Mastering Midterm Rentals: Strategies for Success

In this conversation, Lori and Trish discuss the strategy of midterm rentals as part of a real estate investing strategy. Trish shares her experience with purchasing a midterm rental property and the renovation process. They discuss the pros and cons of midterm rentals compared to short-term rentals, including steady income, less turnover, and the ability to attract long-term tenants. They also talk about the importance of location, amenities, and targeting specific customer segments such as insurance renters or families. Trish provides insights on listing platforms and the importance of being responsive to inquiries from insurance agencies. They also touch on topics like pet policies, consumables, and cleaning schedules for midterm rentals. Takeaways

• Midterm rentals can be a great strategy for generating steady income and attracting long-term tenants.
• Location is important for midterm rentals, with proximity to hospitals, work areas, and areas with a high population of homeowners but limited rental options.
• Providing amenities such as a fenced backyard, step-in shower, and extra space for larger families can make a midterm rental more appealing.
• Listing platforms like Airbnb, Verbo, Furnish Finder, Zillow, and temporary housing agencies can be used to advertise midterm rentals.
• Having a clear pet policy, collecting a security deposit, and understanding local regulations and tenant rights are important considerations for midterm rentals.
• Providing a starter pack of consumables and offering periodic cleanings can enhance the guest experience in midterm rentals.

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