All Forum Posts by: Sean Monahan

Hi Brian, 

Is there a specific part of Baltimore city you are invested in.  I have recommendations based on where.  

Hi Allen,  

I have some MTRs in Baltimore.  You can use the following website as a good source of data.

https://www.furnishedfinder.com/stats

Hi Shelby, 

I am also a RN who became an investor and later agent.  Keep the part time job as a RN and build a client list from within the hospital.  Also use your knowledge and knowledge of others to get in good with traveling professionals.  I have a large list of friends and acquaintances who are travelers and they regularly use my midterm rentals (MTRs) as they continually cycle through the Baltimore area.   

Hi Jonathan, 

I have one, two and three bedroom places I rent to traveling professionals in Baltimore.  When the pandemic hit smaller spaces worked because it was their own space they didn't have to share.  However I haven't had a problem with three bedrooms either.  You can rent by the room.  A little more work but in my opinion worth it.  In some areas rates are dropping and nurses will still be traveling so the bedroom option will definitely work.  There are also traveling professionals that just want a bed and pay less to have that.  

Hi Mike, 

If you go on furnished finder they have leases and background check software you can use.  If the hospital does not verify you can get a copy of the contract from the nurse or from their travel agency.  

Hi Himanshu Patel.  I have a few midterm rentals in Baltimore.  I would start by going to the following website to look at the data for the area https://www.furnishedfinder.com/stats. Next go to furnished finders main site and look at the comps, prices and availability and this should give you a good indication of how your property may perform.  Also please check laws and regulations for the area you are invested in.  

Hi @Raj A..  Why is works for Baltimore is the amount of hospitals in this and the surrounding area.  There is a massive demand without enough of the population in the medical field to serve it.  I was a nurse for over a decade (let me clarify, once a nurse always a nurse). I also traveled as a nurse for over six years helping to fund my buy and hold strategy.  For me it is about knowing the demographics and the times of year specific demographics travel to different locations.  There are many subset populations of traveling professionals and why they are traveling.  How I structure my MTR's is a month to month with discussions of how long they anticipate staying.  I strive to provide a good product and have never had a problem with travelers not wanting to complete the three months and usually their extensions as well.  I keep the month to month because hospitals can cut a travel nurse whenever they want in a contract.  I know this so I let my travelers know to just show me the with drawl of their contract and I'll release them of any financial obligations.  If you have any specific questions please feel free to send me a message.  

I just want to piggy back off of what @Joe Norman said.  I have a few MTR's in Baltimore.  Those working at Hopkins generally choose different neighborhoods over Hampden.  The main hospital for that specific area and traveling professionals is Union Memorial and Sinai. That being said, even those taking traveling positions at those facilities will prefer to be in Canton, Fells Point, Upper Fells, Highlandtown, and Fed Hill.  

Hi @Ola Owoyemi,

    There are good neighborhoods in and around Baltimore that will provide cash flow and appreciation.  Have you looked at applying your strategy here?

Doesn't seem to be too much competition over there.  Any questions feel free to send me a message.