All Forum Posts by: Conner Olsen
Conner Olsen has started 23 posts and replied 1249 times.
Post: How much time/effort does it take to manage a MTR?
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Allen Duan:
The main difference I've learned is that MTRs take more work on the marketing side to get bookings, but less work on the operations side with less turnovers.
Post: Mid Term Rental Agreement
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Jeremy Jareckyj:
Quote from @Conner Olsen:
Quote from @Jeremy Jareckyj:
Anyone have a good MTR furnished rental agreement they would be willing to share?
I have one I have drafted up but would love to compare against others.
What are some items you always included in your MTR rental agreements?
I created one in Apartments.com. It was pretty simple
did you have it verified by an attorney or the ones on apartments.com are already verified?
I did not have an attorney review it. If you're going to hire an attorney might as well just start with their lease and not have them review someone else's document.
Post: Mid Term Rental Agreement
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Jeremy Jareckyj:
Anyone have a good MTR furnished rental agreement they would be willing to share?
I have one I have drafted up but would love to compare against others.
What are some items you always included in your MTR rental agreements?
I created one in Apartments.com. It was pretty simple
Post: How much time/effort does it take to manage a MTR?
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Leo R.:
Hey folks,
Question for the medium term rental crew: how much time/effort does it take to self-manage a typical 1bd/1ba furnished MTR?
I realize the answer probably depends on lots of things (like the location, grade, etc.), but any info you can provide is appreciated...
I have lots of experience operating LTRs, a bit of experience running a STR, and no experience operating a MTR--but I'm thinking about trying it out! I assume operating a MTR is more time/effort consuming than running a LTR, but I'm wondering whether it's a just little more time/effort, or a LOT more time/effort?
Related questions: How long do tenants typically stay? Where are you finding most of your tenants, and how much time/effort is required to secure a tenant? How much vacancy happens in a typical year? What other things are important to consider before starting a MTR?
Thanks!
For me, an hour a month per property.
Post: SLC-Provo Medium-Term Rental interest
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Mark McGraw:
Hello,
If you're analyzing MTR market make sure you're not considering STRs. Use Pricelabs Market Dashboard tool and you can easily filter out homes with a minimum stay of 30 days or more. It costs $10/month for a market area.
Post: To 30 day stay - or to not
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Andrew Bosco:
I wanna hear the good, the bad and the ugly from everyone. Do you allow 30 day stays? Are you against them
Absolutely, it's one of the few ways to get cash flow in Austin, TX.
Post: How are your MTRs getting booked?
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Alex Ng:
I recently posted an MTR. I haven't received any bookings yet. I'm trying to contact hospitals and insurance claims. I've put the property on Airbnb, facebook marketplace, padsplit, etc. How fast did you guys get a booking the moment you posted a MTR? How are you getting clients?
WHen I posted my first MTR on Airbnb I got 6 months booked in 48 hours. I have since raised my prices $600/month higher and am always booked 4-6 weeks out.
Post: Am I Running the Numbers Correctly?
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Jacob Zivanovich:
I personally don't like percentages when setting aside funds. I prefer dollar amounts. I look at my major systems and determine the remaining useful life and budget those in. Then I add around $50 a month for miscellaneous maintenance. The question I ask myself is 'If I need to call someone for a minor fix, how much will that cost? How often will that happen?' On my property I call an appliance repair company or plumber once a year and it costs $150-$400. $50/month is more than enough for me right now on my properties.
Post: What should I do until closing?
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Haley Jang:
Hello BP team, a new house hacker here.
I'd measure the property, identify furniture, research the market, and figure out what is the best rental strategy for you. It's going to take a bit to get it all up and running and it seems like you're a planner. Congrats on the property!
Post: Renting Rooms in Brooklyn
- Real Estate Agent
- Austin, TX
- Posts 1,263
- Votes 941
Quote from @Walter McDonald:
Should I provide a kitchen when renting rooms?
If you want your tenants to stick around for awhile I would offer a kitchen.