Newbie MTR Questions

[Blake Armstrong]

Hi all, since I've had so much issues trying to find cash flowing long term rentals, I pivoted toward mid term rentals and I've got quite a lot of questions for people that are doing them now...

Is it possible to self manage a property 2 hours away from where I live? I pass through the town I'm looking in quite often for my 9-5 job, but again it is 2 hours away. What kind of team do I have to build in order to self manage something like this? 

What kind of checklists do experienced MTR investors use to furnish/stock a new property? Are there any free/inexpensive ones out there so I don't have to pay for a $2,000 course?

Is anyone using a PM software to self manage? If so, what would you recommend for MTR?

Is there a big difference in lease agreements for LTR vs. MTR? How is everyone structuring theirs if it is different?

I have tons more questions, but these are the main ones. Thanks in advance for your advice/input.

[Allen Duan]

Hey Blake, it is definitely possible to self-manage from 2 hours away or 2 states away. The key person is a great cleaner/cleaning company who is willing to do non-cleaning tasks for your property. You also need a handyman and other maintenance vendors as well.

We have some checklists and furnishing tips available in our free Skool community that we share with our members.

Currently, the PM software that exists is designed for STR or LTR. Best success I've seen MTR operators have is to use one STR app like Hospitable and a LTR app like TurboTenant or Innago. That should cover most of what you need to operate a MTR.

I'd say a MTR lease is 85% the same as an LTR. You'll want to mention the furnishing and anything about utilities since that's typically included in the rent.

Let me know any other questions you have!