All Forum Posts by: Robin Smith

To me this means a 2-3 bd single family home in a high B / A area and saving a big emergency fund. Risks become less worrisome the bigger your emergency fund. You can easily self manage 1 property with Zillow and Excel. You certainly can have more robust systems, and probably should as you scale, but if you're looking for easy mode don't stress about it. Your realtor will do a lot of the acquisition hand holding you're looking for and BP and your local network can help with any concerns you have getting folks into the property and managing it, or you can hire a property manager to do it, albeit at 10-15% of gross and they won't do as good a job as you will. If it's the worst deal ever and you ruin everything, sell it and maybe you're out 5-20K. That's not a trivial amount of money, but it won't leave you on the streets when you're retirement age.

You got this! I feel confident after you do your first deal you'll be kicking yourself for not doing it sooner.

I like this advice!

1 Vote

Quote from @Steve Vaughan:

Congrats on your pre-retirement @Robin Smith ! A YT I like that's an 'early' teacher retiree is Happy On Monday.

Glad to have you!

Thank you! Glad to be here. I’m learning a lot from y’all!

1 Vote

Baton Rouge, Louisiana

Quote from @Joe S.:

Congratulations on your next journey. Did you teach a particular grade as a teacher?

Thank you!!

I teach college level algebra and trigonometry to high school seniors at Louisiana School for the Blind.

0 Votes

Baton Rouge, Louisiana

Hi Eric,

Am I understanding that you want to pivot from LTR to MTR? If so, then find out if you are close to any hospitals (within 15-20 miles). If it is a trauma center then even better. Level 1 trauma center is the best. Your property might be close to large factories. They always have admin visit for a month at a time.

There is a stats page on furnishedfinder.com that you can use to see what midterm rentals are asking for in your area, based on bedroom count. There is not a lot of data for MTR comps so I look on FF to see how many MTRs are in my area and what the rate is, and I play around with AirBnb to see what a monthly stay would cost.

0 Votes

Hi Jamie!

I just saw your reply to another MTR post where you uploaded a graph of the Philadelphia market. I need a tool like this as I am in a unique situation down here in south LA, and I want to start investing in MTRs but there’s not much data besides AirBnB listings and FF. Can you tell me a little more about that Monday.com feature because I’d like to make something similar?

0 Votes

Hi Lily. I have listened to NUMEROUS episodes Of LLD. They mention 2 times the rent a lot, but there are more episodes where guests have not charged that much more for a furnished unit. From my recollection of the episodes, a lot of guests mention 1.5 times, which is 50%. I agree with you that twice the amount sounds a little high (unless you are in a high demand/low supply area).

2 Votes

Houston, Texas

Ask yourself this....if you don't have the required permits and something happens to your property, will your insurance cover your claim?

0 Votes

Atlanta, Georgia

Hi all!

I am currently a high school math teacher who will be retiring in the next year or two. I'm ready to start expanding my MTR portfolio and am currently in the "educate myself" phase.

4 Votes

Baton Rouge, Louisiana

Hi Brady! Small world indeed. Didn’t I teach you?

0 Votes

Baton Rouge, Louisiana

Hi! Thank you so much! I live in Brusly. I just joined the Red Stick REIA Facebook group this morning! Y'all meet up at the Crown Plaza right?

0 Votes

Baton Rouge, Louisiana

All Forum Posts by: Robin Smith

Robin Smith has started 2 posts and replied 21 times.

Post: Mentorship Advice For New Investor

Post: Soon-to-retire teacher looking to start MTR portfolio soon!

Post: Soon-to-retire teacher looking to start MTR portfolio soon!

Post: Midterm vs long term - Renton WA

Post: Monday.com For MTR Management

Post: Is it really possible to charge 2 to 2.5 times more for furnished MTR compared to LTR

Post: Midterm rental permitting

Post: Soon-to-retire teacher looking to start MTR portfolio soon!

Post: Looking for an investor-friendly agent in the Greater Baton Rouge Area

Post: Looking for an investor-friendly agent in the Greater Baton Rouge Area