All Forum Posts by: Brooke Roundy

@Benjamin Louie I manage my STRs remotely and have a local co-host I rely on who only does light co-hosting so it's low cost. I also have great cleaners and I use smart locks. 

@Megha Malhotra it's really about cash flow for me. The MTR market is young so I see opportunity to grow with it. I don't need a completely passive investment and I enjoy furnishing and providing a good guest experience to this type of tenant. Given my property location if the MTR market were to significantly change I can pivot to LTR easily by simply removing the furniture. I like this flexibility and it balances the risk. 

Yes 100%! On the same page completely. I’m very uninterested in maximizing profit by sacrificing the guest/tenant experience, and the business case will bear this approach out. 

Great offerings. I would add, air purifiers as well. I think lighted vanities are not expensive and really a lovely touch. Good point about sensory. IMO quality cookware and utensils are required. I’ve seen so many of the same junky Amazon basics cookware, I went that route when I first started not knowing better but have pivoted. I’ll be focused on sustainability as well and I want to reduce plastic wherever I can. We are drowning in it. I don’t think that’s only for luxury rentals, I want all my rentals even economy offerings to be environments I’d want to live in. 

I charge a deep cleaning fee after each stay which in my market is a reasonable $125 for a small apartment, whether 30 or 90 days, and I offer a mid-stay cleaning for a lower cost (same as my STR fee since I'm using the same cleaning crew, to keep things consistent), but no one yet has opted for a mid-stay clean. We include cleaning supplies. So far, we have not had cleanliness issues.

I am also looking to invest in Columbus MTR, I run a few MTRs in Cleveland near hospitals that are performing well on Furnished Finder. I switch between STR and MTR seasonally, which has worked well for now. MTR is decidedly less work, and with STRs saturated in my neighborhood this year and the increased need to differentiate in a crowded market, MTR is increasingly attractive. I've had one MTR tenant rent through Airbnb, the rest on Furnished Finder. I've had a mix of healthcare professionals and one relocation. Best wishes! If you'd like to connect I'd be happy to share learnings as I move into the MTR market in Columbus in the next 6 months.

@AJ Wong this is personally the direction I'm thinking to take my business. These offerings play well in STRs, but I'm curious how wellness offerings would or would not play well in mid-term rentals catering to that niche market. Digital nomads care about these things, but it's the healthcare professionals ironically who probably need it the most, facing burnout, etc. a new generation of HCPs may want to flip that script.

@Chris Seveney thanks Chris! I've reviewed this option and compared against the others. I like lease otionbthe best at this point. 

Hello, I have an opportunity to employ creative financing to acquire a property and I’ve been scouring the forums and see lively debates about creative financing options. I’d love to hear from folks directly on this as well, you all have wonderful insights. Here are the facts:

- home is not selling and owners moved to another state 8 months ago. They want out completely. Low interest rate. They are current on mortgage and have $40k equity, but looking to stop cash burn more than preserve equity at this point. 
- I would like to acquire the property but not with 20% down and not at today’s rates. Not a deal. I run furnished rentals and look at this as a long term hold cash flow and appreciation play (long term, 10+ years). Local market is soft now but fundamentals are all there for long term growth. Could pivot to LTR as well if needed. 

- Subject to has come up as an option but as many have discussed here, is risky for both buyer and seller. I could have the finances to cover mortgage pay off if DOS was called, but I don't want to tie up that much cash in reserves just in case. I dislike the shadiness of this as well. But maybe it's doable in certain circumstances, if DOS is less a risk. I'm finding this difficult to evaluate.
- lease option to cover owners mortgage with maybe 5 year option to purchase with very low option fee - enough to make seller feel they’ve received something up front, maybe I build equity with principal payment. No DOS risk, I lock in a price and get control of the property. I don’t have to buy if I decide not to, owners can hang on until conditions improve, maybe they can recoup equity?

Are there other options I’m not considering that would make this a win-win for both buyer and seller? the seller values simplicity, and I would prefer it. We both have attorneys but I’m doing as much diligence as I can to help make prudent decisions. Thanks in advance for your contributions.