All Forum Posts by: Amy Carroll

love what you're doing! here are some tips:

3bed MTRs aren't as in-demand, so don't be spooked if you have longer periods of vacancy. you could consider doing MTR by the room, for all traveling professionals, to avoid those periods with zero income coming in. you'd be surprised by how many traveling professionals are willing to share a living space, to find affordable housing, especially if you'll allow pets! in my experience, allowing pets is a non-negotiable, and major perks are biweekly housekeeping (build it into the rent), and in-unit laundry. if you choose to go RBTR, here are some tips for THAT:

- designated kitchen cabinets
- designated storage space in the bathroom
- designated laundry days
- designated space in the fridge
- 'quiet hours'
- overnight guest policy (none)
- designated parking spots
- single occupancy per room

...basically all to get ahead of the quarrels between guests! we MTR our guest room in our primary (yes we share a bathroom and kitchen lol) & i've learned a lot from this experience. between that and the LTR on the other side of the duplex, it brings our mortgage from $3850 to $50, so it's worth it! i talked about this on the real estate rookie podcast & the wiire podcast - search jessie dillon in the podcast app and you'll find them!

Others have had great things to say already. I'll add a bit about setting up the technology you'll need to manage the home remotely, especially if you won't be local. We always use a smartlock, at least one outdoor camera over the entrance, and a noise monitor inside. 

The Schlage Encode is my favorite smartlock, high quality with several options to fit your home's style. No lost keys and needing to rekey or change the locks. But do keep a physical key in the lockbox as a backup. Too many lessons learned the hard way for that one =)

For cameras, Ring and Nest make great options. For larger properties, we may have additional cameras to cover the side or back of the home. This helps you keep an eye on the property when it's vacant as well as ensure if your tenants are following your house rules.

We use Minut noise monitors, which can also detect motion, temperature, humidity, and cigarette smoke.

If you have central heat and AC, a Nest thermostat can be an option too if you want to set limits on the temperatures since you're paying the utilities. 

 Thanks @Andrew Freed! 

Hey @Amy Carroll - Here are some prep tips and I am happy to help offer guidance to others here. Just remember, this is an art; not a science. 

1. Check Rabbu, Furnished Finder data and finally compare all of that against HUD Fair Market Rent. This should give you an idea of what your potential value is.

2. Do some general surveying. Contact ALE Solutions, Corporate Housing and public on Furnished Finder. You can even post on FB groups. Explain your set-up. (Bedroom rent or whole house)

3. If your numbers look good, then figure out photography/staging/furnishings. I recommend Costco/Sams Club for kitchen items and furniture - Wayfair or good ol FB Marketplace pending your budget. Put utilities in your name. 

4. Front load market your property. Get maximum exposure. FB Groups, Furnished Finder, ALE Solutions, staffing agencies, AirBNB/VRBO/Booking.com, etc. There's a lot of front load work here. 

5. Prospect tenants - if they stay longer than 6 months - then use Transunion Background checks. 

6. Select your tenants - profit ;) 

This is a very rough cut of the process. This is an art - not a science. It is also a hospitality business. So consider that moving forward. 

Here is my slide deck of all things MTR (Focus is on New England). This should cover your bases on what to know. Feel free to reach out with any concerns/questions/comments. I've helped around 50 people now MTR their property! 

Everyone here is welcome to use this slide deck; https://docs.google.com/presen... 

Best of luck on your real estate journey!

As you prepare for your home to be a rental, start taking notes of anything that make need further explanation. I always provide an in depth guidebook to my guests that gives an overview of the area, house rules, and any tips such as toilet that needs extra attention or a step to avoid (as an example). I’ve found it’s best to include as much detail as you can to limit guest questions.

Also, take inventory of the items in the home. I include a furniture list with my leases that spells out what was at the rental when the guest moved in to let them know they’d be on the hook for furniture disappearing or breaking. 

With your home size, I would target corporate travelers and displaced families. You can always start reaching out to agencies now to get a feel for the demand in your market and to get on their radar.