KS MO mid term for corporate / health care profess'ls?

Medium-Term Rentals
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KS MO mid term for corporate / health care profess'ls?

Tanya Maslach
Member since 2024 · 130 posts · 95 votes

Hi all,

I'm making a trip to KS (from CO) in a few weeks and will be seriously considering a few properties to be used as BRRR's and for mid term rentals.

Question for this group:
a. Anyone in this area? Or invest in the area for the same purpose?

b. Your thoughts on vacancy rates and rental rates for MTR's, specifically for 2/2 and 3/2's for healthcare or corporate folks in the area?
I'm wondering if a 1.2x for MTR rates is doable and what general/average rental time period is.

c. What areas seem to be thriving and which are showing signs of improvemeent (i.e. B-, C+ grade and are attracting investors for MTRs)

Lastly:
Anyone have a highly recommended GC they use and would be happy to give more business to? ;-) 
My GC in colorado has had his subs stick with him for 10+ years and has a stellar reputation for under budg/under timeline rehabs... I am so sad I can't bring him to KC with me. 

Tanya

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Jamie Banks
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
1y

I'm not familiar with the market but I've operated MTRs in a few different markets. Here's a few things I would keep in mind

- Travel medical professional demand and pay is down significantly in many markets. I would do some research to make sure that traveling medical professionals is still a potential tenant you should target. In general medical professionals are looking for smaller units (studio/1 bedrooms) not 2+ bedrooms

- In order to understand corporate demand you should research the types of corporations in the market and figure out if they bring traveling / temporary workers to the area because not all corporations do

- You didn't mention colleges but if there's higher education nearby this can also be a driver of MTR demand. I've rented to a few medical students and professors who are at a college for a semester or less. 

- The tenant type will help you determine the best areas. I have a rental in a C area that does extremely well and others in A locations that are slow. Make sure to match up the tenant type to the area. 

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  • Tanya Maslach
    OP
    Member since 2024 · 130 posts · 95 votes
    1y
    Quote from @Alex Olson:

    Hey I am a broker and an investor here in KC. Depeneds on where you are looking. I have a lot of resources for investors that can help show you class a b c locations and have off market deals. 


     Thank you Alex.  I'll be interested to learn how those might be different or better than the ones I'm looking at in b and c zips.  Appreciate your reply. If you want to connect and discuss, I'm open to DM's.

    1Reply
  • Alex Olson
    Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
    1y
    Quote from @Tanya Maslach:
    Quote from @Alex Olson:

    Hey I am a broker and an investor here in KC. Depeneds on where you are looking. I have a lot of resources for investors that can help show you class a b c locations and have off market deals. 


     Thank you Alex.  I'll be interested to learn how those might be different or better than the ones I'm looking at in b and c zips.  Appreciate your reply. If you want to connect and discuss, I'm open to DM's.


     Yep sent you a DM!

    0Reply
  • Max Ferguson
    Real Estate Broker · Denver/Castle Pines/Colorado Springs, CO · Member since 2021 · 248 posts · 136 votes
    1y

    Keep me in the loop with what you find, Tanya! I bet the numbers look a fair bit better than here, I would hope. 

    0Reply
  • Tanya Maslach
    OP
    Member since 2024 · 130 posts · 95 votes
    1y

    @Max Ferguson   So far, yes.  Much better.

    0Reply
  • Tanya Maslach
    OP
    Member since 2024 · 130 posts · 95 votes
    1y

    Since RN per diems (in KS, MO) is running about $57/hour ($9200/month on 8 hours and 5 days/week) I'm curious to learn what other MTR landlords are earning on their multi family or sfh rentals for this renter avatar.

    Thanks everyone.

    0Reply
  • Mike Sather
    Rental Property Investor · Omaha, NE · Member since 2021 · 8 posts · 4 votes
    1y
    Quote from @Tanya Maslach:

    Since RN per diems (in KS, MO) is running about $57/hour ($9200/month on 8 hours and 5 days/week) I'm curious to learn what other MTR landlords are earning on their multi family or sfh rentals for this renter avatar.

    Thanks everyone.


     Hi Tanya,

    Where would I find RN per diem rates?

    0Reply
  • Tanya Maslach
    OP
    Member since 2024 · 130 posts · 95 votes
    1y

    Hey Mike -- simple google search for Nurse per diem (lodging) rates in the location you choose.

    0Reply
  • Jamie Banks
    Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
    1y

    I'm not familiar with the market but I've operated MTRs in a few different markets. Here's a few things I would keep in mind

    - Travel medical professional demand and pay is down significantly in many markets. I would do some research to make sure that traveling medical professionals is still a potential tenant you should target. In general medical professionals are looking for smaller units (studio/1 bedrooms) not 2+ bedrooms

    - In order to understand corporate demand you should research the types of corporations in the market and figure out if they bring traveling / temporary workers to the area because not all corporations do

    - You didn't mention colleges but if there's higher education nearby this can also be a driver of MTR demand. I've rented to a few medical students and professors who are at a college for a semester or less. 

    - The tenant type will help you determine the best areas. I have a rental in a C area that does extremely well and others in A locations that are slow. Make sure to match up the tenant type to the area. 

    1Reply
  • Tanya Maslach
    OP
    Member since 2024 · 130 posts · 95 votes
    1y
    Quote from @Jamie Banks:

    I'm not familiar with the market but I've operated MTRs in a few different markets. Here's a few things I would keep in mind

    - Travel medical professional demand and pay is down significantly in many markets. I would do some research to make sure that traveling medical professionals is still a potential tenant you should target. In general medical professionals are looking for smaller units (studio/1 bedrooms) not 2+ bedrooms

    - In order to understand corporate demand you should research the types of corporations in the market and figure out if they bring traveling / temporary workers to the area because not all corporations do

    - You didn't mention colleges but if there's higher education nearby this can also be a driver of MTR demand. I've rented to a few medical students and professors who are at a college for a semester or less. 

    - The tenant type will help you determine the best areas. I have a rental in a C area that does extremely well and others in A locations that are slow. Make sure to match up the tenant type to the area. 

     Wonderful stuff @Jamie Banks!! ;-)
    Yes, been doing all that research since this post, and am hearing from qualified investors with multiple MTR's that healthcare professionals are their chief tenant. Doesn't seem lower pay is prohibiting their rentals from staying rented at all.
    I'm definitely targeting healthcare + education + corporate.  The areas I'm searching now for properties are serving all three audiences well, so my next step is going to be looking for inroads to the corporate people who lead the relocation set up / contracts so as to be their Property-of-Choice. ;-)
    Many thanks!

    0Reply
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