All Forum Posts by: Conner Olsen

@Steven Correale I'm not sure you would need a different insurance. I have STR insurance and it covers lost revenue. I don't think that would be necessary with a MTR because technically it's a longer rental marketed on Airbnb or VRBO. Definitely something worth asking an insurance company.

Just like Josh said, Airdna is a great place to start. Pay for the subscriptions when you have a few markets narrowed down. It's pretty expensive but I would just use it until you get the data you need and then cancel the subscription.

@Gulliver R. Offer to sign a longer lease with the landlord at a higher rate than market. Possibly offer a percentage of profits. Say you'll cover all repairs and maintenance under $200. Tell them the property will be in better shape than with long-term tenants because it's getting cleaned 1-2x per week. 

@Taylor Dasch We got professional pictures and it was totally worth the $200. All of our competition is using cell phone pictures so we have that advantage.

@Taylor Dasch My wife did it all herself! She found a lot of things on Facebook Marketplace, Overstock, IKEA, and Target.

@Diana Martinez My wife decorated it all from Facebook Marketplace, Overstock, IKEA, and Target.

I get asked frequently: "how nice do you have to furnish a monthly rental?" Everyone has seen those amazing STR that are professionally decorated and have themes that differentiate your property from competition. I have found that this is not necessary with monthly rentals. For a traditional STR you might want a place with a cool spray painted wall to take pictures of and post to social media. If you are staying in an a place for 2+ months, you don't care as much what it looks like, you care that it is comfortable and functional. It is more important that you have a fully stocked kitchen with a cookie sheet and a crock pot than a cool painting. When furnishing our MTR, we did not go crazy with the decorations or furniture; we furnished the 2/1 for around $5,000. Don't get me wrong, it's a nice place, but it's not 'let's take a selfie with this' kind of nice.

What has your experience been? Do you try to furnish MTR really nice or do you try to stay minimal and functional?

@Derek Adkins Austin does not require any licensing or hotel tax on properties rented for more than 30 days. Essentially the city sees the property as a furnished monthly rental that is marketed on Airbnb and VRBO.

@Arvin Poole I did not do an FHA loan because I didn't want the higher monthly payment. Looking back I definitely should have gone with the FHA loan. Let me know if I can help with anything!

@Christopher Moloney I found it on the MLS, the property was listed for 45 days with no one going under contract. Medium-term rents are around double what LTR are. It's a great strategy!