All Forum Posts by: Allen Duan

Hi Jenny! If you're leaning toward holding the property and enjoying the cashflow, it may make the most sense for you to hire a property manager. Sounds like you have your hands full already with your job and the kids. I know what it's like, I have 3 little ones myself! By hiring a PM, you lose some cashflow but free up your time so you don't have to be a landlord.

Another way to do this is convert the property to a MTR. I understand their are tenants in place so a MTR won't be an option until they move out. You can potentially earn more, even after property management fees, and enjoy both the cashflow and the passivity of having a property manager. Disclaimer: I own a MTR management company here in Los Angeles and I'd love to be a resource if you have any questions about this strategy =)

There are screening best practices that others do, but you have to decide for yourself who you want to take. There are no hard and fast rules.

If you're ok with income that's 2 times rent, go for it. Same with credit score. If someone isn't the ideal tenant but they'll pay for their 3 month booking up front, maybe that makes sense. There are plenty of great tenants out there that don't have a W2 and high credit score. 

Most hosts don't use a lease for Airbnb bookings, but some software can handle it for you. Ownerez being one of them I believe. Again, it's up to you and how you feel about that.

I read in a Facebook group that relocation specialists have been swamped with MTR operators reaching out to them trying to build relationships with them. For the bigger companies like ALE and CRS, add your properties to their database. There's a page for it on their websites. I don't think you'll have much luck cold contacting them since it's probably what 100s of others are trying to do.

There are also a lot of new companies forming that are focused solely on MTR lead generating and charging a finders fee. Craftsman Housing, Hestia, and DOMA are a few that come to mind. 

This space is continuing to evolve and the rate of change is pretty quick.

That's definitely not normal from rental arbitrage. It should just be the monthly rent your paying the owner. Move on and find another one.

We use KeyCheck from Furnished Finder. It's super simple. You just need the prospective tenant's email and they pay the $40 and fill in their info. Then you get the results. 

Hi Emily, have you checked the comps in your area to see how much demand a unit like yours has, as well as the rates you can rent it for as a MTR? That's the first step I recommend to determine if a MTR is the best option for you. A MTR has the potential to earn much more than a LTR even with higher vacancy. 

I'd also say the decision comes down to your risk tolerance, how comfortable you are with some months earning a lot and some months earning zero, and how much work you want to do managing the property. "Is the juice worth the squeeze" in other words. Please feel free to reach out with more questions. I own a MTR property management company in Los Angeles and I'm happy to share what I've learned.

We charge 15% of rents collected for full service MTR management. I think the 7-10% number above is for LTR property management. I'm happy to help you find a good manager and ask the right questions Sarah. What market are you in? I may have a referral for you as well :)

There are many services like this, whether specifically for MTRs or just with interior designers. It exists but its not cheap. We've done it a few times for our clients, one was specifically in your situation where they would have had to travel out of state themselves to get it done.

 That's a great idea Bonnie! I agree, that would solve most of the problems we've had with construction workers. 

Hi Sargis,

I own a MTR management company in Los Angeles. If you're interested in internship opportunities in this space, DM me. We also have a background in STRs and rental arbitrage.