Updated 1 day ago on .
MTR Cohosting questions
I have a couple MTRs in the Hampton Roads area of Virginia. One of my former tenants from another state purchased a second home here to use as an MTR when they're not using it. They've asked me to manage it for them. It seems like a good idea to make some extra cash seeing how I'm already doing it for my own properties but I have some questions.
I think I'd need a real estate license to manage their property. I used to have one but I let it expire when I stopped using it to buy my own properties. I don't think paying the ongoing fees to maintain the real estate license is worth it just so I can manage one MTR, especially because it will sometimes unavailable to rent out when the owners are using it. I thought about getting around this by co-hosting in some fashion but they seem to want someone to do everything like manage the listings, tenant screening, security deposits, rent payments, maintenance requests and other tenant communications, and cleanings.
I don't think arbitrage would work because they want to use the house sometimes and I don't want to take on the risk of still having to pay them rent if the house doesn't rent. It's a larger house so I think there is less demand for that.
I'm thinking about just offering to help them take car of things on a fee-for-service kind of model, like $25 per showing and $20 to do light maintenance things like take the garbage out and change the lock batteries and so on but making them handle the advertising, screening, leasing, evictions, etc.
Has anyone done anything like this?