All Forum Posts by: Luke Stewart

I agree with all the above posts and I do think renting will become the norm for a large percetage of the population. Especially when you consider hedge funds are buying SFH's which should be illegal (in my opinion). I just want to add one thing. I think over the next 10 years we are gonna have a huge pushback against STR's in residential areas, even greater than we see now. I agree renters take less care of a home, property, and neighborhood than an owner does. If this lower care/respect for a neighborhood occurs you will have local governments getting rid of them, in some areas I think it will be completely removed. Everything moves to one end of the spectrum and then swings back, eventually (hopefully) landing in the middle. I think we are currently on the far side of the spectrum and homeowners in neighborhoods are gonna fight back if it starts impacting their neighborhoods (already seeing this with STR restrictions). If this does happen, it will cause a big change in the investment market, owners will either have to move to MTR, LTR or sell. I'm not saying it's a guarantee but there has to be a change. In my heart I think people still want to own their home and build a life.

Quote from @Jared Hottle:

My subjective view is it is slowing a bit but many states, especially rural states, will need travelers for a perpetual amount of time just to function. So I think there will always be consistent demand. Some of the bigger markets you may see a drop as they have a better shot to replace with full-time nurses

 However, bigger markets are also the places with the most hospitals and the largest need. Just food for thought. I 100% agree about rural areas having less need.

Quote from @Trent Rogers:

@Luke Stewart thanks for the feedback! There are only a few on FF in my area. I did reach out to one (complimented his staging and rehab on his properties) but the conv sort of stalled out because I didn’t know how to transition into questions like that.

Not only do I feel like I’m wasting their time but also I feel like I’m asking “hey want competition?” 😂

Maybe offer them a consultation fee via PayPal or cash app? 🤷🏻‍♂️

I plan on self managing so I don’t want to reach out to PM’s.

I can ask my agent friends but that’s a pretty small sample size and not really their forte anyways.

This week has been a bit crazy so I haven’t started Zeona’s book yet but I’m hoping it will give me some better ideas.

 You could do that, I guess I would reach out and just be up front 

"hey, I saw you post on furnished finder, I am going to be renting my home for a bit while I am out of state and I was curious your experience in what type of renters you get? And how your vacancy is? If you dont feel like answering thats fine, but I thought I would ask and see if you have any tips!"

Some people will be jerks and not answer, but there are good people out there who will not see you as "this person will steal my business" and help, I know if someone reached out to me like that I would answer all questions. 

Quote from @Simon Ashbaugh:

Quote from @Luke Stewart:

Quote from @Simon Ashbaugh:

Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 

 I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 

 Interesting. How have you marketed your MTR? Has it been specifically to travel nurses?

I don't market specifically to travel nurses. I try and mention all the things someone could want. I mention the distance to hospitals (nurses), my work from home set up (WFH), park across the street for dogs (pet owners) and that its furnished like a home and not a rental (families), all the kitchen appliances you could ever want. Also, the way it's listed is different on FF than on Airbnb, on FF I talk more about hospitals and the travel nursing "exploring colorado" energy. Airbnb i mention all the other stuff. 

Quote from @Simon Ashbaugh:

Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 

 I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 

Quote from @Trent Rogers:

So when determining demand for nurses I assume an investor could reach out to hospitals and nursing agencies, but how would you find what other potential types of tenants are in your market?

Maybe reaching out to HR at some of the larger corporations in town? I know insurance agents got mentioned above, I guess the same would be true for contractors doing large remodels.

There seem to be very few MTR in my area on FF, Kopa, or Airbnb. The area I'm looking to buy in is very convenient to downtown and 4-5 hospitals along with several small "satellite" hospitals and specialists. We also have two large corporations building new facilities here along with 4-5 well established corporations all in different industries....oh, and if I'm lucky there a chance I could rehab or build in an OZ.

I'm pretty sure this is the strategy I want to pursue but I need to make sure there is enough demand for it. Regardless of what I buy I'll make sure the numbers work as a LTR for a safety net but since I plan on going full time as an investor the cashflow is the goal.

 I would go on FF and message the properties you see and just ask about their bookings and if they are struggling. Thats probably the best way to find out how the current market is in your area!

I love what Conner and Mike said, but I also think its important to remember travel nurses are not your only renter! Stick with the MTR and get on airbnb, vrbo and FF. I am a travel nurse and your post is the first I have heard of a travel nurse freeze, and I will tell you the staffing at the hospitals I have worked at over the past year need help more than ever as many nurses are leaving the workforce due to burnout from the past 2-3 years. We have a 300k national shortage of nurses. Hospitals cant just decide to "not hire travel nurses" if they have no staff. It also depends greatly on where you are located and the number of hospitals around you. The more hospitals there are, the more nurses they need, the more travel nurses they also need. Best of luck!

For my rentals I have dropped rental prices %5, currently rented through February (MTR rentals). Currently preapproved for a duplex in Denver, ready to pull the trigger, but waiting until at least January to see how the market changes. Latest I will purchase is June, so just feeling it out. 

Yes they are! And I would still be careful with tenants and do your screening, airbnb and their reviews make it really simple. Since FF is mainly medical people, I tend to look for couples, a pet, hopeful to extend and people that seem excited about being in Colorado because it usualy means they will be out doing things and not destroying my home... usually... :)

Yes definitely, on Airbnb I average about $3300 a month since I started. The most was $3500 and a longer renter at $3000. Furnished finder I have always rented at $3000 but its listed at $3500.  My current renters are at $3000 on FF and they just moved in. I do like having a real lease with FF but its definitely easier with airbnb. In the end I find doing both important because some people are just sick of airbnb fees and dont look there for MTR stays. I also like having a renter that doesn't force me into the "we are airbnb, do what we say for good reviews" trap that once really hurt me with a bad renter who did a fair amount of damage. Had to fight with airbnb over $500 for 3 months while they did nothing to actually try and get money from the renter (I learned my lesson, good security deposits are a MUST). Last thing, I have been the one to reach out on FF to the tenants I have had from FF. The "potential  leads" and most of them have budgets lower than my place, so I list at $3500 and usually meet in the middle at $3000, Its my minimum rental price for the cash flow I expect and when I offer the "discount" they feel good about it too. Sorry for the long winded answer.