All Forum Posts by: AJ Satcher

In general home warranties suck...... the people they hire to "fix" the issue suck..... the job they do suck....customer service sucks.

They band aid the issue at best and then charge you every time them come back and fix the issue again.

If you run the numbers, you are often better off setting the $$ aside and paying straight up for any work needed.

Every so often you will have someone that has it "pay out".... they replaced the 4k HVAC system etc..... its rare....like winning the lottery.

The House always wins...... they make gobs of $$ because what they pay out is tiny compared to what they take in....that's how insurance works or no company would be doing it

Quote from @AJ Satcher:

Hi everyone,

I think I'm having trouble sourcing MTR tenants. I currently use Furnished Finder and Facebook Groups to scout tenants and I just don't feel like I am getting the demand that I should be getting, which leads me to believe that my properties are not getting enough exposure. I have actually had more success with Facebook than Furnished Finder, and it takes a lot of work searching for groups to post in.

I have two rentals available for MTR, however I'm okay with one of them not being a MTR because of how well it has been doing on Airbnb. I still like to be flexible. On the other hand, I would highly prefer the other to stay a MTR, as this one is a house hack and it just works well for us. I have a tenant who has been staying with us for the past 3 months and it's gone great. However her lease is up soon so I need to find another MTR tenant.

Of course I am going to continue searching on Furnished Finder and Facebook, but are there any other platforms that I'm not aware of or that you have had success with? Maybe Insurance housing? 

Looking forward to a positive discussion here!

 I am just getting started too, looking for places to post. Where are you posting on facebook?

Quote from @AJ Satcher:

Quote from @Jasmine Vida:

Quote from @Stephen Reyes:

Quote from @Jasmine Vida:

Did you end up doing Sectino 8? I too have just listed a new rental and have multiple requests for section 8 and have been considering it, but I'm a little wary. I know theres a lot of paperwork to be done and I also live 6 hours away so I think I would have to hire a property manager down there.

Sorry, I did not end up doing Section 8. I had so many applicants for traditional LTR I stayed with that. I am now considering buying (or building) something specifically for Section 8 rental. Perhaps MFR. I am being told there is a significant shortage and I would like to think I cold provide a product that would help the people needing the housing AND support my investment goals. Did you you end up accepting Section 8? If so, I would love to hear your experience.

 Hi Stephen, 

Yes I did end up doing Section 8! It was actually way more simple than I thought it would be. You can just email in all the forms to HUD, its better to start the lease on the first of the month because HUD only pays out on the first of the month. They do have to do a thorough inspection of the property and I just had two windows that needed to be replaced and then got it re-inspected and I was good to go. I started in mid-September and (knock on wood) have had no issues since then :-)

 Hey Jasmine, how was the process with applying for Section 8 and how long did it take? I just recently got a section 8 inquiry. I had to tell them unfortunately that I could not accept any vouchers right now because I haven't gone through the process of becoming a section 8 landlord. I'm in Georgia btw

Hey AJ! It only took about 2-3 weeks. My rental is in Pensacola, FL and their office is open mon-Thurs. I found a tenant who did most of the communicating with the office so I think it moved a bit faster. I did all of my communication through email with HUD. Depending on how your first inspection goes can determine a lot. I had to get a window fixed and my handyman was not available immediately so I had to wait for that, but once it was repaired the re-inspection was done the next day. It was also mid month so the payment worked out a little funky. I basically only took the tenants portion at first and didn’t get paid from HUD for 2 weeks after that. I was a little wary doing that but since it’s the government you are guaranteed the money. 

Quote from @Stephen Reyes:

Quote from @Jasmine Vida:

Did you end up doing Sectino 8? I too have just listed a new rental and have multiple requests for section 8 and have been considering it, but I'm a little wary. I know theres a lot of paperwork to be done and I also live 6 hours away so I think I would have to hire a property manager down there.

Sorry, I did not end up doing Section 8. I had so many applicants for traditional LTR I stayed with that. I am now considering buying (or building) something specifically for Section 8 rental. Perhaps MFR. I am being told there is a significant shortage and I would like to think I cold provide a product that would help the people needing the housing AND support my investment goals. Did you you end up accepting Section 8? If so, I would love to hear your experience.

 Hi Stephen, 

Yes I did end up doing Section 8! It was actually way more simple than I thought it would be. You can just email in all the forms to HUD, its better to start the lease on the first of the month because HUD only pays out on the first of the month. They do have to do a thorough inspection of the property and I just had two windows that needed to be replaced and then got it re-inspected and I was good to go. I started in mid-September and (knock on wood) have had no issues since then :-)

Hey AJ,

My wife and I are MDs that rent out MTRs a little bit north of you (in Gainesville, GA).  We have less demand up here, but we also have a lot less supply. I suspect, though, that we may share a lot of the same challenges.

With ATL cracking down on STRs, a lot of folks have shifted to MTRs thinking they are the same thing.  Of course they are not, but that doesn't make it easier on you until things settle out. We've noticed a slowdown in interest during the window between Thanksgiving and the New Year. 

You've got a great unit that is very trendy. The pictures were coming through a little grainy on my laptop though.  Your location is the key selling feature of the unit in my opinion.  While FF puts the distance to up to 5 hospitals, folks who know Atlanta know that "as the crow flies" distances are deceiving.  If the trips are quick, add the trip *time* to the property descriptions, and see if that adds interest. 

Keep up the good work, and I am sure this will be a great investment.

Quote from @AJ Satcher:

Quote from @Colleen F.:

@AJ Satcher  It is probably area dependent. Everyone wants something less than $1200 but they often still check they want an entire place for that price...  I've seen people looking for a unit in the center of Boston for that price. Some people don't realize the rents when they take on a contract. 

A couple suggestions:
Try to get your current tenant to post a review. Or see if she can refer a friend or incoming staff. 

I would use the tips above on places for posting and just make sure there isn't some aspect of your Furnished Finder ad that is making it less attractive then on Facebook. Not everyone goes for basement but if you live above might emphasize if it is a quiet place or has an above grade exposure in terms of windows.  Also FF lead time is short like a couple weeks. 

 Solid, thanks for the pointers! Here’s the property for reference 

https://www.furnishedfinder.com/property/615953_1

If someone sent me a link of just these photos and said "tell me what you think about it" I'd respond saying "is it a decorating or a staging business your looking at, and what for?" 

That's exactly how it feels, like a brochure for a decorator or home stager. 

I have yet, in all the years, received a single call from a prospective tenant saying "yeah, could you get me a better close up of the pillows, really curious on the pillows. Oh, and of the table decorations, what are those exactly?" or of any assorted what nots. 

Look, ask yourself; who do I want to lease my place. Why would they be leasing it. What would matter to them, what aspects are important, and in what order of importance.        Than, review your place, what of those do you have, what do you absolutely not, and how can you diminish the emphasis on "nots" and highlight the "do's". 

THAT is how you correctly market a property. 

The pointless close up's of pillows, it distracts and detracts. 

Quote from @AJ Satcher:

Quote from @Colleen F.:

@AJ Satcher when you say house hack does this mean you are renting a room or suite in your home or a full unit with kitchen?   There will be differences in demand/advertising for rooms. furnished finder is good for both units/rooms but it seems like rooms get less traffic. 

Interesting you say that because in my area it seems furnished Finder folks are more interested in even smaller accommodations/ rooms because I see many (like, a loooot) looking for places <$1200. Which is very bizarre to me because in Atlanta/Decatur, you can’t find an empty apartment for that price.

This is a fully furnished basement unit. 1 bed 1 bath, kitchenette, W/D and its own private entrance, all utilities included. 

I have the same problem here with FF in Minneapolis.  They’re like, I’d like a luxury 2 bedroom, recently renovated, all the amenities in a Sing Family Home, I’m bringing my Mastifs with and I’d like to stay for $1200!  🤦🏼‍♀️.  I’ve had one person directly contact me and then didn’t reply when I responded (within 15 minutes), one person that seemed interested and didn’t go any further, and every one else wants the above described for $1200.  I’m so far having better luck with AirBNB.  The problem is they are short stays and I’d like something longer.  

@AJ Satcher  It is probably area dependent. Everyone wants something less than $1200 but they often still check they want an entire place for that price...  I've seen people looking for a unit in the center of Boston for that price. Some people don't realize the rents when they take on a contract. 

A couple suggestions:
Try to get your current tenant to post a review. Or see if she can refer a friend or incoming staff. 

I would use the tips above on places for posting and just make sure there isn't some aspect of your Furnished Finder ad that is making it less attractive then on Facebook. Not everyone goes for basement but if you live above might emphasize if it is a quiet place or has an above grade exposure in terms of windows.  Also FF lead time is short like a couple weeks.