I am looking to buy an investment property for MTR to traveling medical professionals in or around Colton, Highland, Redlands, Riverside CA. Are there any MTR operators on BP forum who can share their experiences or give some advice about how a studio or 1BR/BA would work for MTR in this area. Thank you.
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
2y
Vishal, I'd recommend you join some of the FB groups focusing on midterm rentals. One that comes to mind is Midterm Rentals with Jesse Vazquez as he's near your area and draws a lot of the west coast operators. You're sure to find people in that group that are knowledgeable about the areas you mentioned. It sounds like you already have or are looking for a very specific property type (studio or 1/1). While those configurations do work well for traveling medical professionals, the pool of prospective midterm guests is a lot broader than the medical professions. Participating in a group focused on MTRs will give you exposure to a lot of other traveler types and how to market to them. Good luck to you!
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
2y
Vishal, I'd recommend you join some of the FB groups focusing on midterm rentals. One that comes to mind is Midterm Rentals with Jesse Vazquez as he's near your area and draws a lot of the west coast operators. You're sure to find people in that group that are knowledgeable about the areas you mentioned. It sounds like you already have or are looking for a very specific property type (studio or 1/1). While those configurations do work well for traveling medical professionals, the pool of prospective midterm guests is a lot broader than the medical professions. Participating in a group focused on MTRs will give you exposure to a lot of other traveler types and how to market to them. Good luck to you!
Real Estate Consultant · Colorado Springs, CO · Member since 2017 · 354 posts · 386 votes
2y
@Vishal Chandan@Bonnie Low- Second what Bonnie has to say. The market for midterm rentals is much broader than medical professionals. You can also source for people getting divorced, people new to a state or area, college kids, remote workers. There are many different midterm rental tenant types. I would avoid aggressively pursuing traveling nurses. The reason for this is that there is outsized competition with your fellow landlord hosts, who are also pursuing nurses, and a shrinking demographic of traveling nurses (cost cutting, covid cuts, etc.)
Thank you Bonnie and Erin, appreciate your replies and input. I will join the FB group and I also plan to attend the MTR summit in San Diego next month.
Lender · Member since 2023 · 464 posts · 425 votes
2y
Agreed with all the sentiment here regarding casting a wide net. To be successful in the MTR space now I think it's important to market to all potential clientele and not solely focus on one group like traveling medical professionals. Joining Facebook groups (posting properties on Facebook groups as well) and utilizing Furnished Finder, Zillow, Airbnb/VRBO (30+ day stays), insurance placement companies, etc will allow you to maximize profits/property potential and stay nimble.