How to Get Your Mid-Term Rental Booked with Insurance Contracts

Hey everyone, good evening. This is Shona. I'm just getting started. If anyone is here, just say hey. I'm going to go live. All right. Couple minutes behind. Sorry about that. Hey, good evening everyone. This is Shona from She's Got Assets. I'm your coach all about midterm rentals and real estate investments. So I think you guys know the drill. Let me know if you can see me and hear me. And we're going to dive into a super fun topic tonight. We'll have lots of time for Q&A at the end. Um, so yeah, let me know if you can hear me okay. I'm going to make sure everything— hold on, audio. Okay, I'm assuming you can hear me, but if not, please let me know. I appreciate it. Um, otherwise I'm just talking to myself. Okay, let me just make sure everyone can see me. Okay, I see a few people on here. Hey, uh, let me know what your favorite Thanksgiving treat is and where you're calling in from. Let's try that. I'm looking forward to pumpkin pie personally. 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All right. Okay. I think that worked. Yay. Okay, you guys, we did it. All right. So as you think of questions, just type them in the chat. We'll definitely have lots of time for Q&A. This is— I get asked about this a lot, so I just wanted to do another training on it. So this is— yeah, the topic tonight is how to maximize your midterm rental. Rent— midterm rental profits by tapping into relocation demand for like displaced families, all that good stuff. So, all right, okay, whoops, I went too far. Okay, so if you haven't met me, my name is Shona. I'm the founder of She's Got Assets. Just a little bit about me, just in case we have a lot of new people to the group side, I would like to just do a quick intro, just give a little context and kind of talk about why this is what I do and how I got into this. So a little bit about me, um, I like to say I was raised by capitalist hippies. If anyone can relate, let me know. Kind of a unique way to grow up. I helped run the family vacation rental business. This was way back. This was like, you know, think B&B. This was before Airbnb. This was like answering machines and paper calendars, lots of turnover. So this is kind of in my DNA. I like literally grew up making beds and having guests check in and check out every weekend. My mom still does it. She's 84, just saying, still at it. Originally, I'm from California, right? I thought I could never afford real estate. It was very— it's a very expensive market. And then way back in 2005, I landed in Portland, Oregon, and I house hacked my way into real estate investing. I had a roommate. Now it's called house hacking, but definitely that was my first like landlord experience. I've been a landlord since 2005, officially. Long time. I used to be like really private that I was a landlord because I kind of thought I'd be judged and housing is such a hot button issue. But I really pride myself on being like the best landlord you've ever had. Offering amazing stylish properties that are comfortable. And I've gotten into midterms and I just love that model. So I'm going to tell you guys all about my favorite strategy. So before I got into being a full-time investor, I was— I was— my design, my background is in design and marketing, which is where I bring a lot of stuff to the table with kind of how to market your midterm and how to get found and all that stuff. So I'm kind of forever an entrepreneur and an outside cat. I went from real estate being a side hobby to being a full-time investor. I did all the traditional things, you know, 20% down. Now I like to buy creatively, all that fun stuff. So I'm kind of a serial entrepreneur. I'm the founder of She's Got Assets. I'm a podcast host and of course author of the REI Playbook and the MTR Playbook. And just a little, um, I will have a little, uh, Black Friday special that I'll introduce at the end, so stay tuned for that. It's a great deal. Um, Cedar and Porch Properties is my rental business where I own midterm and long-term rentals, and then I buy fixers under shown houses and do flips. I'm based in Portland, Oregon. I love coffee, baking, design, treasure hunting, and I've got my daughter into that lately too, which is fun. And I'm obsessed with real estate. So that's a little bit about me. I'm sorry if you've heard that before, but for everyone new, that's kind of my background. All right. So we're— I'm obsessed with midterm rentals, medium-term rentals. There's kind of some different names. I've kind of gone with midterm or MTR, right, for short. So midterm rentals is a 30+ day stay in a fully furnished property. That's kind of it. That's just the basics of it, right? It's at least 30-day stays, and that's beautiful for a lot of reasons, and I'll go over those. But that's what midterm— what midterm means if you hadn't come across it. So, you know, on the scale of rental assets, right, we have long-term, then we have midterm, which I think is really a sweet spot, and then we have short-term, which we all hear about was kind of the sexy asset. Now I think there's a lot of reasons why people are getting out of it. You know, regulations are changing, right? So that might be outlawed in your area. So what I love about midterms is 2 to 3x cash flow, right, compared to long-term rentals, which sounds great. And I'm going to show some actual receipts, some numbers to show that. Um, you know, only a couple turnovers a year. Sometimes you get lucky and get like a 6-month booking. When you compare that to like an STR, Airbnb short-term rental, like every couple days you have a turnover, you have way higher vacancy, right? Oftentimes just your weekends are booked. And you know, there's definitely a lot of software out there. There's Teams, there's Co-hosts that personally I'd rather have be booked really solid and not worry about turnovers and make a premium without all that hassle and high maintenance guests and all that fun stuff. Um, so if anyone can relate, let me know. And I also really believe that we're providing a needed service. You know, we're providing fully furnished housing with all the comforts of home, you know, for traveling medical professionals, nurses, digital nomads, corporate housing. You just place families with insurance claims. We're going to really dive into that later. And I just think you get more freedom for your investment. You know, you're avoiding all the laws that can change on a dime. So it's really my favorite strategy, and I coach a lot of students And once they kind of get this down, they're, they're kind of sold. They drink the Kool-Aid. So hopefully you guys will too. So I'm gonna, you know, I'm gonna really focus on a lot of times, like, so what property, right, works for what kind of avatars for midterms, right? So I'm going to break it down pretty high level, and then we'll get into the insurance claims one. So in my experience, again, I'm in Portland, Oregon. I think any kind of urban market, this is probably true. The smaller midterms, right, the one bedroom, the studio, those are great. They're not as lucrative, but they definitely— you are charging a premium over a long-term rent, right? So that's your— the one-bedroom, the studio, traveling medical professionals, nurses, business travelers, digital nomads, right? One or one-bedroom studio, those are great. You're really charging a premium. Um, not so much for families, right? They're usually coming from bigger homes. Again, the two-bedroom, one-bath, similar kind of avatars. Business travelers, digital nomads, sometimes families in transition, you know, corporate clients. Um, what I think the sweet spot is, especially for insurance claims, uh, is the 3-bedroom, 2-bath, right? When you think about, that's probably the traditional kind of American home, right? 3-bed, 2-bath. Um, again, similar avatars, but the main avatar for this in my experience is, you know, families that have been displaced due to damage in their home. We'll cover that. And that's what we're gonna dive in tonight, how to optimize that, how to get those leads. And again, we can't guarantee them. All we can do is really optimize for them and market to them. We always wanna be making sure we're going after different types of people that can stay in our midterms, but this is just one of them. So that's kind of what I'm— this is, you know, this, this size of a home. I, you know, I've definitely gotten leads for smaller ones. I would say this is more common. Even bigger is better, even like a 5-bedroom, right? That's harder to find. Um, so these, these are great for the strategy. Okay. So how did 2 to 3 extra rental income with midterm rental insurance strategy? That's what we're going to cover tonight. So this is very high level, like the 7 steps for getting an insurance lead contract. I'm just going to check the questions to see if you guys have any questions. Yes, this will be recorded. Norma, you totally agree, thank you. Um, awesome. Okay, yes, there will be a replay of this. You guys can watch that on demand. So, you know, every claim is a little bit different. I just want to kind of sketch this out to kind of show the general process. There'll always be new ones. That's why I really love working with students. I can coach them through this. It's always a little bit different. It's really it's never quite the same, right? And I feel like I'm pretty experienced. I'm always learning on this, but just really high level here, right? So there's a family lives in a home, there's some kind of disaster, a fire, you know, hurricane. I feel like I hear the most about like burst pipes and water damage. That's just my personal experience, right? There's some kind of damage that makes the home not livable, you know, not— you can't live there, right? So what typically happens is, right, that happens, you file a claim with your insurance company, you know, any of these like Progressive Progressive, State Farm, right? These are all pretty common brands that we've heard of, right? And so you file a claim, you have your adjuster come out. Sometimes that you will immediately get put up in a— or the family will get put up in a hotel. It always really varies. It's not always the case, but essentially the claim is filed, the adjuster comes out, says yes, you need temporary housing. But here's the thing, these insurance companies are not housing providers, right? That's a whole different business, right? So they are just there to like give you the money to file the claim. And so what they do is they partner with these third-party companies, um, these temporary housing companies. Like, you might have heard the name ALA Solutions, Sedgwick, things like that. So they, they partner with the insurance companies to place families in temporary housing, right? And they have what's called typically like a relocation specialist. They're going out and looking for properties to put these families in. So they're— we're going to talk about where they're looking, but they're really looking to find a property that this family can be while their home is being rehabbed, and they're working with the adjuster to get that approved, right? So this relocation specialist goes out, they might find you on Airbnb, or they might find you in their database, or maybe you built relationships. So they're going to come to you and say, hey, I have a family. They're usually pretty specific, like I've got 2 adults, 2 kids, a dog, a lizard, chickens, a duck, or there's definitely some interesting pets, right? These are homeowners, these are not renters, right? So they typically have animals, so therefore I've said this before, if you can be pet friendly, I highly recommend it. You can charge a pet fee, you know, non-refundable pet fee, pet rent, but you are going to miss out on these leads if you're not pet friendly, in my opinion. So they're going to ask you the price, you kind of negotiate that. Sometimes there's back and forth. They will typically go back to the adjuster. Once it gets approved, they will say, hey family, we have these properties for you. The family says yes. They typically want to see them. In my experience, they always want to see the property because they are in the area, they are local. It's typically fairly close to where their property was damaged. They're kind of going back and forth or overseeing the, you know, the rehab and whatnot. So the family will see it. Always go there with them. Always just be really, you know, hospitable. Let them know, you know, that you can move things around. You can leave a bed around if they need a bunk bed. Like, what do they need to be comfortable? Just really make sure that you're, you're letting them know that. And they say, yes, you know, we love the property. Then they let their adjuster know, temporary housing. And from there, things can move pretty quickly, right? Um, then you want to follow your process. I cover that in the course. You'd want to do a background check and all that stuff. I will I will say with insurance, I'm not screening so much for financial things, more of just like criminal background check and all that because insurance is covering the bill, right? So we do have a formal process, but those are kind of the steps. And then the family will move in. They will often start with like a 1 or 2 month lease, which is often why we are charging a premium, because if they're just coming in for 1 month, yes, they will most likely extend, but that's a lot of risk for us. So we're gonna charge a premium for like a 1 or 2 month lease. Again, they usually extend and every situation's a little bit different and, and the course I dive into it a lot more and coach students through this whole process. But this is kind of very high-level how it works with insurance claims. All right, so how much does insurance pay for temporary housing? I'm just gonna check for any questions before I go on. Hey, Serge! Serge is an expert, so you might disagree with me. Feel free to chime in. There's— yeah, so this is my understanding of it, right? There's really no There's really no perfect way to know this. This is really just kind of a really high overview here where, where the funds come from. And again, every policy is really different. So there's no way to know unless someone actually looks at their policy what their budget is. But typically what's covering the temporary housing is something called Coverage D or ALE, additional living expenses. That is in their policy. Like the homeowners can actually look it up. They often don't know what their budget is. So sometimes I'll just coach the homeowners on that. Hey, you might want to look at your coverage, right? Because you are entitled to be in a similar property. So again, it's always really different. This is— it always varies on the family, right? But this is coverage. GE typically covers these kind of things, especially the temporary housing, right, while their home is being rebuilt along with the rehab, right? Um, these are kind of the types of catastrophes, right? There is the fire damage, water damage, smoke, accidental, those natural fire, lightning, hurricanes, floods, things like that. My understanding is it's 20 to 25% of the dwelling value, right? That's really napkin math. Every policy is different. Again, there's no way to know until— unless you actually look at your policy. So here's an example, right? If the dwelling value is $400,000, um, say, you know, it's 20% is $80,000. So maybe you could have a budget of like $5,500, right? That would be reasonable, right, if that's the dwelling value. And we're kind of guesstimating here, but this is really rough napkin math. Like, every policy is different. They're covering different things. So again, there's no hard and fast formula, right? It depends on the type of the house, the type of house, the neighborhood, the estimated home value, like the length of their stay. Like if they need to stay like 6 months, right, they need to make sure that budget lasts. Again, we want to make sure that that price point will work for a couple extensions. Sometimes I'll ask, hey, do you know the budget? You know, it's helpful to know. So it's always kind of a bit of back and forth. To figure out. And typically we're maybe charging a little more because they're coming in and saying we just want 1 month. So I'm usually advertising my price. The price I'm advertising is for like a 3-month stay. It's kind of locked in. But if you want a 1-month stay, there's just a premium for that short of a stay, right? That's kind of how it works. Um, so here's kind of some case studies, just to sprinkle in some receipts or some numbers. Um, so this is kind of a modern townhouse. Um, I used to have that— the bottom here was like my first Airbnb way back when. That was fun, but just was not worth it in my opinion. And so these are both midterms, right? You can also do like half midterm, half long-term. Um, so these are the long-term rents. Like, these are decent rents. This is Portland's inexpensive market, like $3,500, $1,500, right? With the long-term midterm, I'm getting almost $7K for the upper unit. It's like a 3/2. The bottom unit's a 1/1, right? So the total, you know, the cash flow was really good. It's almost $5K on this, right? So it was just an example. And there's some— these These numbers vary a little bit seasonally, but it's just an example of real numbers. Okay, that was— whoops, screw that, that's that slide. So here's another kind of case study of an example. And these bookings come in all different ways. They come through Airbnb, they come directly, they come through, you know, networking. This is just an example from Airbnb. So they're saying, hey, I work for Mikey Global Accommodations, we have a displaced family. And they usually will say displaced family. Those are just keywords to look out for, you know. Can you hold this for 24 hours while we get the adjuster approval, right? And so this, this was a lot of back and forth on this, getting the adjuster to approve, following up with them, right? So you want to be persistent, right? But this was $24,000 booking, right? So it's a pretty good booking. And this came through Airbnb, and they come in all different ways. Um, so, you know, here's the kind of cash flow, right? Everyone's PITI monthly expenses are going to be different, but we don't usually hear these numbers on like single-family homes, right? And this is without the constant turnover of short-term rentals, the cleaning fees, the high maintenance guests, right? We have someone in there for a couple months, they usually— unless you have to repair something, they're not bothering you, right? So, okay, there's another kind of natural catastrophe. You know, this is an example. I think this was probably from Furnished Finder. You know, we had a tree fall in our house. I'm looking for a fully furnished short-term rental. Looking forward to talking with you, right? And so these are— when, when you see these leads come in, there's certain keywords like fully furnished, short-term you know, something happened to their home. So you go, that's probably, you know, an insurance claim. They're probably working with a temporary housing company. Here's another case study. This isn't so much insurance. This is more like traveling nurses. This is a smaller, smaller units. This is a duplex I bought recently, right? It's a— I have a 1-bedroom and a studio, right? Like, I think these— I didn't update my long-term one, so they'd probably be like maybe $1,200 if I was lucky, right? But with the midterm strategy, even for a small space, I'm like netting about $1,800, which is really good, especially for a studio and a one-bedroom. But this, this is— this property is more for, you know, traveling nurses typically, digital nomads. I've had a few other types stay there, but people kind of in between houses. Um, this is another property that I have. Um, so this is kind of like— it's a duplex. The one side is much bigger than the other. It's like a 3/2. Um, so long-term rent in the past, I was getting $2,600. The bottom unit like $1,700. Midterm, I'm getting like $6,000, and, you know, the lower unit, $2,695, right? So after all my expenses, it's about $5,000 of net profit, which is pretty awesome. Again, we don't hear these numbers typically with like single-family. So that is an example. And here's an example of how the claims come in, right? You know, here's an— this is an email, right? It says, we have a local family that has some damage to their home. We found this in our database. We wanted to see if if it's available. So this is an example of why you really wanna be in the right databases. These companies look all over, so you wanna make sure, and they're always gonna give you like the pets and all of that stuff. They usually give you this information typically. So here's, I think I already went over that one, sorry. Okay, here's another example. Like this was like a $16K booking, you know, $4,600 a month. That was with pet rent, right? So it's quite a bit— some of this, it's quite a bit more than you would get, right? I'd probably say about probably $2,500 long-term, right? So it's really good cash flow. Um, here's another example. Um, this, this is like a— I think it's a 3/2, right? The cash flow is about $2K and they're getting about $6K a month. And this was for a displaced family, right? This wasn't actually even advertised. I just had another property and they reached out to me and I was like, well, I have this other property coming online. So I was able to place them here. They loved it. They're really happy. It's this really nice modern home, and it was very close to where their damaged home was. So, um, here's some more example inquiries, right? You don't always get this. Sometimes you get budget, sometimes you don't, but typically you're going to know like what, what size of home they're looking for. Zip code is really important, so you always want to give the address, right? A lot of these sites don't give an address, but they're looking to make sure how close is it to the home that was damaged, right? So zip code is important. Similar area. Here's another example. There's a townhouse, it's a 3, 2.5 bath. We're getting, you know, it ranges a little bit, but about $5,500. So the cash flow is about $2,000 a month, which is awesome. This is from a displaced family. I think it was damage to the kitchen. So again, what to charge, it really depends on, you know, the type, type of home, how close it is, you know, what the availability is, the length of stay, you know, if they're gonna stay 1 month versus 3 months versus 6 months, right? There's obviously a premium for a shorter-term stay, but I can kind of walk you through that in the course. And so there's, there's no exact formula, but this is just some guidelines. Okay, I think I covered that. So some key things to keep in mind, you know, with insurance housing, it generally should be as close as possible to the home that was damaged, right? Sometimes they're willing— people are willing to travel, though. You think about a family, they usually have kids in school, they might need to commute to work, they want to be in the neighborhood where their home was damaged. Which also to keep an eye on their property, right? So it's not always the case. In my experience, they are looking for something pretty close. It should be a comparable home in beds, bath. They can always go up in size. They're generally not going to want to go down in size, right? Having an open calendar is really important. Like if you're doing the hybrid strategy, you have, you know, maybe you're optimizing for short-term stays in between midterm rental bookings. So you want to make sure there's ways to do that with duplicate listings like on Airbnb Specifically, you want to make sure, because if someone's looking and your calendar is peppered with random, you know, weekend bookings, you will not show up in search results, right? Being pet-friendly is really, really important. You know, you can charge a pet fee, pet rent, but most families have pets and you will miss out on these if you are not pet-friendly. In my experience, families are really responsible. Pets are part of the family. Like, what are they gonna do with their pet, put them in a kennel for 6 months, right? So with that being said, also a really in-demand amenity I found is, you know, enclosed closed private fenced yards. People want to let their dog out and not worry about it. Accessible homes are really— get a lot of leads for those, like a bed and a bath, like on the ground floor. Um, typically they're looking to move ASAP, and ASAP in air quotes, right? Usually they're in a hotel, like there's a process to get all the paperwork done and everyone approved, so it's not like they're moving in the next day, but they're not going to wait a month for a property typically. So, but they will work with you somewhat. Okay, so I'm going to check the Q&A. Um, all good, judgment-free. Thanks, Serge. I'm a little self-conscious that you're watching this. Um, Serge does this, he's an expert. So if you have questions, like, he's, he's the person to go to. He actually places families. Um, okay, so where— one of the questions was, um, outside of Furnished Finder and Airbnb, where are the insurance— great question. That just leads right into this. So there's a ton, like, there's a ton a ton of the bigger companies, right? Like the ones we hear of a lot. I work with a lot like ALE Solutions, Sedgwick, THD, CRS. There's a ton of them. Take a screenshot of this, you can Google them. I have a whole list in my course. Basically, you go to their sites and you list your property, and in theory, when they have a family in need, they're going to go look in their databases. Um, so that's how you get into their database. So they— I don't know, to me, they look in there sometimes, sometimes they look in the other place, databases that I'll, I'll talk about. But so you just want to be kind of omnipresent, right? You want to be, you want to be easily found, right? That— and it is really important to be on their databases because they do look in there, you know. That's their— I think sometimes they look in there, sometimes they look like in these other places. Like, if I were to prioritize, like, there's a whole list I give students, but I would say Airbnb is the number one. Zillow Rental Manager— I think people don't think about that. There's actually a checkbox for if it's furnished. I get a lot of leads from there. It's not just long-term Furnished Finder. Again, I know people have mixed results. They— I definitely get leads from there. It's not just nurses. They are really expanding, so it's, it's well worth it, I think. Um, VRBO— these are just really high-level— Apartments.com, places like that, right? Anywhere you'd probably list a long-term rental. I'm listing a midterm rental, but these are the most— if you're going to prioritize, these are the most common places. Um, okay, so I also think it's important to really optimize your listing because when I've talked to these temporary housing, you know, reps, they will call like a landlord, and most landlords are like, they want a 12-month lease, they have zero interest in renting for, for under 12 months. Because we all as landlords, right, typically we don't like turnover, right? It's just a hassle. We want to just set it and forget it, right? So a lot of times when these temporary housing companies can't find housing, they're calling like landlords and they're just like, oh no, we have a, you know, 12-month lease, we're not flexible, right? So we really want to emphasize in our listings We offer flexible stays, right? For those encountering home repairs and relocation, work directly with insurance company and policyholders in need of temporary housing, right? These are all kind of keywords that we are sprinkling into our listings. You can do it however you want, but we're emphasizing temporary, you know, housing, extended stays as needed. I don't book people behind these guests because they don't know how long their rehab's gonna take. And we really wanna make sure, hey, we'll accommodate you. You know, you always check in with them and I always give them the first kind of right of refusal. Refusal to extend, right? Because that's kind of part of what we're, you know, offering is flexible stays, right? Like if someone books on Airbnb and someone could get booked right after them and they need to extend, they're going to have to move again. Um, so this is— it's really important to kind of optimize your listing with keywords and let people know, hey, we understand this model, we know what you're looking for. I've had homeowners say, oh, like I saw your listing, you— you know, they just— I think it gives them some comfort. And temporary housing companies know, hey, we understand this model. We're not going to freak out when you say it's a 2-month listing, right? So that is really important to do, um, on all the platforms. Um, so yeah, that, that is kind of high level, right? We get a lot more into in the course. I am having a Black Friday special. You can save like $500. So just go ahead and scan this QR code and you can book a one-on-one call with me. We'll go over your strategy. If it's a good fit, we'll sign you up. It's not available for very long, so I suggest acting on that. Um, and I can take some Q&A questions now, so let me go through this. Okay, thanks, Serge. Again, um, Stephen, you asked, which databases can we submit to our listing to you and price it at? Furnished Finder— can we submit our listings to you? What should we price it at? You know, that's something— it's a bit nuanced. I think the best way to come up with pricing, you know, I— it's somewhat seasonal, right? Like in Portland, it's kind of the slower season. It depends on length of stay. So there's always a little bit of a range. And just know that whatever you list in the databases, they're always going to ask you what the price is. I don't assume it's in there, right? So I would say look at, look at similar properties, just like you're pulling comps, right? Um, if you're selling a home or doing a flip and looking at ARV, right? So just kind of do your research. There's no one place to go, you know, to find that number. And it depends on the type of person staying, right? Like, obviously, like a studio or one bedroom, you're not going to charge that much, maybe like $500 more. But for a bigger home, you're going to charge more. Um, so outside of Furnished Finder, I think we covered those databases. Yeah, I hope you got a screenshot. That's all in the course. Again, it's— you can just Google like temporary housing companies and you'll find the whole list. Um, how does— Steven's asking, how does the price for midterm Furnished Finders and insurance place tenants? I mean, we always— we're always gonna have like an advertised price, but the thing with insurance is they are often coming in and saying we just want 1 or 2 months stay, and what we're advertising is kind of like— I'm assuming it's a 3-month stay, so we're charging maybe a little bit more for the premium and the flexibility of starting with a month and then giving them the option to extend. Right. Right. That's kind of how I see it. Right. Everyone has a different— you don't want to like, you don't want to say, oh, it's insurance, we're going to double the rate. But it is, they are often coming in with like very short stays. And so that's a lot of flexibility on our end and higher risk for vacancy, right, if they don't extend. Summer as a PDX, you're asking as a PDX Vancouverite, what is our slow season? I mean, you know, I feel like winters are just inherently a little bit slower, but I will say we are getting into the busy season with like storms coming up and stuff and pipes freezing. So, you know, there's always demand for housing for insurance claims. I'd say typically in general, summer and, you know, spring are a little busier. But again, we are getting into the winter, so there's usually always demand for— this stuff happens all the time, like things aren't installed correctly, there's water leaks. Um, so yeah, that's just my experience. And it depends on how you're marketing, right? How actively you're marketing. I stay pretty booked. Um, so Dorian, you're asking, do you decrease the rent if they extend past one No, I mean, I'm kind of locking in the price, right? So I'm saying like, I— they might book and like, say they book in January and I know I'm getting into my busy season, I'm going to lock that price in. That's— that will kind of COVID me. So I don't— I generally don't increase the price. Um, do your minimum? Um, yeah, no, I feel like I'm locking in that price that way because when they— when insurance is looking at their budget, you know, they're— they have like a budget in mind. They know that will work for X amount of, you know, time. So we really— I don't like to mess with that. I like to lock it in and they know we can extend at that price. That's my policy. Um, yeah, pipe burst, and there were a lot of trees that fell on houses, like in the Portland, Oregon area on the West Coast. Like, and I still get leads from that. I don't know, I've heard of people— I don't know how people stayed in their home so long, but that— I think there was just so much demand for repair that things got pushed out. So I'm still, you know, getting leads from that. Um, okay, Melanie's asking, how long do you give them to let them know to extend the 4 opening days up? You know, I— that's a really good question. I'm typically like making sure I'm checking in like 45 days out, 30 days out, and they usually know, right? They— or sometimes they proactively say, we would like to extend, or you'll hear from the rep saying, hey, we'd like the option to extend, and they will ask you the price. But I'm usually proactively checking in, and then if they don't want to extend, no problem. And typically they do extend, right? It's just insurance tends to not want to approve budgets past a month or 2 sometimes because I just— they don't want to overpay, right? Right. So that's kind of my experience. I definitely check in with them and sometimes they're like waiting for the adjuster. I always try and be patient and like, it's a lot of back and forth. There's a lot of parties involved in these claims. Right. So sometimes it takes them a while to get approval. Some retirees are nuts. Almost all cash flow. That is amazing. Yeah, no, that is, that is, that's a great thing. Yeah. Yeah, I mean, there is a, there's a demand for MTR year-round. Like, families are moving in transition. Maybe they sold a house or looking to buy a house, or, you know, I have families coming to check out neighborhoods and they don't want to commit to a neighborhood. Nurses are generally on 3-month contracts. I think for them the winter is kind of their busy season, I've heard. So, um, it really depends. So, but yeah, and if, you know, when I— if you guys sign up for the coaching program, we cover all this in detail. Pricing strategy, where to advertise, what happens when you get a lead, right? You're like, oh my gosh, I got a lead. You know, what do I do next? Um, we cover all of that in really good detail. Um, so yeah, any other questions? It's definitely a process. Um, what I really love about it is we're like ultimately helping families out and, you know, they've been stuck in hotels or their, their home is not livable. They're like, you know, using the utility sink in the laundry room because their kitchen's being rehabbed, right? Um, Um, so Leah, you're asking, do you furnish the houses? Did they move their furniture? And yeah, great question. So typically midterm rentals are fully furnished, right? That we're also charging a premium for that. That's not to say they— temporary housing companies have contracts with furnishing companies, so they can furnish a house like really quickly in a couple of days, right? You're not charged, you're not making as much on it, you can't really charge a premium because it's unfurnished. Um, but typically people don't want to deal with moving their— they might, I— they might bring a few personal items over, but most people just want like, they I want like an Airbnb experience. I don't want to move things around. Um, it's just, it's just a hassle, right? Like, so, and I will always even like, if they need a crib, I can put a crib in, like anything like that, add an extra desk, right? Because they're just kind of going through hell on their own properties. Um, right. And they don't want to deal with moving furniture around. They just— and insurance needs to provide them, and they don't want to be in a hotel either, right? So, um, how long does it complete the course? So it's, it is, there is self-paced modules that cover everything from setup to marketing to operations lessons, and there's also live coaching calls, and you get kind of unlimited one-on-one calls with me to give you a roadmap. So it's 3 months of active coaching. I'm adding an extra month for the Black Friday thing, and that's usually more than enough time. So it just depends on if you want to get up and running quickly, you sign up, we get a coaching call, we give you a roadmap, you're off to the races. So it just, it really depends. It's a good question. You can be as fast as you want. You can be up in like a week, I think, right? If you are really motivated, or you can take your time. Yeah, so we're getting into stormy season, that's for sure. Yeah, I hope everyone stays safe though, that's the most important. Any other questions? I can drop a link into to book a call, do that really fast while I'm waiting. But yeah, if anyone is interested, it's a really— it's like $500 off, you know, it's really— I've been doing this a long time, I love working with students, and I can really help you get up and running quickly. Even if your home isn't furnished, I teach you how to advertise it with digital staging and, and And I often— that's how I get places booked. I'm like, before you're investing in all the furniture, we're actually advertising it, getting leads, getting it booked, and then, you know, scrambling to get it furnished or renting it unfurnished. Um, so yeah, let me get you all guys a link right here. So one second, let me just pull this up. I had it ready on the side, but I think it'll just take one second. Um, but yeah, it's definitely— it's easy, but it's a process. And I feel like having me by your side, I really get you up and running quickly. And you know, a lot of the questions about like how to furnish, what to furnish, like when you get a lead, what to do, you know, how to move someone in, um, how to do leases. Let's see. Um, okay. I'm going to get the link right here and I will share it. Yeah. So I've got a couple spots left on the calendar, so feel free to book a call. You know, if it's, if it's the right fit, I'll give you all the signup details. If it's not, I'll leave you with some wisdom, right? But you know, if if I will let you know if it's a good fit. Um, okay, so you're welcome, Diane. Um, Alexander's asking what percentage. I mean, like, it really depends. I would say for the smaller units, right, like really roughly maybe 30-40%. Like the bigger homes, it can be like 2x over long-term rent, right? It just depends, right? It depends on the length of stay, but there's definitely really good cash flow, right? And the other thing I like about, you know, Portland specifically, we're in a very, um, landlord unfriendly market. And what I like about midterms is, right, there's really way less chance of people overstaying. They're really high quality guests. They're, they're there temporarily. You know, we're still following all the laws and staying above board, but, you know, especially, or if we want to like maybe sell a property and midterm it for a few months, right? So that's why I like it, especially in this market. Market. I do have a payment plan, I think, for this. I have to look it up, but there's like a 2-month payment plan. That's definitely an option. I can send you more information on it. Um, welcome, Norma. Yeah, so if you're interested, book a call, um, and we can go over all the details. And, um, but yeah, I, I just— this is my favorite strategy. I think as investors, we're all about cash flow, and this is the best way I've found to make like single-family homes cash flow without getting into crazy, you know, multifamily Um, a lot of times people— or maybe you have like a short-term rental you want to convert over, right? And you just don't know how to market it, don't know how you do your own leases. Help you with all of that. Melanie says thank you for the information, options for renting. Yeah, it's, it's really— I mean, I think as an exit strategy, it's a really amazing tool. I've actually, you know, I've flipped homes and the market has turned suddenly, and so like, hey, it's already staged, you can consider midterming it just until the market changes, right? So it's a really good thing to have in your back pocket. And I also think you can have like a small but mighty portfolio, like how many midterms do you need to like make your cash flow right to be financially free or whatever your goals are? So it's one of my favorite strategies. So hope those case studies motivated you. Yeah, any other questions? Definitely book a call if you're interested in the course. I'm gonna answer all your questions. Um, yeah, but thank you guys for tuning in tonight. Um, I hope I— if you got any value from this, like, let me know. It's always great to get feedback. Um, Stacy started to change all my LTR to MTR. Yeah, it's like, right, once you go MTR, there's like no going back. I have, you know, yeah, I feel like I'm so used to MTR. I had a turnover in my long-term rental and I forgot to change the gas over because I'm so used to midterm rentals. Um, okay. Um, Marcus is saying I could do a big 10-bedroom house in Hano. I mean, big houses are great for insurance leads, right? I mean, I would have to do your research, right, which is just go to like Airbnb and see if there's similar properties, go to Furnished Finder, check the data. But yeah, I think big houses are great for this, this strategy, right? And there's also the hybrid, right? I don't know if you're doing like— you can do fill in the gaps with short-term if that's allowed, right? And then, you know, optimize for a midterm rental, right, during, you know, but fill in gaps with short-term. That's what a lot of people do. Um, Shannon, do I teach how to arbitrage? You know, traditional arbitrage I don't like. It's just not— a lot of people like it. I, I personally want to own properties. Um, you know, a lot of people are really successful. I will say what you— what— there's something called reverse arbitrage. So say you're kind of optimizing your property to get liens and you get an insurance lien and you're like, oh my gosh, I want to help this family out. I don't have a property. Let me go find another property for this family and get it under contract and do like a master lease. So I like the reverse arbitrage strategy. I don't really teach that, but that's— I've seen that happen a lot, and I like that because you're, you're not getting the property without getting the family to put in it, right? So you're not having all this upfront cost of furnishing and stuff without knowing you have a family. So, you know, everything works, right? You just have to find what works for you. Um, for anyone that doesn't know, arbitrage is where you find a property, you kind of put a master lease on it, and then you furnish it and you sublease it out guess, right? Um, you really want an MTR? Yeah, they're, they're great. Um, I'm— they are definitely the best. I think they're my favorites. Everything works, right? And it also depends on your location. If you're in a super destination area, lots of tourists, hey, like short-term is great. Again, there is that hybrid strategy. I do teach that, like, hey, optimize it for both, right? Maybe in your busy season you're doing short-term, right, the nightly turnovers, and then you get kind of a rest in the slower season with midterm. So there's ways to kind of optimize your listings for that. Um, um, you're welcome, Angela. I'm glad it was helpful. I talk about this stuff so much, I don't know what I've said before, what's helpful or not, so it's good to hear feedback. Um, but yeah, I'll drop that link in again if you guys have any other questions. I have a few more minutes. Um, but yeah, midterms are great. There's definitely a learning curve, but I think the cash flow, really, you can't beat it. And just the, the management is really— it's really easy to self-manage once you get everything kind of set up, get your systems down. It's way easier than short-term, even with all the software and the technology. Like, the guests are just very different, right? They're there to live and work. They're not there on vacation. You know, it's just a different avatar. So, and we're helping people out, which I love. Um, how to— Angela, how to buy properties? Not in this course. So to me, that's a whole— I have another course called the MTR Playbook, and it's really focused on ultimately, you know, How to Get Money to Buy Houses, How to Buy Off-Market Properties Without Door Knocking or Cold Calling. And it's really focused on creative financing and strategies like owner carry and things like that. That's my passion. There's nothing like buying a house without a bank, let me tell you. Jenny, I'm still waiting to get my MTR property. I can't— Jenny, you should get an MTR in Portland. Yes, that would be super fun. Um, um, Jenny is awesome, by the way. Um, do I prefer MT or— look, you know, flipping is great. I think flipping is a great capital raising exercise. I also think there's a ton of risk involved with it, and your numbers have to make sense. So flipping is amazing, but to me, like, true investing is buying and holding, and you know, what your— what is your strategy for that? So to me, flipping is great, but I don't consider that true investing. True investing to me is like buying and holding and doing like the MTR, the LTR, you know, STR strategy. So that's just my, my little soapbox on that. But flipping is great, right? Um, Summer, you're asking, is it much different from LTR? I manage that, you know, I think it's similar enough. Like, I, my background, my, I think a lot of my background is in long-term. That's kind of how I cut my teeth. And so I approach midterm in a similar way. I'm, I'm kind of very formal about the application process, deposits, using the right lease software. Like, you're local, I use Tenant Tech, they're very local specific. So I think there's a ton of crossover. I think it's very similar. I think the difference is, you know, midterms are more of a hospitality business, you're marketing them a little differently, they are fully furnished, it's more of an experience, right? Long-term is like 12-month lease, you're not furnishing it. But I think there's a ton of crossover, and I think it's really helpful. Most people are kind of afraid to be landlords for some reason. There's just so many horror stories out there. Um, I think if you have good properties, you attract quality guests personally. So I think there's a lot of similarities, definitely a lot of nuance, right? But in general, right, you're— if you're doing a direct booking, you have a lease, you're doing a screening process, all that stuff. Um, so awesome, Robin, I'm glad it was helpful. It's good to hear. All right, um, yeah, if anyone is interested in the course, again, I'll drop that link in. I'd love— I just, you know, I love talking about this stuff, so book a call. If it's not a good fit, you know, no worries. Sometimes you just have some questions. Um, so yeah, book a call if you are interested. That did not work. I don't know. Um, but yeah, well, thanks. I think if there's any other questions, I'm happy to hang on. I don't know if there's more people here. Any questions? Um, I just think midterm, I mean, you kind of have to— if it resonates with you, it's going to work for you. Some people love the short-term thing. To me, it's just regulations can change. The guests are a lot more— they're just higher maintenance. They're so driven by reviews. You get one bad review and it can just tank you, right? Not to say reviews aren't important with midterm, but they're not nearly as critical. You can have a brand new listing that's digitally staged that has zero reviews and land like an insurance slate on it. Like, it's not to say that you shouldn't have good reviews and go after that, but it's not make or break. Just, that's one example of why I like midterm better. Um, so you love being a landlord? Yeah, I think, I think we're providing a really needed service. I think we need more good landlords out there, personally. But being a landlord in Multnomah County where we are specifically is a little bit hairy, but you know, we make it work. Oh, you're welcome, Summer. Yeah. Um, any other questions? Yeah, there's— there— I hope I covered— I hope you guys got a taste of it. So, you know, this— once you get a lead, you just— there's a lot of nuance to it. But you know, the temporary housing companies are pretty friendly. We're all just trying to place families, right? And you can ask some questions, um, you know, make a proposal and, you know, all that stuff. But it's the best feeling when you put a family in there and they're not staying in their home that's being rehabbed habbed and you know it's a comfortable house and they're going to be there for a while. I just, I just love that. That's kind of, you know, part of why I do this. So yay, awesome. Okay, you guys, um, any other questions? You're still hanging on, so I'm happy to answer anything. Any— if you have any takeaways, um, you're welcome, Shannon. Who do I use for leases? Yeah, so I'm on the West, you know, I'm in Portland, Oregon, West Coast. They're not everywhere. I have a list in the course, but it's called Tenant Tech, um, TenantTech.com. I love them because they partner with like the local— your local landlord associations. So the leases are all super specific to your state, to your county, to your local landlord-tenant laws. And to me, I think that's really important to be compliant. Um, you know, I don't think using a Zillow lease, they're going to know the nuance of Multnomah County or whatever your county is. Um, yeah, a lot of people wouldn't touch Multnomah. It's where I live, so I like my properties to be close by. I'm probably crazy, but Um, yeah, Tenant Tech is great. And the other thing is like you just, you just check all your boxes, it fills in all the information, it does e-signature in the application. So I love that for leases. I can do a lease in like 10 minutes, right? You know, I, you can do custom addendums, right? But midterm leases are really pretty much long-term leases for anyone that's not sure about that. So once you get it set up, it's, it's pretty easy to do leases. And then I manage my midterms with, with software. I use Buildium. There's a lot of software out there, but I like Buildium. Buildium. So I manage my midterm and my long-term in Buildium. You can collect rent digitally, you can do maintenance tickets. Jenny, we need to chat soon. Definitely. Yeah, yeah, yeah. Summer, it's, it's not easy, but I've made it work. And again, I think it comes back to having desirable quality properties. I haven't had any problems. And so, um, yeah, but a lot of people feel that way. So for sure, um, yeah, awesome. Any other questions about the course or midterm, long-term? Um, happy to answer them. You've used Turbo— yeah, TurboTenant, you know, you can use that for rent. I like Tenant Tech because it's really just leases and it's very specific to wherever you are. It's very specific to your county and your state. Um, yeah, here, I'll, I'll type it and it's kind of a mouthful. I'll just— Tenant. And they're not every— if you're not in this area, they're more like West Coast. They're more West Coast, but this is who I recommend. They're pretty cost-effective. Again, you can do e-signature. It's a bit of a learning curve. Their support is super great though, and I really like it because it's just very compliant with the local laws. So that's what I recommend to students. What are you in county? So I'm in Multnomah County in Portland, Oregon, which is just not known for being— it's known for being very tenant-friendly and not landlord-friendly, which is why a lot of people don't want to be landlords here. So, but I'm okay with that. But, um, you're interested in how to get leads? So for— yeah, so that's something, Aisha, I teach in the course. But in a nutshell, we're just digitally staging the property so they look furnished, but that way we're like testing the market. We're getting a lead And people are surprisingly fine with digitally staged photos. It's come so far. I've used this strategy all the time. I get people booked, I get them in there, and then I go ahead and furnish it. So I'm not putting the money out, right, to furnish it. So that's what I do. I've done it a lot. Stick to the outskirts. Yeah. Yeah. Tenant Tech is great. They work— I think they partner with Metro Multifamily. Since you're local, that might ring a bell. They're like a local landlord-tenant association. But I always know the leases are up to date. Like, don't use an old lease and just keep copying it because you don't know if it's going to be current, right? They get outdated, the laws change, and if something ever, ever came to pass, you really want to make sure that you have current leases, right? I've never really had to have any— take any legal action. I've gotten a little close, but not with midterms. Not even close. Um, yeah, but here's the thing, like, on the note of like landlord-tenant law, like, we can charge a premium for rents right? That's the upside, right? If you go to some states, yeah, maybe they're super like landlord forward, but are you getting great rents, right? Are you getting the cash flow that we get here? So that's the other side of the coin. But yeah, Aisha, if you're interested, book a call with me. I can kind of go into that, the strategy of booking before furnishing, but I've done it enough times where it's a solid strategy. And I sometimes when I'm debating between like, should I go midterm, I will run that strategy. And then if I get it booked, I furnish it. So Um, see, Shannon, how long do I have, you know, it really vacancy, it depends, right? I would say if you're running numbers, I don't, I think I would put in 10 to 20%. I'm not saying I, on my camera, I think it overheated. Well, um, it really depends, but being really conservative, right, you're probably not going to have that much vacancy, but I always like to be conservative. So, and it depends on the time of year and how you're marketing and your property, who you're going after, right? Maybe it's a little bit higher with insurance claims because we can't predict them. But different avatars, right, like traveling nurses are pretty steady, right? They're always on 3-month contracts. Sometimes they'll extend, right? They might come for 3 months and extend for another 3. So, but I was just like to be conservative, and I'm usually, you know, closer to 10 or under or fully booked most of the time. So that's just being honest, right? There's a lot of factors in it. You can like adjust your price or, you know, things like that. And you get to, as you, the longer you have your property, you kind of get to know the ebbs and of it. So, and the other thing too is, um, gosh, I've been on for a while now. They— midterm rental bookings come in like really last minute. Like you'll be empty and then you'll get a lead and they'll be moving in a couple days, right? It's very unlike like long-term where you have like a month lead time. Um, how— Shannon, how much would you expect to pay for a 3/2? I mean, there is napkin math of like $10 to $15 a square foot. For me, that's really high. I'm pretty scrappy, right? I'm gonna like like order what I can online, maybe buy some used furniture. So it depends on how scrappy you are, but napkin math, $10 to $15 a square foot is what I've heard. I'm usually more budget conscious, but you want it to be nice, right? You don't want to— you don't want to put Grandma's furniture in your unit, right? So yeah, it just depends on how scrappy you are. If you're gonna— I wouldn't, you know, go buy super high-end furniture though, but you do want it to look nice. Um, on— you can do that on a budget. It though. So hope that helps. Yeah, any other questions? Um, yeah, my camera, sorry about that, it just is not happy right now. Um, all right, well, if anyone, yeah, wants to book a call, I'll drop that link in again and feel free to book a call. And I do have that Black Friday special going on for not much longer, so definitely take advantage of that. It's really good savings. Um, so yeah, unless there's any other questions, thanks again for joining. If you're watching the replay, feel feel free to drop a comment in if I didn't cover something. If you have something else you're interested in doing live streams on, let me know. I'm always trying to figure out what good content would be that would be helpful. So awesome. I think unless there's anything else, I'll sign off. I'm going to run to a networking event, I think. So yeah, thanks for tuning in everyone. It was great questions. I appreciate the engagement. Yeah, Facebook Marketplace for sure. I do like to— I think that ordering a lot of kitchen stuff, in. So there's like kind of a strategy to it because you can make yourself crazy shopping locally too. You're so welcome, Amaris. I hope I said that right. Thanks for tuning in. Awesome. All right everyone, thank you so much for joining. Uh, reach out if you are interested in the course and we'll chat more. Thanks so much. Have a great evening.