Los Angeles, CA · Member since 2020 · 7 posts · 2 votes
Hello,
Curious about MTR space and have a question someone in the forums can answer. As someone looking to eventually do MTR with travel nurses and insurance claims, I'm thinking I'd be having conversations with actual companies more than likely. When I'm entering in this space as a new MTR, what exactly are these companies looking to see from me and the property that proves I have a quality space worth earning their business. Pictures will definitely help but I'm curious if anything else might be needed when it comes to paperwork, needing to have an actual business?
I think @Julie Hudson hit the nail on the head regarding your conversations with companies and things you will need to be prepared for. When you start the MTR investment strategy, the professional pictures are great and then the amentities specific for MTR rentals will be another focus. Furnish Finder has been the primary platform for myself and that is also where companies have reached out to me regarding cooperate housing. Once you go through the process of setting up the place, getting insurance, potentiall creating an LLC with operations agreement, bank info, etc., you should have everything you need. The most important part is going through the process, taking action, learning as you go, and when time arises you will be ready. Good luck and look forward to seeing another post about you starting your first MTR!
I have my first insurance contract. The answer is- not much, actually. I would imagine that they look up to make sure you own the property. If you're doing arbitrage you may need something from the owner. It may vary from one company to another.
I needed to provide the paperwork- leases and such so be prepared with that. Know that you have a right to screen the tenants. They contacted me on furnished finder but you probably know that there are many other places to post and reach out proactively to companies.
I think @Julie Hudson hit the nail on the head regarding your conversations with companies and things you will need to be prepared for. When you start the MTR investment strategy, the professional pictures are great and then the amentities specific for MTR rentals will be another focus. Furnish Finder has been the primary platform for myself and that is also where companies have reached out to me regarding cooperate housing. Once you go through the process of setting up the place, getting insurance, potentiall creating an LLC with operations agreement, bank info, etc., you should have everything you need. The most important part is going through the process, taking action, learning as you go, and when time arises you will be ready. Good luck and look forward to seeing another post about you starting your first MTR!
I wish I could upvote Joey and Julie's posts more.
My wife and I own/operate MTRs in the NE GA market, and for our area at least, traveling medical professional staffing companies want to see that you have at least 5 units to lease before they have more than a one-off relationship with you. This is probably because if you only have a few rentals in an area, they are likely to be rented when the staffing agency needs a unit.
Arbitrage can increase the number of units you operate quickly but at the cost of not getting most of the benefits of RE ownership. Also, if you hate moving, rental arbitrage has a risk of not being renewed by the landlord leaving you to pack up and move.
We've had great success with furnishedfinder (singular, not plural) in finding tenants. Not all tenants have been nurses or other medical providers, so don't make your FF listing too specific for those avatars.
I agree with all the above! I think beyond the specifics listed above ensuring you have strong reviews on FF should help and being professional and prompt in your communication with the companies will help as well and show you're a reliable option for placements
Curious about MTR space and have a question someone in the forums can answer. As someone looking to eventually do MTR with travel nurses and insurance claims, I'm thinking I'd be having conversations with actual companies more than likely. When I'm entering in this space as a new MTR, what exactly are these companies looking to see from me and the property that proves I have a quality space worth earning their business. Pictures will definitely help but I'm curious if anything else might be needed when it comes to paperwork, needing to have an actual business?
Id start on Airbnb, that is where most travelers of all sorts start. Limit stays to 30 days to find the medium term renters. Get some reviews and your systems down. I think, like was mentioned, agencies like to see more than one unit under rental, so you can find other STR's to team up with and "add to your portfolio. If you find them a tenant just take a finders fee etc
Keep in mind, working with the temp housing agencies is just one strategy for MTRs. This works best for 3 bed and larger homes. If you're targeting travel nurses and other individuals, you'll most likely get those bookings through Airbnb and Furnished Finder, so having a great listing and pricing strategy would be key.
The one tip I would give for getting bookings through the agencies is responding quickly to their inquiries. They are on a time crunch and contacting many properties when they have a client they need to house.
I'm also in Los Angeles Jarell, happy to connect. We manage 25+ MTRs all around LA.
Most of these companies look at Zillow as well for available rental properties. Make sure the first line of your listing shows that the property is furnished and available for 30 day stays. They will reach out to you directly if it meets the rest of their criteria.
Curious about MTR space and have a question someone in the forums can answer. As someone looking to eventually do MTR with travel nurses and insurance claims, I'm thinking I'd be having conversations with actual companies more than likely. When I'm entering in this space as a new MTR, what exactly are these companies looking to see from me and the property that proves I have a quality space worth earning their business. Pictures will definitely help but I'm curious if anything else might be needed when it comes to paperwork, needing to have an actual business?
I'd make a website. Websites make everything seem more legit.