All Forum Posts by: Sylvia Santelli

Hi Dave--- I'd like to add to this too. The 2 bed/2 bath dilemma. I shared my story in the Bigger Pockets MTR book actually! In the end my duplex - 2bed/2 bath on each side- stays fully booked mostly by construction workers and it's been working really well for me. 

The cost of the furniture is tough up front-- you can rent furniture or go through FB marketplace. Sounds like no HOA, which is great--- but based on what you are saying I think it's worth setting it up.

Did you also do an analysis? Are there are other 2bedrooms being booked in the area being booked for 30 days at a time? 

You have 2 solid options! Great position to be in. Good luck!

Hey Kevin,

I am an MTR investor and co-host in North Dallas, Texas.

I have not done rent by the room--- but make sure you seek out advice from the rent by the room forums. There is risk with every single strategy--- but there are also people who figure out how to make it work really well. I remember listening to on of the bigger pockets podcasts and it was the first time I heard rent by the room strategy work really well. Ultimately, good to hear from both sides (pros and cons)  It's not the right one for me and my goals-- but if it helps you get to the next stage, it might be the right one for you. Good luck!

Hello!

I own and co-host MTR rentals in north Dallas, Texas.

I would also add time before an MTR move-in for any fixes. Depending how long your LTR was in there, you might need to fix or update a few items. 

And I had done with Allen recommended when I converted my first LTR to MTR. I put a listing together and just said I was in the process of filling the unit. I used some photos with a similar aesthetic but made it very clear these are not the final photos. This helped me gauge some demand while I was prepping the unit. Good luck to you!

Hi Roland,

I manage my own MTR and co-host for others in North Dallas. Limiting issues and liability is the goal. Screening tenants well and then a security deposit or credit card hold process in place will limit liability. I also like to use incidental insurance as an additional layer such as Waivo to cover items.

Quote from @Miguel Del Mazo:

It basically says that if the electric bill is twice what the same month's bill from last year was, the overage will be charged as a fine.

That's a good barometer actually. It is really hard to guesstimate a cap. I'm going to use this. Thanks!

Quote from @Joshua Ryan Lindsay:

Hello! I'm trying to figure out a way to utilize a large storage building at one of my MTR listings in Memphis. It is in an enclosed gate area that can only be opened from inside the fence so I'm leaning away from using it as storage space while I have other guests staying there. It seems a shame to leave it there empty. Any ideas on what I could turn it into to help generate some extra profit? Thanks in advance!

Hi Ryan --- I am a co-host in Dallas, TX and use MTR strategy to maximize revenue for me and other investors. Rent out the space to your MTR guests! The more they move in the longer they stay--- you never know what their needs are going to be. I have some concrete pads in the back of some of my homes, and I have added Costco type storage units to rent it out. Sometimes it is used, sometimes it's not, but it is an available amenity.

I manage furnished rentals in North Dallas, Plano< Richardson-- but we rent out the whole space. HOWEVER I just met someone from PadSplit, and partnering with a company that specializes in that could be a really great approach. If you want a local contact message me and I can introduce you.

@Miguel Del Mazo advice is probably a really good approach. Talk to a lawyer.

If you get in trouble with your city you won't be able to rent it out now or later. It also makes it harder for other operators down the road--- not your main concern but we all impact each other.

What about you and your wife live in the garage unit, and rent out the house for a lot more, at least until all this permitting is figured out. I imagine owners can live there, you just can't rent it.

This was awhile ago, but in case it's helpful---

There are companies that focus on supporting investors to rent by the room. Recently I've connected with a company called Padsplit that does exactly that. If you wanted a local contact in DFW let me know and I can connect you.

They will be honest too if they think you would make more to rent the entire place vs room by room. 

I help investors in Plano, Richardson, North Dallas area manage their furnished rentals, but I focus on renting out the entire home

I'll repeat the obvious too----

Take a video, there are lots of apps and hacks and tutorials on how this can be done. Also, because your unit will probably be booked with a guest most of the time. But ultimately there will be people who still want to see it in person. And that's fair since we know not everyone is honest about their listings.