All Forum Posts by: Conner Olsen

Refundable pet deposit of 200$ and a monthly pet rent of about $25-$50 depending on the pet. The reason my deposit is refundable is it incentivizes the tenant to take care of the place, because once your deposit is non-refundable the tenant doesn't have an incentive to keep it nice regarding the animal. And the monthly rent offsets the cost for the extra cleaning.

I feel like 150 per pet can be really pricey if the have 3 pets, and do you really need that much?

@Catherine Javier I would tweak Brett's advice and ask for a $500 deposit. 4 dogs can wreck some furniture.

2 Votes

Tacoma, Washington

Quote from @Geoff Regan:

I have a single family home In Los Angeles. Currently getting into rental shape. I have just started working on getting my un permitted guest house permitted as well. I work in the entertainment industry and the W2 income has diminished because of the strikes going on. Any suggestions on the best way to get a property now? When I get this place rented, it will go for well over what my mortgage, tax and insurance payments are. I also have a heloc available to use.

Hey Geoff, when you are considering the rental strategy make sure you talk to your lender. Lenders want to see at least 1-2 years of tax returns of rental income OR have a signed lease in place to help you qualify for the next property. The requirements vary greatly based on the lender. My guess is they'll recommend having a lease signed, and they might require a 12 month lease. This will be a major factor in qualifying for your next property.

0 Votes

Los Angeles County, California

Quote from @Michael Aguirre:

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

2 Votes

Quote from @Courtney Mccrear:

Any agents or investors in here familiar with the Austin Tx market?

Trying to househack a multifamily, stuck between Houston or Austin.

I’d prefer to assume another Veterans Loan, to avoid 7% interest rates. I’m a veteran as well.

I have cash as well!

Already approved for VA loan also! Let's work!

Hey Courtney,

I house hack in Austin. When deciding between markets the #1 factor is figuring out where you want to live. House hacking is not worth it if you don't like your living situation. We come across quite a few assumable loans, typically single family homes. Depending on your strategy it can be a great option!

1 Vote

Austin, Texas

Quote from @Fareha Zeb:

Why is house hacking so popular these days?

Low down payment, reduce living expenses, scale a portfolio quickly.

0 Votes

Fairbanks, Alaska

Quote from @Todd Hatch:

Hello, we are working on our first MTR but we need help with what sheets to buy for our 12” King bed. We would really appreciate if you can share the exact name/brand of the sheets you buy or a link to them would be even better! Nothing too expensive but we want something that will wash well and feel soft. Thank you!

I don't have a specific brand I buy, I just don't spend a ton on the sheets. They tend to get replaced every 6-12 months so I don't go overboard and buy the nicest.

0 Votes

Quote from @Aamir Ehsan:

Quote from @Scott Johnson:

Quote from @Aamir Ehsan:

Hi,

I’ve received interest from a corporate relocation company to rent my home for their insurance claim client. The company will pay the rent, but will not disclose which insurance company is paying their client’s alternate housing claim. They are requesting a month to month arrangement.

They also said since the company will pay the rent, I can’t run credit or background checks on the occupants.

What would you do?

'Apologies, Mr. Company Relocation Person. Our Mid-Term Rentals are only available in increments of [whatever you want: 3, 6, 9 months etc]. We also require confirmation of income prior to renting.'

Cover your ***. Sounds sus to me, but if they sign a multi-month lease that you're conformable with and they show verifiable proof that you'll be paid, it may be a risk worth taking. Never operate in the shadows. There's far too much money to be made in the light.

Great reply, thanks. A related question is how do you check income and credit of a company? The company says they will pay every month, so naturally I’d like to run a check on their credit worthiness and financial soundness.

If you went forward with a company I'd require a higher deposit.

2 Votes

Portland, Oregon

Quote from @Donald Yang:

Quote from @Conner Olsen:

Quote from @Donald Yang:

Hey guys,

Looking to get into MTRs in my backyard and I was wondering if you guys usually do it yourself or get a property manager. It seems like groups with good corporate contracts that may be able to get better returns and less vacancy would probably offset the property manager costs wouldn't it?

What are the general costs associated with property managers in this space? Do they do pretty much take care of everything excluding replacing broken big ticket items like furniture?

Thanks

I manage my own and manage others in Austin. MTR PM is a new space so you can expect anywhere from 15%-25% for a management fee. In terms of what they cover, it totally depends on the company and their fee structure so no rule of thumb there.

The best returns are in the corporate contracts. One of those contracts should be much higher than what you'd pay for a management fee.

So basically if we get a property manager, try to get one that has corporate contracts so that the increased rental revenue make up for the management fees?

From what I've heard, it is possible to increase your revenue from the going rate of MTR by 50% by having those relationships. It's worth it to get someone that has those already built out.

0 Votes

San Jose, California

Quote from @Jeffrey Schratz:

I have a few STR's and am venturing out into MTR. Looking for advise, and maybe a punch list of "must haves" for the unit. Thanks in advance!

Jeff

Fully stocked kitchen, including items that might not be necessary for a typical STR. EX: Cookie sheets, can openers, potato peelers, maybe a crock pot? You must have fast wifi. I recommend making a youtube video walkthrough of the property to send out to potential tenants.

3 Votes

All Forum Posts by: Conner Olsen

Conner Olsen has started 23 posts and replied 1249 times.

Post: Need cleaner for midterm rental in KCMO

Post: How much pet fee per pet?

Post: Looking to buy my second property and renting out my first.

Post: MTR Process from Inquiry to Lease Signing Process

Post: Trying to househack a multifamily in Austin!

Post: Why house hacking?

Post: Bed sheets for MTR

Post: Would you rent to a corporate relocation company?

Post: MTR Property Management

Post: Must haves for Midterm Rentals

Conner Olsen has started 23 posts and replied 1249 times.

Biggerpockets Logo Post: Need cleaner for midterm rental in KCMO

Biggerpockets Logo Post: How much pet fee per pet?

Biggerpockets Logo Post: Looking to buy my second property and renting out my first.

Biggerpockets Logo Post: MTR Process from Inquiry to Lease Signing Process

Biggerpockets Logo Post: Trying to househack a multifamily in Austin!

Biggerpockets Logo Post: Why house hacking?

Biggerpockets Logo Post: Bed sheets for MTR

Biggerpockets Logo Post: Would you rent to a corporate relocation company?

Biggerpockets Logo Post: MTR Property Management

Biggerpockets Logo Post: Must haves for Midterm Rentals

Post: Need cleaner for midterm rental in KCMO

Post: How much pet fee per pet?

Post: Looking to buy my second property and renting out my first.

Post: MTR Process from Inquiry to Lease Signing Process

Post: Trying to househack a multifamily in Austin!

Post: Why house hacking?

Post: Bed sheets for MTR

Post: Would you rent to a corporate relocation company?

Post: MTR Property Management

Post: Must haves for Midterm Rentals