I'm trying to explore mid-term rentals and would like to know how the lease differs from normal long-term rental leases. I would imagine there's an addendum for furniture damages since it would be furnished. Would love if anyone can give me a run down of the differences. Thanks in advance.
Rental Property Investor · Austin, TX · Member since 2022 · 32 posts · 29 votes
1y
Hi C.Y., Kelly Bailey here. I operate 8 medium term (midterm) rentals on Furnished Finder and Airbnb for about 5 years now with over 95% occupancy. For leases, the main difference is flexible lease terms which for us is just a 30 day notice. Guests extend often and occasionally need to leave early based off job assignments. Average stay is 90 days. Communicate the terms & fees clearly in the lease. We put a 4pm checkin and 10am checkout, add addendums that are important for each house such as how to clean a glass top stove or take care of counter tops, septic, etc. Our deposit is 1/2 to 1/3 month's rent so that is $1,000 for our 3 bedroom homes and $500 for our smaller homes. We have never had damage or missing items that exceed those values and have given back the full deposit 99% of the time. Hope that helps! Furnished Finder has great tools for medium term rentals- tenant screening, leases w/ e-signing and rent payments all built for midterm rental operators.
Rental Property Investor · Austin, TX · Member since 2022 · 32 posts · 29 votes
1y
Hi C.Y., Kelly Bailey here. I operate 8 medium term (midterm) rentals on Furnished Finder and Airbnb for about 5 years now with over 95% occupancy. For leases, the main difference is flexible lease terms which for us is just a 30 day notice. Guests extend often and occasionally need to leave early based off job assignments. Average stay is 90 days. Communicate the terms & fees clearly in the lease. We put a 4pm checkin and 10am checkout, add addendums that are important for each house such as how to clean a glass top stove or take care of counter tops, septic, etc. Our deposit is 1/2 to 1/3 month's rent so that is $1,000 for our 3 bedroom homes and $500 for our smaller homes. We have never had damage or missing items that exceed those values and have given back the full deposit 99% of the time. Hope that helps! Furnished Finder has great tools for medium term rentals- tenant screening, leases w/ e-signing and rent payments all built for midterm rental operators.
Hi C.Y., Kelly Bailey here. I operate 8 medium term (midterm) rentals on Furnished Finder and Airbnb for about 5 years now with over 95% occupancy. For leases, the main difference is flexible lease terms which for us is just a 30 day notice. Guests extend often and occasionally need to leave early based off job assignments. Average stay is 90 days. Communicate the terms & fees clearly in the lease. We put a 4pm checkin and 10am checkout, add addendums that are important for each house such as how to clean a glass top stove or take care of counter tops, septic, etc. Our deposit is 1/2 to 1/3 month's rent so that is $1,000 for our 3 bedroom homes and $500 for our smaller homes. We have never had damage or missing items that exceed those values and have given back the full deposit 99% of the time. Hope that helps! Furnished Finder has great tools for medium term rentals- tenant screening, leases w/ e-signing and rent payments all built for midterm rental operators.
Thank you so much ... yes that helps a lot. Do you use the lease from Bigger Pockets or do you have your own?
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
1y
@Kelly Bailey When you first got into MTR did you jump on Furnished Finder, and let people reach out to you? Do you have connections with local hospitals, businesses, etc. to better connect with future guests? How much do you spend on decorating the rentals you own?
It's not really a tenant, it's a guest. That's weird to say.
PS: We have zero experience with STR or MTR, but I like the idea for our next rental. Indy has a $5B hospital being built in downtown... seems like a smart strategy.
Rental Property Investor · Austin, TX · Member since 2022 · 32 posts · 29 votes
1y
@Jaron Walling That's a fun story. We had a portfolio of 13 LTRs with my hubby's parents that we sold around Covid time. We decide to try out MTR on Furnished Finder by posting our 3/2 primary residence as a 2/2 and locked off one of the bedrooms with all our personal belongings. First guest had 3 dogs, 2nd stayed for 6 months I think. We continued to add properties to our portfolio over the next couple years and have had fantastic tenants- relocating families, skilled workers, med pros, medical recovery after procedures, digital nomads, all sorts. We only do 30+ day stays and all our bookings have come from Furnished Finder and Airbnb so far with 95% occupancy on all our properties. Get professional photos.