FF62 3 Steps to Launch an MTR, Start Housing Travel Nurses & Double Your Rental Income w/ WIIRE
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- Опубліковано 5 лют 2025
- We are back with the founders of Women Invest In Real Estate (WIIRE), Amelia McGee (Des Moines, Iowa) and Grace Gudenkauf (Cedar Rapids, Iowa & Tucson, Arizona). These ladies specialize in travel nurse housing in the Midwest and love to educate other investors on how to double your income with mid-term rentals. In episode 21 of The Landlord Diaries, we talked with Grace & Amelia about “10 Steps to Jump Start Your Next Real Estate Investment”. Today we are back to discuss one of their other fantastic trainings, “3 Steps to Launch an MTR & Double Your Rental Income”.
The 3 Steps to Launch your MTR & Double Your Rental Income:
Identify your mid-term rental market
Identify mid-term rental location within your chosen market
Where to list your mid-term rentals
Additional Things We Discuss In This Episode:
(Points organized in episode order)
Portfolio updates & net worth
Why Grace is now investing in Arizona
How Kelly’s investor friendly agent secures deals in a tough market
How to ELEVATE your business in 2023
Furnished Finder Tenant Lead Advice
Great tips for hosts that offer pet friendly furnished rentals
Grace & Amelia’s mid-term rental BUY BOX
Tips for analyzing the data on www.FurnishedFinder.com/stats
Best practices for stocking your kitchen & MTR starter kit for guests
Amelia’s take on Furnished Finder’s unit feature
How to handle an MTR lease & canceled nurse contracts
MTR insurance & LLC conversation
KeyCheck.com for your mid-term rental landlords tools
Website Links:
www.furnishedf...
www.keycheck.com/
www.furnishedf...
www.furnishedf...
www.travelnurs...
Grace’s MTR Listings on Furnished Finder:
www.furnishedf...
WIIRE Website, Book, Retreats, Podcast, Free MTR Tools & MORE:
www.womeninves...
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This was an excellent episode with tons of great information from Emilia & Grace. Thanks for having them back on the podcast.
Thanks for the feedback! We appreciate you TJ!
Thank you so much!
Thank you for listening!
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What suggestions would you give me. I will be staying in the house while I rent out the 3 empty rooms. They will have a shared bathroom, access to the whole kitchen and living rooms.
Thank you.
Hi! We have many great episodes about room rentals for you to check out… episode 41, 29, 52, 5, 14, & 27
Is midterm rentals 6mths rental
Hi! The average midterm rental stay on Furnished Finder is 90 days. Midterm rentals range from 1 month stays to 1 year stays. Many midterm rental guests extend their stay and appreciate flexible lease terms. What is your real estate story? Do you plan to try the midterm rental strategy in the near future?
I’m interest to know what the per pet fee is and what the monthly pet fee is in top of that!
Great question! You can spot check your market by clicking on properties around yours and review the “property fees” section.
Grace- $300 refundable pet deposit on all her 1-2 bedrooms.
Amelia- $200 refundable pet deposit
Kelly- no pet fee or deposit for entire units, $200-$300 for room rentals
Katie- Pet cleaning fee on top of the regular cleaning fee ranging from $75-$125 depending on the size of the home.
Great information!
Thanks for watching!
I have had my listing on the site but all the leads are not anyware close to the type of place there looking for.or location.
Try to add the link to your property please so we can check it out for you.
It was mentioned about doing a 2-3 day starter on basic supplies (paper towels, TP, Soap etc) and the host mentioned about putting this in their listing with a photo. Are you able to share that photo and how you present this? Thanks in advance!
Hi Happy Homes! This is host Kelly Bailey. I don’t think UA-cam will let me share a photo but essentially I put these details in my Furnished Finder House Rules.
3. Household supplies
FIRST ROUND ON US
Toilet Paper
Laundry detergent
Shampoo, conditioner & body wash
Hand soap
Trash bags
Dish detergent pods
Dish hand washing liquid
Dish scrub sponge
Paper towels
Disinfectant spray or wipes, glass cleaner and ajax
Salt and pepper
Cooking oil
Coffee, tea, raw sugar and splenda
coffee filters
no grill
Do you think private rooms with shared bathrooms work for this?
This is host Kelly Bailey. There are many successful room rentals with shared bathrooms on Furnished Finder across the country.
In my personal case, I looked at my market & saw a lot of room rentals for around $700-$900 with shared baths so instead I marketed my 3 bed, 2 bath in Temple as a "luxury room rental" renting two rooms for $1,400 per month. One guest gets the master bed/bath, the other guest gets 2 queen bedrooms w/ private bath. I have the guests communicate before booking to make sure it's a good fit. This has worked great at this specific property for about a year and a half now.
Check out the Furnished Finder map for your area, search "room rentals" only which show up in purple and see how you might stand out in your market.
Hi I’m new to this and I definitely need advice. Not sure what to charge. I’m wanting to to post asap. I live I. Miramar beach Florida. All amenities. One bedroom and bathroom. I am in Sandestin and less than half a mile from the hospital. I have a 2 bedroom with 2 bathrooms. I do live there as well. Could I please get advice bc I don’t know what to charge.
Hi Kim! No matter where you are in the country, we recommend 3 main steps… 1) visit www.FurnishedFinder.com/stats. 2) search the map on Furnished Finder near your address and see how your competition is pricing similar properties. 3) the goal should be to double long term rent in prime season
Mid term rentals are more like short term rentals when it comes to pricing. You want to check your pricing seasonally to make sure your price is still competitive in your market. Also, your not commiting for a year, your commiting to a few months depending on the traveler.
We just listed our home in tacoma Washington with furnish finder ,hoping to rent by Dec 1st , we are a little nervous we’ve never done anything like this before so not sure what to expect.
What makes you nervous and maybe we can give you a bit of encouragement…
@@thelandlorddiaries well we’ve never rented a home before and we aren’t sure they will take as good a care of our home as we do but I’m sure it will be ok. Getting it ready to rent has also been a stress because we are not 100% sure of what to leave them. And we are listing it on November 10th and want it rented by December 1st not sure if that’s enough time to get some renters. Just mostly the unknown. I’m rambling ,sorry!
@@loriwhinery3210did you meet your goal? Have you rented it out?
@@veronicasanders8011 no we didn’t , we just sold that house. But not to say I wouldn’t do it again
@@loriwhinery3210 you would try furnished finders again?
I’m about to start, and am just nervous about it. My house is near 3 hospitals though…one is brand new to open in 2025…
We are getting professional pictures done. Someone said DONT USE YOUR PHONE!
We are celebrating with you Lori! 🎉🥳
Wow you ladies rock❤ !
Any advice on how to court construction companies ? I’ve got a bunch in my area !!!
Networking to start. You could also look for contractor companies who are staying at extended stay hotels near you, and drop a business card or flyer. Good luck!
Thanks for the comment Nickson! Definitely watch matched and unmatched tenant leads. Construction companies often times submit housing requests.
Super helpful ladies!!! Proud of all of you! Thank you.
Thank you Mary! Are you a midterm rental host on Furnished Finder? What is your real estate story?
I’m new… I feel like I have so many questions. Where do I get furniture? Just a regular furniture purchasing place? Do I NEED or live in the same city my property is in, if not, how do I get by - just plan to visit the property more (with every move)… should I get a local property manager?
Keep the questions coming Veronica! I answered “how to get started” on your other comment. I will answer your additional questions here.
Furniture- you can find recommendations on furnishings under the Furnished Finder Resources tab on the homepage. We also have a design playlist on The Landlord Diaries channel. Places we have heard for buying furnishings on our show- HostGPO, Cort, Amazon, Walmart+, Facebook marketplace and many more.
Many hosts self manage their properties remote and many higher property managers or co-hosts, whichever is best for you. You need a reliable cleaner and handyman to get started. Task rabbit, Turno or talking with a local realtor are great places to start for building your team. If you’d like a manager, check out our co-host playlist on the Landlord Diaries channel.
Hello Ladies, I'm new and considering the MTR as I travel abroad. I have 3 BR and Office space. 2 BR are not furnished,. Do you recommend furnishing with bed and dresser or leaving empty?
Wonderful! Fantastic idea to fund your travels, cover your mortgage & hopefully cashflow as well! Many hosts self manage MTRs while they travel. MTRs typically produce 1.5-2x the profit of LTR but average only 4 turnovers a year.
A couple thoughts for getting stared.
1) you can start marketing your property on Furnished Finder now with quality unfurnished photos and ask travelers for their opinion. Choose a date you could have it furnished by and add “Furniture Coming Soon” to the headline. You will also start seeing tenant leads which will give you an idea of who’s coming to your area, their budget & why they are traveling.
2) If you want to go all out, put king beds in any room they will fit or queen beds. The final bedroom you could use as a flex room with a trundle bed, bunk bed, or another king/queen bed. In room needs: dressers or closet storage, night stand(s) with reading light and a desk/chair if it fits. If it seems overwhelming to clear out your stuff, you could always lock off one bedroom to start and use it as storage.
Don’t hesitate to send more questions if you think of any. We are here to help!
I would catch episode 16 of the Landlord Diaries podcast. Sarah Weaver is a pro at managing her MTRs while she travels.
@@thelandlorddiariesI’m excited about this. Will watch and hope to list in the next week… just…busy, nervous… and ready-before I’m ready😅
I need to be on this show.
For first-time folks and realistic area/necessity needs?
I LOVED YOU LADIES AND LEARNED SOOOO MUCH! But as situations(economy, accessibility/ housing availability situations) vary, the concerns touch is all.
I am similar(not as awesome) to you INCREDIBLE ladies but have very different concerns.
Great let’s connect! Send me one of your Furnished Finder property ID #s here or apply from the Furnished Finder homepage under the Resource tab, Landlord Diaries.
Is there a SOP for listing Facebook/group to achieve the best coverage?
Not really, just make sure you include info that will make the post searchable within the group!
What happened if the person behaved bad using drugs and drinking. How do you get them out?
We recommend screening all tenants. Tenant screenings are available through your Furnished Finder dashboard, paid by tenant. Additional steps MTR hosts add sometimes is having a phone call with interested tenants, application type questions, asking for reference checks from your past 3 landlords. We have a room rental playlist on our Landlord Dairies UA-cam channel if you’d like to check out tips from other room rental hosts. Keep the comments coming Mary!
Is it recommended to have a stove in a small kitchenette or is providing an air fryer, microwave and toaster oven sufficient?
Great question! This is host Kelly Bailey, the main thing to communicate is you have stocked it light to save space but will happily add additional cooking items upon request. Here’s what I offer in my 300 sq ft adu. My first two guests have loved the place and been very pleased with the kitchen supplies.
- Nice size fridge/freezer for the space
- Ninja air fryer/toaster oven
- Instapot
- Electric skillet
- Microwave
- 4 cup coffee pot
- A/C & heat
- Blackout curtains
- 1 Gig internet for reliable work from home
- we've planned ahead for your storage needs & thoughtfully decorated the space accordingly
www.furnishedfinder.com/property/667174_1
What is your recommended FB groups to join?
We of course recommend The Furnished Finder Facebook group- Travel Nurse Housing.
But to be clear, are you asking for groups with other MTR operators or groups to post your properties like Grace mentioned?
Yep this is a great group to use! Or other localized groups will be great too. @@thelandlorddiaries
Do you have renters for Clermont Fl ?
Hi Mary! We have the same recommendation for every city. Go to www.FurnishedFinder.com/stats and type in your desired city search. Then flip over to the Furnished Finder map to check out the listings in your area.
Curious about the very first question that asks how much their portfolio is worth. Is this net worth, meaning if they sold everything and paid off debt they would have millions, or is this the value of all the properties added together disregarding mortgage debt.
Great question. We are talking about TOP line value. What our property has the same top line value no matter what we owe on it. This is NOT equivalent to our equity or net worth.
I will be living in the same house while I have two furnished bedrooms with sharing bathroom. Microwave in rooms.
That’s great! Keep us posted on your journey!
Not sure what they mean with unmatched leads.?
Great question! Since Furnished Finder is not a booking platform, but a lead generation site; you can receive direct messages or booking requests that come to only you or matched and unmatched leads which go to every landlord in that area on Furnished Finder.
Matched leads are warm sales opportunities that say everything about your property is a match for this request.
Unmatched leads have something that doesn't match but might still be a good fit such as the dates are a bit off or they have a pet and your property is not pet friendly, etc. The best way to address unmatched leads is to put yourself in the travelers shoes and think how your property might be a solution for their housing needs, otherwise you just delete it.
Lastly, many use matched and unmatched tenant leads to gather data for their next mid-term rental property.
Fee is $149 now
Cort isn't doing business in my area
Hi Dawn, their are lots of great furnishing options. Anything we can help you with?
HELP