New Mid-Term rental unit advise
Hey BP,
I've been renting a unit as a STR for 8 years, but just also added Mid-Term rentals to my options with it. I have it listed on Furnished Finder, but when I got on there I thought FF would be a lot more like Airbnb in the sense that they would handle all the payments/legal stuff. I got credit card payments set up through their sister company, so I'm good there. So I'm just putting together my lease agreements and trying to get things set up to make as few set up errors as possible. Haha.
What tips and pointers do any MTR operators have for Nashville? Does anyone have a good Mid-Term rental adapted lease agreement they use? What is a good metric for a security deposit? I've seen numbers thrown around like 25-33% of the total lease amount. I'm considering a flat security deposit of $500 since I'm looking to rent my space for between $1100-1400/month. I'm assuming y'all pro-rate your lease if it's an unusual length of time like 6, 7, or 10 weeks etc?
Open to any tips/advise! Thanks in advance!
Most Popular Reply
@Tim Bergstrom
Hi Tim, it’s not like Airbnb or VRBO. This only a connection site and then you contact the individual back. You will receive booking request, housing request and if you choose to unmatched housing request. Potential guest can message you direct as well.
As far as payments, screenings, leases, etc., there are tools available on the site. There is also a fee for those.
They do not pay any taxes on your behalf.
If you have not already done so you should go on the FF site and do a search for your area, you will then see what your competition is charging and how there places are furnished. That part is similar to Airbnb and VRBO.
Reach out if you have questions.