Turning A Primary Home Into A Midterm Rental

[Jamie Banks]

I'm relocating to a new state next month and recently converted my house hack to a whole home midterm rental. My property is a 3 bedroom, 2 bathroom condo in Reston, Virginia. I often get asked home to convert a primary residence into a MTR and wanted to share a few steps:

1. Evaluate the inventory: Take inventory of all your furniture, decor, and kitchenware. Identify any items that need replacing.

2. Market research: Research 3-4 similar properties on Furnished Finder and Airbnb to determine your rental rate. Check local short-term rental regulations.

3. Underwrite the property: Ensure your property works financially as a midterm rental. Include expenses like utilities, HOA fees, and reserves.

     - Pro Tip: Check with your insurance company about policy changes for rentals.

4. Prepare the property: This is the time to purchase new furniture, restock supplies, and complete any necessary repairs.

5. List the property: Once you have professional photos, list the property on midterm rental sites like Furnished Finder, Airbnb, and Zillow.

Happy to answer any questions that anyone has!

[Sylvia Santelli]

That's a really great list! 

I'd like to add that for anyone else wanting an to convert their primary property one day build good relationships with your neighbors in the mean time. Get to know them, let them know you are a good responsible home owner and business owner. When you are ready to make it happen assure them that you will be looking out for them.