All Forum Posts by: Miguel Del Mazo

One caveat: in the blended MTR/STR model, please commit to MTR with a fill-in strategy with STR.

Since, in our experience, most MTR bookings happen within 1-2 weeks of the upcoming vacancy and since many MTR bookings extend into that vacancy, if you allow STR guests to book in the distant future, you will likely block your schedule from being available to the lucrative MTR bookings.

Once you have secured your MTR, if there are gaps, feel free to back fill with STR. It's hard not to accept that STR request 3 weeks in the future when you have an MTR vacancy coming up, but if you market is strong, stay resolute and hold out for the greater prize. :)

 I would imagine it really depends on the market. If other listings on FF are similarly appointed, it may not be a big deal at all. If the penthouse is in an amazing location, that may make up for the lack of W&D in-Unit. If you're willing to drop the rent a little compared to similar properties, that can draw attention to your unit. 

Another option: is there a drop-off/pick-up laundromat nearby? Can you set up an account that your residents can use up to $X a month? Bonus points if the laundromat does pick up and delivery. 

A lot of "missing" amenities can be made up for with companies that provide a service, if you're clever about it :) 

 Best option: you have a friend with a truck who likes a little cash. 

2nd best: Home Depot rents trucks pretty cheaply

3rd best: hire a guy with a truck. This is the option we go with. It took a little while to find the right guy, but now we have our go-to moving guy. 

If you need it cheap and have time, Wayfair is ...fair.  

If you need it fast and delivered accurately, Wayfair is...not the way.

Amazon and big box retailers near your property are reliable.

As you naturally undergo a tenant turnover, consider switching one LTR to an MTR. Furnish it well with contractor grade furniture, give it a little reasonably-priced flair and get great pictures.  I bet you will be surprised at how quickly it fills and for how long. 

If you find it to be profitable and worth your time, you can switch other units to MTR over time. Having all the unit at the same address will also mean that you probably won't need 6 individual FF listings, if you are clever with maintaining your calendar.

I belong to a mastermind that is a pretty good mix of experienced and apprentice MTR operators, and last night Waivo came up (again).  We have always relied on good tenant screening and expectation-setting coupled with a modest deposit, and that has served us so well that we've always been able to fully return the security deposit (after 4 + years and currently with 6 properties that we own/operate).

Still, I heard so many good stories about Waivo paying quickly in the event of damage, that I am seriously considering switching to the hybrid model.  I am curious what experience others have had. 

I, too, do not have great faith in AirBnB's coverage, but if you have to go that route, I would suggest waiting until after the resident's window for reviewing you closes but before your window to file a claim slams shut to start the process. No one wants the guest that destroyed your place to also leave a 1-star review unfairly.

Bear with me as I am rushed as I'm headed to bed :) 

1. I absolutely agree with the watermark issue. Distracting and looks "scammy". Contrast also seems exceptionally bright in the photos. 

2. Your ad copy reads like a sales listing, not a concise summary of reasons to book with you. This isn't a slam on you or your writing skills, but bullet points capture the attention of people rapidly scanning for where they want to live (or where they want to place people to live) for a while.

3. Don't include pricing in your description. You want to be able to change that on the fly without having to remember to change it in the text. 

4. VRBO has not been good for us either. 

5. I suspect that your first booking may have given the false impression that FurnishedFinder is like Airbnb or VRBO where people can find you and book without much interaction. This is the most common issue I see when folks are starting MTRing. You have to reach out to "unmatched leads" that come your way. Often times, you'll be able to convert these, but you have to reach out first. Don't worry, you'll get ghosted a lot. Part of the game... 

6. It's been unusually slow for us the winter as well. 

7. If there is a big work project bringing folks to your area, don't just list distance to hospitals. Show the distance to the work site. 3 bedrooms will often attract crews. 1-2 bedrooms are more likely to attract traveling medical professionals. 

8. If you're really up for hunting down residents, use chatGPT to find what major employers are bringing people to work in the area and reach out to their housing department directly. It's a slog of phone calls and rejection, but you can be half the cost of an extended stay motel for them with a much nicer product as still be higher than your usual rate. 

9. Swing by those extended care motels and look for work trucks. Call those companies as in #8 above. 

10. Most MTR bookings happen much closer to the date people need to lodging than you would expect. On Airbnb, you can drop the near-term rent (1st week of availability) and compensate on the back end to keep your monthly average while still attracting more eyeballs. 

That's my quick advice. Best of luck! 

Out of curiousity, @Shanai Rogers, you mention scaling a number of times. It seems like you are looking to build a large number of arbitrage arrangements in Las Vegas and potentially elsewhere. What does that business end up looking like in the end?

To me, you will be working diligently to find a large number of quality renters that will respect the space of a large number of quality landlords (that are "mom and pops") that will respect your needs. The payoff for this is that you will have a business that owns nothing, works very hard and is balanced between two parties that are not aligned with your interests or each other's. That sounds hard, really hard, without the traditional upsides provided by owning real estate (tax benefits, appreciation, leveraging and loan payoffs, etc).

Unlike a lot of the MTR forum posters, I actually do like arbitrage as a tool to have in the toolchest, but I think it has a very narrow use. When you are just starting out and lack the ability to buy properties without overextending, arbitrage can help you get some experience in the world of MTRs. When you are more experienced, you can use an arbitrage deal to test out a new market to see if you want to expand there. Also, if you have an incredible tenant you can't serve at the moment, but you have some lead time to find an arbitrage deal to accomodate them rather than lose them, it might be a good option.

In general, I don't look to scale the arbitrage side of our business for its own sake (in our personal names or in an LLC is irrelevant), but I will use it to further expand what we own in real estate.

Best wishes. I think you are starting out with a great attitude. Make the most of it by ensuring you want to be where that drive is leading you. 

 Sorry for the delay, Donald. My wife and I have been traveling with limited internet. 

Th bbest way I've found to describe FF is that it is a dating site, rather than a matchmaking site. With the Airbnb, Vrbo, booking.com style sites, a prospective resident can learn about your site and directly book it. Furnishedfinder.com only does the first part (but for a lot less $). 

It up to you to reach out to the leads that FF generates. You will need to attract these folks into staying with you, screen these prospective residents and ultimately sign a contract of your creation with them. You will need independent insurance, as well. 

FF, as a company, has been fair. I don't think their extra service (where they set up your listing) is worth the premium if you are facile with writing attractive advertising copy. They do not allow you to change the address associated with the yearly fee, so if you renew and then sell a unit or stop renting it out, there can be some wasted money there. 

Overall, for less than two hundred dollars a year ($179, last I checked), if FF helps you get a good booking a day or two earlier than you would otherwise, it pays for itself in reduced vacancy. 

I'm (once again) with Allen on this one. The fee is pretty high for a service that probably was more valuable before the internet. Now, I think other ways to reach potential residents exist, and more cheaply.