All Forum Posts by: Mason Weiss

Hey Mark, how many units and what cap rate? 

Hey Cory, before you switch your property to a MTR, I would test demand with your property. You can list your MTR on Furnished Finder or Zillow as a 30 day+ stay, and see if the monthly rate drives demand in your market. The last thing you want to do is switch over and then have vacancy that you cannot fill.

Hey @Chetan Vihite, along with your input from BP, I would review the saturation of MTR's in your desired markets. By going on Furnished Finder, Zillow, and Airbnb, you can see how many MTR's there are in a specific area, and see if the monthly rates are advantageous for a new investment. 

Hey Rod, you should sit down and have a longer discussion with an agent. The input we can provide based off a forum post is difficult because we don't know you and there are so many properties to discuss.

Most of these companies look at Zillow as well for available rental properties. Make sure the first line of your listing shows that the property is furnished and available for 30 day stays. They will reach out to you directly if it meets the rest of their criteria. 

Make your furnished unit unique and market it everywhere. With saturation hitting the market, creativity is imperative for MTR units. Have it stand out in your various listing platforms and you will do well.

Make sure that the first sentence is clear in saying it is a furnished unit that will take 30 day stays. Most people don't want to read through your entire listing. 

You can never have to many leads. The more relationships and marketing channels you build will only benefit you in the long run.

I prefer a management company that can switch between mid-term and short-term strategies. In the slow season MTR's make more sense, but to take advantage of the high season, it is highly advantageous to switch to a short term strategy. A management company that can handle this switch, and navigate an investor on when to make the switch, would be appealing to many investors.

If both tenants understand that the living area is shared upfront, then give it a shot. Sure you might deal with some minor tenant disputes, but your profitability will be higher. Depends if you are ready to take on the additional headache in this management style.