properties are marketed solely with photos. We will create a unique website for each property which will increase its desirability. This website would include a walk-through video, more photos, information on what to do in the area, shopping recommendations, places to go, and things to see. By providing an overall guide to the area, potential tenants will realize that there are many things to do and places to go, increasing the desirability of the property.

      This is a summary of the study. If anyone is interested, DM me for the complete study.

    • ...Eric

    [email protected]702-358-8884
    FERNWOOD Team, KW VIP Realty520 Reviews
    WebsiteView Page
    6Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y

    @Zen Lenon, I'm not dealing with HOA's at scale but I agree that MTR owners need to check their HOA rules to make sure the strategy works for them. The property we'll be managing in Spring Valley is part of an HOA and requires 60 day minimum stays. That's not ideal but it's manageable with travel nurses and other MTR tenants we'll be targetting.

    Thanks for the data @Eric Fernwood. We've learned many of these similar points first hand managing MTRs at scale. We're new in Las Vegas but we have 21 doors in Los Angeles.

    1Reply
  • Eric FernwoodBusiness Member
    Realtor · Las Vegas, NV · Member since 2014 · 994 posts · 1k+ votes
    3y

    Hello @Allen Duan,

    Last year, we conducted a study with a few clients and produced a white paper. If you would like a free copy of this white paper, please DM me.

    Below are some of the results of our study:

    • Short-term rentals and mid-term rentals are fundamentally different. Short-term rentals mainly cater to vacationers. During difficult economic times, fewer people tend to take vacations. This is why many short-term rentals in Las Vegas were sold during the COVID-19 pandemic. In contrast, mid-term rentals are primarily driven by business necessity. For instance, there is currently a nursing shortage across the US, and traveling nurses help to alleviate it. Our research shows that traveling nurses usually start with a 13-week contract that may be extended. They require a place to live, which is why mid-term rentals are driven by necessity.

    • The primary consumers are traveling nurses. Hospitals with trauma care levels one and two and neonatal intensive care typically have the most traveling nurses. Properties should be within about 5 miles of such hospitals. However, the property must be in a safe location, which is sometimes further than 5 miles from the hospital. See the map below for trauma and neonatal intensive care hospitals.

    • There are two primary places to market furnished rentals, the MLS and sites like Furnished Finder. Our research showed that furnished properties rented through the MLS have a $.60/SF to $.70/SF incremental rent above non-furnished long-term rentals. On Furnished Finder, the incremental rent appears to be about $1.20/SF.

    • Having a property manager to handle mid-term rentals is crucial. The property manager we work with offers reasonable rates for this service and will take care of inventory management, leasing, maintenance, and overall property management.

    • Always buy a property that would also be a good long-term rental. You need the backup option in case the mid-term rental market changes.

    • Minimizing turn costs and downtime is critical. This requires the right renovation components and speedy make-ready after a tenant departs. A renovation company that has already completed over 350 renovations for us will quickly do whatever touchups/repairs are necessary so we can get the property back on the market.

    • Use electronics to control access and reduce turnover time. For example, the garage door must be remotely controlled so:

      • The property manager can remotely open it to allow delivery and service people access.
      • Access to the garage will be through an app on the tenant’s phone, no clickers or digital keypads to reprogram. Also, immediately after the tenant leaves, the access can be changed.

    • Minimizing vacancy is critical. We believe the best way to do this is:

      • To ensure sustained occupancy, positive tenant reviews are crucial. Providing a simple and easy move-in process can help create the best experience for new tenants. The gateway to tenant resources will be accessible through their phones via a QR code, which will give them access to a property-specific website. This website will include links to download the necessary apps to control the house, QR codes for food delivery and other services, maps to locations of interest, requests for repairs, and more.
      • Attractive furnishings. There are multiple companies that, given the dimensions and such, will provide a list of everything you need, down to spoons and salt shakers.
      • High-quality photos. The photos must show a bright, attractive, friendly property. For several years we've worked with a commercial photographer so we can get quality photos at a reasonable price.
      • Currently, properties are marketed solely with photos. We will create a unique website for each property which will increase its desirability. This website would include a walk-through video, more photos, information on what to do in the area, shopping recommendations, places to go, and things to see. By providing an overall guide to the area, potential tenants will realize that there are many things to do and places to go, increasing the desirability of the property.

      This is a summary of the study. If anyone is interested, DM me for the complete study.

    [email protected]702-358-8884
    FERNWOOD Team, KW VIP Realty520 Reviews
    WebsiteView Page
    1Reply
  • Roger Bremmer
    Investor · Las Vegas, NV · Member since 2020 · 9 posts · 0 votes
    3y

    I’m in Vegas

    @Allen Duan

    0Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y
    Quote from @Roger Bremmer:

    I’m in Vegas

    @Allen Duan

    What do you do in Las Vegas Roger?
    0Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    2y
    Quote from @Zen Lenon:

    Hey Allen, 

    Merry Christmas Eve! 
    Do you offer property management for out-of-state investors in the Las Vegas market? They are MTR investors. Or if you know of property managers who specialize in MTR, can you connect me, please? Here's more context.

    Hi Zen,
    Right now we're focused on Los Angeles for our PM services but we are actively exploring new markets so I'm happy to chat. We manage one MTR in Las Vegas right now.
    0Reply
  • Michael Thach
    Member since 2019 · 144 posts · 93 votes
    2y

    I have close to 30 units which are all doing MTR and are managed by us. Many of those properties were build by my team for investors. Let me know when you have questions or need anything. 

    1Reply
  • Shawna Weng
    Las Vegas, NV · Member since 2021 · 2 posts · 1 vote
    2y

    Hi @Allen Duan

    Considering turning one of my properties into a MTR. Would love to connect. I'll shoot you a DM. 

    1Reply
  • Lily Tam
    NYC + Las Vegas · Member since 2022 · 1 post · 1 vote
    2y

    Hi Allen,

    Would love to connect and learn more! Just purchased a property in Las Vegas and wanting to jump into MTRs.

    1Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    2y
    Quote from @Lily Tam:

    Hi Allen,

    Would love to connect and learn more! Just purchased a property in Las Vegas and wanting to jump into MTRs.


     Happy to connect and share! Send me a DM

    0Reply
  • Stephen Montez
    Real Estate Agent · Las Vegas, NV · Member since 2024 · 50 posts · 18 votes
    2y
    Quote from @Allen Duan:

    We're onboarding a new MTR in Spring Valley we will be managing and, this being our first property in Las Vegas, I'm looking to connect with anyone who does MTRs already or is interested in learning about MTRs. For anyone wanting to learn, we have opportunities to work with us and learn the ins and outs of how to to set up and run MTRs at scale. 

    Post here or DM me and I'd love to connect. 

    Thank you all!


     Absolutely! What are you doing for those who want to learn and how can I get involved?!

    0Reply
  • Allen DuanPro Member
    OP
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    2y
    Quote from @Stephen Montez:
    Quote from @Allen Duan:

    We're onboarding a new MTR in Spring Valley we will be managing and, this being our first property in Las Vegas, I'm looking to connect with anyone who does MTRs already or is interested in learning about MTRs. For anyone wanting to learn, we have opportunities to work with us and learn the ins and outs of how to to set up and run MTRs at scale. 

    Post here or DM me and I'd love to connect. 

    Thank you all!


     Absolutely! What are you doing for those who want to learn and how can I get involved?!


     Hi Stephen, I'll send you a DM. Thanks for reaching out!

    0Reply
  • Elisabeth Burak
    Member since 2024 · 4 posts · 0 votes
    1y

    Hi

    I’m interested.   I live in Las Vegas.  Sorry I’m late to the game on this but…….

    We currently do strs and one mtr in another state and we’ve done ltrs here.  

    It’d be nice to meet others.  :)

    Beth


    0Reply
  • Cindy Sawyer
    Member since 2019 · 3 posts · 0 votes
    1y

    @Elisabeth Burak  

    I am in the same position.  I have a LTR in Vegas but looking to buy a property for MTR.  I do not live in Vegas.  Would love to connect?

    Cindy

    0Reply
  • Elisabeth Burak
    Member since 2024 · 4 posts · 0 votes
    1y
    Quote from @Cindy Sawyer:

    @Elisabeth Burak  

    I am in the same position.  I have a LTR in Vegas but looking to buy a property for MTR.  I do not live in Vegas.  Would love to connect?

    Cindy


    0Reply
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