How are mid term rentals doing in Colorado?

[Marissa Negley]

We have a house we flipped in prime location in Denver. It has been on the market for far too long, and now we are considering changing it to a mid term. 

what are your tips for setting up the property for mid term for a newbie? How do you market? And how do you get into the traveling nurses and travel physical therapist network to fill these home? 

[Bill S.]

@Marissa Negley What is holding it going to do for you? What does your financing look like for a long term hold? If you don't know where to find midterm tenants how do you know that the rent amount you are expecting is realistic? I have run the numbers several times and I can't make a mid-term rental work any better here than a long term rental when you consider the cost of furnishing and the added management. When the City outlawed most short term rentals many owners turned to midterm and it has driven down the price a good bit. 

My advise is to bit the bullet and re-price your flip. Prices aren't likely to go up (S&P Case-Shiller index shows flat to trending down) in the next 2-3 years so hoping that appreciation will bail you out is probably not a good strategy. Even at that point you will have a "used house" meaning that you will have to repaint and all your new appliances and flooring will be slightly worn so you will be selling a "used" home like other owner occupants vs fully renovated and "new to the user" home that you are currently selling.