All Forum Posts by: Jonathan Styer

My opinion on this would be to add it if you want it for yourself while you still live there, otherwise I wouldn't bother. I can only speak to our market here in Columbus, but MTR is in such demand that I don't see this amenity being a must to keep your occupancy high, I'd go with an outlet. 

We have one unit that advertises a charger and I don't think it's ever been used. I don't think you can raise the rent by installing it because most guests aren't going to be using it anyways and it will prevent guests from booking potentially because your price is higher than others.I

I say all this as someone who drives an electric vehicle. 

Happy to chat about our market if you're ever interested!

My clients have been cash flowing well. You need to buy strategically and then market yourself well. We have really high demand for MTRs here in Columbus so that definitely helps - our properties are usually booked by referral before we get them listed. 

For us, its simple supply and demand. We generally expect to see 2-2.5x gross rent vs. LTR market rent. 

Happy to chat if you have any questions. 

 Hi Brady, 

I have built my business around this concept. I found it harder and harder to find cashflowing LTRs for my out of state investor buyer clients. Once I transitioned to an MTR model where we can be a one-stop-shop here in Columbus my clients are doing much better with cashflow.  

We often see 2-2.5x in gross rent from market LTR rent and where it really works is in Multifamily. We manage a 4 unit that the owner bought for $420,000 and he is grossing over $10k per month with MTR. 

One consideration is your expenses are higher and you do have the cost to furnish, so it's not all sunshine and roses, but if you buy it right you can do really well. I also help a lot of clients buy multifamily and they will split up strategies as a hedge, like 2 MTR and 2 LTR. We also sometimes do they hybrid approach with MTR/STR.

Happy to answer any questions!

I agree with other commenters that going MTR would be your best bet if you can. You should be able to beat LTR significantly and cover your costs. 

Never one to kick a down dog, but for future investments, I would strongly advise against ever owning an investment property in an HOA neighborhood, especially an STR. Always want to have as much control over your property as possible.

Hit me up if you need any advice on MTR.

We usually try to stick to 2 weeks out because it can easily creep into being an STR if you open it wide up and that's not the goal if you have MTR as your primary strategy. What we often do is just fill in STRs between MTRs if there is a gap in the stay.

Columbus has very high MTR demand so we are often doing next day turns and booking places before they're listed. But we do keep this strategy in our back pocket. 

Hi @Brian Malavsky

For us in Columbus, squeezing in STR guests between MTR tenants can be profitable for reducing vacancies and increasing rental income, especially with platforms like Airbnb or VRBO. It's been a great strategy for us.

Hi @Josh Carpenter

For our locks, we've opted for the Schalge Encode, and it's been an absolute game-changer for us. Not only does it offer top-notch security features to keep our properties safe, but it also provides convenient smart technology that streamlines access control.

Hi @Sarah Selle

While Price Labs is great for short stays, it might not fit MTR. Consider setting a competitive base rate and offering discounts for longer stays instead. Finding the balance between revenue and guest value is key.

Hi @Sarah Selle,

When it comes to insurance companies willing to cover properties with cloth wiring, it can vary. Some companies may have stricter policies, while others might be more flexible. It's worth reaching out to multiple insurers to see what options are available. Larger national companies like State Farm, Allstate, and Liberty Mutual are known for providing comprehensive coverage, so they could be good places to start your search. Be sure to mention your specific needs regarding cloth wiring when getting quotes. Good luck!