Live Stream

Good evening. This is Shana from She's Got Assets. I'm just going to do a little live training tonight on midterm rentals in general and bookings, and I have a workshop coming up, so I'm going to give you a little preview of that. So you guys know the drill. Just let me know if you can see me and hear me. Okay. Always takes a minute for technology to catch up. So happy April Fools' if you're watching, let me know. Looks like I'm on live on Facebook and YouTube. So awesome. I see a few people tuning in. I'll give everyone a few minutes. Let me know where you're calling in from and if you have any questions. I'm just going to tag everyone really fast. It's always nice when things work. I did test this earlier and it worked, so fingers crossed. And I'll share my presentation in a minute. And I do have a workshop coming up that I have a special offer on, so I'll go over that. So yay, I see a few people on. Let me know where you're calling in from. Just type a 1 if you can like see me or hear me. I super appreciate the feedback. Hey, Kenzie from Idaho. Awesome. Thanks for tuning in. Appreciate it. Hey, Brandon. Thanks for always tuning in. You were on my test call earlier. Awesome. Okay, I'm going to get started in a minute. Anyone else is there, like, let me know, say hi. Sorry, I'm a few minutes late. I always mean to be on time and then things take a minute to get started. So. Let me know where you're calling in from. If you have any MTR questions, I have time for Q&A at the end. So yeah, I know Brandon, you're an important one. I'm assuming everyone can see me and hear me okay. If not, let me know 'cause I can't tell. Hey, Roselle from Texas, thanks for tuning in. Awesome. Okay, well, a few minutes passed, so I'm gonna get started sharing my presentation. So I'm gonna add it to the stage. Can everyone see it okay? Me just go into presentation mode. 1 second. Present. Just another 1 click here. Okay, hopefully that worked. Okay, I think everything's working tonight. Hey, Elisa, I'm probably saying that wrong, from Portland, Oregon. Awesome. Thanks for tuning in. Okay, so I'm gonna get started. Thanks everyone for tuning in. As you have questions, feel free to post some. I'll try and kind of monitor the chat box. And again, I do have like a really hands-on workshop coming up. This Thursday and Friday. We're gonna kind of go over, it's kind of a crash course, really hands-on. If you like maybe have a midterm rental you're looking to get more marketing for, or you're just starting one, I've been getting a ton of leads lately. So if anyone's in Portland, Oregon, please let me know too. You can make sure to add yourself to my database. And if you're interested in the workshop, we're gonna cover that towards the end. So awesome. So we're gonna dive in. Thanks for taking the time to join me tonight. Okay, so this is the topic here overall is Beyond STRs. Why midterm rentals are your best investment move, in my humble opinion. All right. And feel free again, like, have you ask questions as I go along here. So I skipped last week. I feel a little rusty on this livestream, so I missed it a week, but here we go. Okay. So a little bit about me. If you don't know me, you've got a lot of group members. We're actually almost at 4K members, which is really awesome, really exciting. So, um, um, growing up, I kind of helped run— or I helped run the family vacation business. This was like pre-Airbnb. We had like answering machines, and there were always laundry to fold, right? Constant turnover. and I'm from California. Never really thought I'd get into real estate. And then I landed in Portland back in 2005, and I've been a landlord ever since. So yeah, that's me in a nutshell. I used to kind of hide that I was a landlord because I kind of— housing is such a hot-button issue, right? So that's just a little bit about me. You probably heard this before. For anyone new, I'm just covering it. Previously to being in real estate, I had a boutique design studio, and then we founded a creative agency. I've kind of been an entrepreneur my whole life. Um, and we have a mix of long-term and mid— long-term and midterm rentals in Portland, Oregon, right? So it's a really great market to be in, lots of opportunity. Um, a little bit more about my backstory, right? Like, I ended up— I lived in California. I ended up taking, renting a U-Haul and buying a house in Oregon a long time ago, and it was definitely a journey. My car like broke down and it was a whole thing, me and my cat. And this is a little kind of snapshot of kind of what it feels like when you first get into real estate investing. I think it's like kind of information, kind of like a fire hose, right? This is my son here in this picture at my first house. Um, but now it's what I do full-time, and I really enjoy coaching students and running the rental. So that's a little bit about my background and kind of how I got into this. Um, long story, but— and these are just some snapshots of our properties. And if you haven't, make sure to tune into my podcast. It's on all the major channels. Definitely have some really great guests on. Um, so, okay, I'm gonna keep going here. Um, so a couple MTR secrets, right? I think these are things that people don't realize that I always like to explain. Um, so secret number 1 is you don't need to furnish your property to advertise and book it to get your first midterm guests. You also do not need to have reviews, which is amazing because that is such a big deal with, you know, short-term rentals like Airbnb rentals. Um, secret number 2, midterm rentals are way easier and more profitable than short-term rentals. I think we're going to dive into that, and I you can 2 or 3x your cash flow compared to long-term rentals without like the constant turnover of short-term, which is pretty awesome. Like, who doesn't want more cash flow, right? Let me know if that sounds good in the chat. Okay. So we're going to kind of break down midterm rentals. I love this quote by land, they aren't making it anymore, right? So if you haven't, you've probably heard of this term. I think it's pretty common now. Midterm rental is just, you know, or medium-term rental. It's a 30+ day stay in a fully furnished rental. It's definitely kind of expected that utilities are included. So my camera working, I don't know, maybe I'm having issues. Um, anyway, that's what a midterm rental is, if you haven't heard of it. Typically stays are longer, like 3 to 6 months, right? But it's at least 30 days, which the nice thing is you avoid like the short-term rental laws. So why I love midterm rentals, you only have 3 to 4 turnovers a year, right? Compared to a short-term rental, yeah, we're getting this great nightly rate. But I just think about it, turnovers like every 2 to 3 days, very high maintenance guests, constant communications, even though yes, we can automate that, it's still very hands-on. Unlike an interim guest, they're kind of pretty self-sufficient. I really believe we're providing needed service, you know, all the comforts of home for people in any kind of transition or here for like work, you know, B2B. I work with a lot of families who've had damage to their homes, and so insurance is covering the bill and they really need a comfortable place while their home is being rehabbed. They're very grateful. And then really midterm avoids all those regulations that can kind of change on a dime, right? And I really think it gives you more freedom with less turnover, right? So you can have a smaller portfolio and have better cash flow, which is awesome. So STR life, I used to have STRs, right? They were in Portland, Oregon. You can just high maintenance guests in general. People are there for vacation. They have a lot of questions. Everything needs to be really perfect. Not that it isn't perfect in midterm, but there's just a definitely higher maintenance guest because they're there for vacation. You're always restocking supplies. Like every single turnover, you're in there restocking supplies. That does add up. You've got cleaning fees. You have the fees, the booking platform fees, right? You're always worried about your last review. You're kind of as good as your last review. Like a bad review can really tank you, right? And someone could have a bad experience through no fault of your own, right? And that's just, that's really hard to get over, right? So yeah, if anyone has MTRs in the chat, like, let me know if you've experienced any of this. Be curious. Um, and then MTR life, right? Um, more cash flow with way less stress. Like, I'm going to show some case studies in the end, but, you know, we're talking like $6K a month, right? Typically for a pretty standard MTR, right? Which is awesome. Without, you know, you might make a little more than that in a short term, but when you really factor in all your fees and expenses and turnover um, it just really adds up. Again, regulations don't apply typically. I think some states like Hawaii, as I have like a 6-month minimum, but typically there are no— you're kind of in long-term territory. And then overall, the general expandability, right? You can make rentals cash flow in an expensive market where long-term doesn't really pencil, right? And typically there's no showings. This is a little bit nuanced with insurance claims. I have done a few bookings without tours, but a lot of times if it's like a traveling digital Nomad, traveling nurse, or whatnot, they're— you're able to book them without doing a showing. Insurance is a little more nuanced because they live in the area and they sometimes want to see their property, not always. Um, so I think there was a lot of questions like what makes a good MTR, right? Does property size matter? You know, is it close to attractions? You do not need to be next to a hospital, right? I have properties next to a hospital and they don't necessarily book traveling medical professionals or nurses. So it just really depends on the kind of property in the neighborhood. But in my experience, most properties if you're in a reasonably, reasonably urban area, they're going to work for you. And there are ways to kind of test the market that I do cover. So, um, so how did you research? Well, I get this a lot. This is like kind of the manual way to do it. There's no like definitive way. Like with short-term, you can go to like Airbnb, but we can go to, you know, Airbnb, do searches for long-term stays, kind of see what it looks like. Furnished Finder had some really great data. If you go to furnishedfinder/stats You can kind of see the demand in your area, um, which is really helpful to see that you can see like how many searches were done and how many properties are available. Um, I know people have mixed feelings about Furnished Finder. I actually think it's great. I get a lot of leads from there, especially for insurance for displaced families. So it's well worth the cost to list and it's a direct booking site, right? So they're not charging you any listing fees per transaction. It's just like a one-time fee. And then you can do like a PriceLabs report, which is really helpful for market research. We cover that more extensively in the course. Um, the other thing that I like to do to kind of test the market, um, is what I call an A/B market test. Like, sometimes I have a long-term rental I'm considering going midterm, I'll actually virtually stage it and put it out there and see if I get any leads. And if I get it booked as a midterm, then I go ahead and furnish it. I've gotten pretty good at that and doing it quickly. So that's to me like the most definitive way if you're kind of considering it on the fence. So yeah, it's a really great strategy. Let me know if you guys is making sense to you guys. If you have any feedback, it's super helpful for me to hear this is helpful for you. So that's my market test. And then, you know, what kind of property types make good midterms? I think, you know, with short-term, we're kind of heads in beds, right? With midterm, I have everything from a studio to one bedroom to a five-bedroom, right? So all property types work. They're just kind of different guests that stay in these properties, right? So like for a studio, typically it's like a nurse. They're definitely more budget conscious, right? Sometimes business travelers, digital nomads. And you get into 2-bedroom, kind of a similar clientele, maybe a little bit more corporate. And then to me, the sweet spot, like the buy box, is really a 3+ bedroom, 2 bath, um, because we can appeal to all of these. But specifically, we can appeal to, um, you know, insurance claims families that have been displaced due to some kind of damage in their house, like a fire or a flood, and they need a place to stay. So insurance is covering in the bill and they're typically looking for at least a 3-bedroom, oftentimes like a 4 or 5-bedroom, right? And those are harder to find, so we're charging a premium. So that is like kind of for me, the ideal property is a 3-bedroom, 2-bath home, right? That, that's very popular. If you were looking to get into this, that's what I'd recommend for sure. This is kind of a pre-listing strategy that I teach in the MTR Playbook course. And you can see like the digital staging has come so far. It's like AI-based. Like I look at pictures, I have students post stuff and I can barely even tell, right? So you can see before posting like an empty room versus having it virtually staged, just looks a lot cozier, a lot homier. And yes, you know, it's going to look different, but most people are fine with that. So it's been a really great strategy. We have to like clarify that in the listing, which I teach you how to do in the course, but that's a strategy. If you're really not sure you have a property you're considering converting, I think it's the best way to really find out if there is demand. Pricing, right, is art and science. There's definitely— there's no specific one place to go to for it. You know, I think coming from a long-term landlord perspective, I always like to know like what's my long-term rent as a baseline. That's just me. I like to go to rentometer.com and kind of check that and then look at Furnished Finder comps. That'll always be on the low end. And then Airbnb to kind of see what your comps are. And then insurance is a whole different ball game that we kind of, you know, typically it's 2 to 3x over a long there's a lot of wiggle room in there. And usually it's typically like a tiered pricing structure, and we have a whole kind of template for that in the course and how to figure that out. But again, it's kind of an art and science and kind of testing the market and seeing what's reasonable, and it depends on length of stay and all that stuff. So any questions so far? I'm just going to check the chat box. Anyone has questions I haven't gotten to? I'm always happy to answer them as I go. And let's see here, questions. Okay, I don't see any questions. Perfect. Okay, I'll keep going. So, and if you're watching the replay, like, feel free to put questions in the chat. So, you know, in-demand amenities, typically what I see is single-level homes, ideally no stairs, or like a primary bedroom on the main level. But like a ranch-style house is great. There's just a lot of requests for no stairs. Like, again, all property types work, but this is kind of the ideal kind of scenario. I definitely think it's important to be pet-friendly. Charging for that, you know, pet fees, pet rent. I know people are concerned about pets, but most families, especially displaced families with insurance claims, are going to have pets. So I think it's important to be pet-friendly. And they definitely want a fenced yard. Parking is in demand, not necessarily a dealbreaker, but it's ideal to have like a garage and off-street parking. Again, I think I mentioned this before, like at least a 3/2 is great, you know, bedroom on the main level and is really a solid kind of Class B neighborhood, right? Nothing crazy fancy, but a safe neighborhood, right? With insurance claims specifically, they're looking for something that's close to the zip code where their home was damaged. And so that's a bit nuanced. Um, and then furnishing, right? Like, what makes, um, what makes a good MTR? And I think, you know, with MTR versus like STR, right, we're not going after the Instagram wall and the cactuses and the wallpaper, right? It's more of like— and we want it to look nice and homey, but people are not there for vacation, they're there to like work. And so it's a home away from home. So, you know, choose style, I think going clean and modern is great. I tend to be a little bit on the quirky side. I like to add a little character, but, you know, just clean and modern, I think, is a safe bet. So simple but kind of functional. And style sells. Like, people do want to stay in nice places, but I think you can do it without breaking the bank. And it's definitely not to the level what an STR is. So yeah, here's some like really high-level furnishing tips. And how to, um, kind of get your place furnished. So you make a list. I have a list in the course, you know, that's included. But just go room by room and get you the mattress, mattress cover, pillows, bed stands. Just think about all the things that you need. Just measure your, measure your space. Um, I would say if you can put a king-size bed in, that's really ideal, right? Um, if I have like a 3-bedroom, I'll often put like a dedicated office in one bedroom and just put 2 beds, and you can always add an extra bed. Um, I like to mostly shop online. I do a little bit of local shopping for local flavor right. Good mattress is super important. I get the ones that come in a box, right? Um, I see a question. Elise is asking, how long is the lead on furnishing? Are you— I'm assuming you're asking about the A/B test. Is that what you're asking about? I mean, you know, you could say it's available in like a week, and if you can furnish it in a week, then you would. Or that's kind of what I do. Or there are furnishing companies, or sometimes with insurance, they'll even take it unfurnished. Um, what I don't like about the unfurnished options, we really can't charge a premium and there's kind of furniture banging in and out of your house. But just, you can advertise it available on a certain day and then give yourself enough time to furnish it. And I find you can do it pretty quickly, or you can rent it or go unfurnished. So just give yourself what you think is enough time. Um, and I can do it quickly, but it just really depends on how much you've done it, you know, how, how— but most things can be ordered online. I hope that answered your question. Um, good question. If not, let me know. Um, so I like a couple of my favorite things, kind of like I like to add a little local flavor, you know, stylish fixtures if you're doing like a rehab on it, nothing really crazy, but just kind of updated a little bit. Um, oh, you're welcome. I hope that was what you're, what you're looking for. Um, and then a smart tech, right? I really like to have smart locks for keyless entry. I don't meet guests there typically. I'll just say like, here's your smart, you know, your code. There's a keypad. I always have a backup key, and so a keypad. You can access the door via your smartphone. And then I typically will have a lockbox on the property in case the batteries die or something like that, because they do. Um, and then a Ring video doorbell, which I do give guests access to just for like Amazon packages and whatnot, right? And then a smart TV. I really like Roku because you can, um, it has like a guest mode. I like it when it's built into the TV. You can get it externally, but it's a little tricky to have it open up to that, but it'll just automatically log guests out when they log out, so it's really great. They can log into all their streaming platforms. I don't provide streaming services anymore. I used to, but there's so many of them these days, and most guests have their own, so I just let them log into their own services. So again, I like to balance like online and local kind of statement pieces. These are just some examples. I usually kind of order a lot online and kind of go hunting around for a few things that kind of add character, right? These are a few of the shops. I did a presentation recently this is part of. These are a few of my local favorite places to go hunting for things for furnishings. It's kind of fun for me, it's treasure hunting. You don't have to do that, you can order it all online. It's just kind of my process. Um, so these are a couple kind of examples of furnishings if that's helpful, right? This is, um, this is actually my first Airbnb. I did not know what I was doing. I hemmed and hawed pretty much over everything. Um, it was like, it's a little ADU, it took me forever to get it set up because I had never done this. Now I have a furnishing list and I haven't really dialed, but you can see it's pretty simple, right? Nice and bright ordinary, you know, workspace and chairs, a little table, bedroom, and the— so one bedroom, right? Um, so yeah, that is an ADU. This is the latest one that I furnished. It's a 3-bedroom, 2.5-bath. This is one I did fairly recently. I kind of ran my A/B test. It was a long-term rental, and I got a booking via Airbnb, and it was for the right price, and I decided to furnish it, right? And I let them know, hey, it's going to look different than the pictures, and they were fine with it. So this one I did pretty quickly. It's a little stressful, but I did it. So this is just kind of a modern design. And you can see it has a little bit of flavor. It's got, you know, just kind of a modern vibe. But I always like to add like pillows and throws and just make it look kind of cozy, right? This is, this was actually another Airbnb that we converted. Again, it's a little more kind of eclectic than other ones. But yeah, this is just, I, you know, I do have live plants too. They don't always make it, but I think it adds a lot of life. And just, it's a nice touch. So at your own risk, for the most part they make it, sometimes they don't, but I think it's worth it. This is like way back when, when I first got this property and you can see like the kitchen was never updated, right? So you don't need to have like super fancy properties for midterms, right? If they're a little bit dated, I think it's okay as long as we kind of make the furnishings nice. This is, yeah, another example. You know, I slightly updated the bathroom, right? Nothing crazy. It's the original vanity. I just replaced the hardware and the lights and the mirror, right? So I did a slight update on it. If there's no like storage, I always like to include like a little rolling unit here for towels and stuff like that. It's kind of a nice thing. And then you can see the bedroom, right? It's a king-size bed in this one. They had students, I think, and they wanted a desk. So having dedicated workspace is super important for midterms. I think that's a big request. This is another example. Again, just pretty simple furnishings, but kind of comfy and cozy, right? Let's see, and this is a duplex. Yeah, so this is like the studio side, and then the one— yeah, one bed. No, those are both studio. But anyway, yeah, you can just see it's kind of has a little personality, nothing crazy, but nice and inviting and good photography, right? That's super important. This is what I did for a client. Again, just, you know, living room space, just some knickknacks, right? Kind of make it look cozy, a seating area. There's a TV. This is the primary bedroom. Always put a king-size bed in if you can. That's important. Any questions so far? Anything else? I don't see anything. I'll keep going. So another kind of hot tip is, you know, make a meal, right? I stay the night because you're going to realize, oh my gosh, like make a pot of pasta. You forgot the strainer or the bottle opener, wine opener, whatever it is. So it's kind of fun too, but you kind of realize like what you're possibly missing as far as furnishings. Again, I do have like a list in the course, but it's always a good idea. Um, so advertising, right? You've got your midterm rental like totally set up, and then we get into advertising, which, um, these are like the top places to list. Um, there's a lot more places, a lot, a lot more places, but these are like very high level. Definitely be in Airbnb, There's ways that we, we, I teach you how to optimize it. Um, I'll cover that like lightly, but there's a lot you can do. Definitely be in Airbnb, Zillow, Furnished Finder, VRBO too. I get leads from there. There's a lot more places and a lot of databases specifically, but these are kind of the top places I think that everyone should be. Um, and then there's the midterm rental databases. I cover that a lot in the course, but typically insurance, they're not a housing company, so they're partnering with temporary housing companies like ALE, Sedgwick, CRS. You may have heard of some of these. Um, but you definitely want to put yourself in their databases because sometimes they look in their databases and sometimes they look on like Airbnb or Furnished Finder or somewhere like that. You just kind of never know where they're going to find you. Like, I think I have like 2 leads today from Furnished Finder. I just— they just messaged me directly via text and then I, you know, gave them a proposal. Um, Elise, you're asking the studio. The studio does have a kitchen. Yeah, I just didn't show a picture, but it has a kitchen. Yeah, for most midterms. I don't do rent by the room. Like, they're looking for, you know, obviously a bed and a kitchen. I, you know, I do, but I definitely have full kitchens all of my midterms. Yeah, good question. So listing tips, right? It's the midterm listing is really different than a short-term, right? People are not there for vacation, right? So they're really way more looking for a home away from home. They're looking to cook a meal. So we're really highlighting amenities like pet-friendly, femme CR, dedicated workspace, anything of interest, right? Definitely professional photos, right? Keep your calendar up to date. I have kind of a strategy where I will sometimes leave listings up that way if I get a lead, I can move them around, right? So, but definitely, You know, if you're not getting booked, make sure your calendar isn't expired because the platforms won't show it if it's not current, right? Especially for Furnished Finder, um, specifically make sure that's up to date. Um, and then listing tips, right? This is a Zillow, so you want to make sure that you're kind of speaking about what you do and who you kind of cater to. You know, you want to put in these keywords like temporary housing, extended stays, pet friendly, fence and yard, kind of bullet them out. Um, I have a whole template in the course as well, the ChatGPT prompt, but Yeah, Elisa, shared kitchens. I think you might be doing rent by the room, which I don't do. I like having the whole property booked, and that's definitely a strategy a lot of people do. I don't do that, so I can't speak to that. But in my experience, most people don't really want a shared space, but that might just be the leads I'm getting. But I mean, like, there's the whole PadSplit thing, right? That is their whole model, which is shared, right? And the rooms are very lightly furnished. So that's kind of a different model, um, but good question. So use high-quality photos to showcase your property and its unique features. Really important. Like, I, I see some really bad listings and, you know, no one is going to want to stay in a place like this, right? Like, there's really something funky on the TV, the toilet is not clean, this photo's facing the wrong way. These are actual listing photos. I always hope no one's on the call that maybe took these, right? But just, you know, hire someone. It's like a one-time fee and it's well worth it, and it will get you more bookings. I, you know, I guarantee it, it was really important. So here's an example, you know, would you want to stay like here, right, or here? This is nice and bright and airy. Um, it just looks really inviting. It looks— you can tell, you know, it's comfortable, it's clean. I've heard some stories. Um, um, so yeah, and you know, according to Airbnb, photos are one of the top reasons guests choose to book. And I think that we all think we have these like smartphones that take magical pictures and we can put filters but just please hire a photographer, ask around, look in your local REIA groups if you need one. Realtors are a great resource, or if you're in the Portland, Oregon area, reach out to me. I have some favorites. Kinsey is saying, "This is all great information. Feeling optimistic about the property." That's awesome. I'd love to hear that. Yeah, I'm glad that this is helpful. I think I love the strategy. So I'd be curious to know what kind of property you have, but perfect. The other thing that I kind of COVID in the course that I really like to have still photos and I like to have a video tour and a virtual tour. Brandon, again, I don't know if you're still on here. He's in Portland, Oregon. He does great virtual tours and it's just another way to see the property virtually and then a video tour. So you have the stills, the virtual tour, and the video tour. Yes, it's a bit of a marketing cost upfront, but that way people are really comfortable with it. And I, my goal is to not do in-person showings because sometimes there's tire kickers and I just feel like there's enough information for them not to do it. Insurance is different, right? We cover that in the course, but they, because they're families, they're local, they often are gonna wanna see the property. So yeah, just, but I do like to do this upfront. And another tip is make sure you do all this. Like say you get an MTR online and then you like get a booking, you're all excited, then you forget to take pictures and do all this documentation. Don't do that because then you're gonna have a turnover and not have your marketing collateral like ready. I've done that before and been like, I know better, but I was, I got it booked so quickly I didn't have time to do it. But you could have the photographer come in the morning and then the guests check in in the afternoon, right? So just remember to do that stuff. So I see a couple questions here. Richard, I'm kind of dragging my feet on decoration. Just do it. Yeah, you know, Richard, here's what I would say. Just do some virtual staging on it. Just there's there's— I think in the course you have access to that. There's a virtual— just add a little, some details. And then when you get that booking, or just go to like a HomeGoods store and add, you know, I even buy art on Amazon. I don't think you need a lot. I think just some artwork, just some throws on the couch, some pillows. It doesn't take much. Like even I've borrowed things from my house for photo shoots. I'll be honest. Like if you have some artwork at your house, just bring it over for the photo shoot. You can always replace it. That's what I've done in the past, but I really do love the virtual staging because it'll add those kind of accent things. Okay, I see a couple questions. Yeah, but Richard, like, reach out if you have questions because you're on the course. Kinsey, if it isn't in your wheelhouse, can you pause? Yeah, I think you can for sure. I think it's worth hiring someone. There's a lot of online services or a lot of people just— I know, like, people locally import one that'll kind of do that fluffing. I call it the fluffing part, and I do think it's important. So yeah, definitely, you know, it's kind of like interior design a little bit, right? And there's— I think people have packages and they certainly do that, and I definitely think will get you a better rate. And I do think it's important if that's not in your wheelhouse, if it doesn't— if it's not like exciting for you, then definitely hire that, or possibly look into like an online platform where you can upload your room and it'll kind of give you the design. You can just order from there. So good questions. Else, the remote setup tips, you know, I would say just plan ahead, right? You could order everything and then have it. I haven't done that, but just order as much as you can online, like have it shipped to the property. And I would say with setup, like just plan on a lot of assembling stuff. So you could have it shipped there. You could hire like a local handyman or someone that just, you know, go on one of those like Task— not, I'm going to say this wrong. There's some kind of task sites where you can hire someone to assemble stuff. It's just basically a lot of assembly. And, you know, if you have someone there to kind of just, you want someone to organize it, but I think ordering as much as you can online and planning a couple days of just assembling stuff because that takes a lot of time. Richard's saying virtually stage, yeah. Yeah, just virtually stage it. And you know, it doesn't take a couple plants and a throw pillow, it's not a lot, and some art on the wall and like even a TV or something. People are really, what they're looking for is, is the location right, the price, things like that, right? I mean, are the photos decent, right? As long as they're not really bad, I think I, you know, we want to make it look nice, but just get it up there and then you can task, task grab it. Thank you. Um, Carol's asking, do I background screen? Yes, I do. Um, so it's a little bit nuanced, and I cover this in the course. If it's a direct booking, meaning like not through Airbnb, not through VRBO, like I'm actually drafting the lease, um, then I do require a background— I do require background checks. Um, and I do— it's very like pay stubs, landlord references, and actually use a, use a service called Pacific Screening for that. And they do all the screening. If it's an insurance slate, it's a little bit different. And I cover this in the course, but it's a lighter screening, right? Because insurance is covering the bill. So I'm really just checking for background, for criminal credit and background. I'm not actually getting pay stubs because the financial responsible party is insurance. So it's kind of nuanced, but yes, I, every adult needs to have to be screened because they're in your property. Especially with direct bookings, right? Especially if you're in a place like Portland that's not— but I do, and that's what I coach students to do. There's all kinds of online sites where you can have them fill out an application. Really good question. And we do in the course kind of COVID the whole management piece of this, like how to do your leases, what to, you know, greening fees, all that stuff. Okay, so a couple case studies. I'll keep checking questions. So, okay, here's some kind of numbers, right? I think as investors, we always think, oh my gosh, we need like this arbitrary 100 doors to make the right cash flow. But with, you know, a couple properties or, you know, basically a small but mighty portfolio, you can really make really great cash flow. So here's kind of a case study. And I always like to compare it to like long-term investors, kind of my background, right? So these are kind of long-term rents. You look at midterm rents, you can look at that difference there. It's a really big difference, right? So then this is net cash flow on one property. It's about $5K, right? That's really hard to do with a long-term property with, with one door, right? This is one door, $5K, right? This is a, like a 3/2 and then an ADU. Um, I showed that case study before, um, or the pictures. This is another— these are duplexes, right? This is a plex. So long-term rent, like $2,600 and $1,700. Then midterm is like $6,000 and $2,700, right? So after your expenses, um, about $4,700 a month. Like, this is net cash flow, right? Expenses do vary a little bit, but, um, just kind of rough napkin math, right? So you can see the numbers are really, really good with midterm rentals, and you don't need that many doors to, you know, reach your goals, um, or, you know, financially. Um, this is another one. This is This is a 5-bedroom, 2.5-bath, right? I get a lot of demand for this. Larger properties are harder to find. So definitely, I think we think long-term rentals are harder to book or larger properties, but they're really a sweet spot for midterm. So this property, we're getting $9,300 a month, right? And it's, it's a couple-month booking, right? And it was a fire claim and fire claims, they typically will extend, right? So we can see the numbers here are definitely pretty juicy. Here is that duplex that I showed earlier. I bought this one off market, but yeah, so the cash flow, I just actually, the studio is about $2,000 a month and the one bedroom I'm actually getting $2,795 a month, which is an insurance leave, which is unusual to have a one bedroom, but their budget was actually $3K and so I got $2,795 a month. You know, it's because it's a shorter lease, right? So that is an example of an insurance in a one bedroom, which is unusual, right? I don't see that a lot, but they do come up occasionally. So cash flow is about $2,200 a month. Yeah, Richard, let me know. I get a lot of leads, so I'm just thinking, let me know where your duplex is because my phone's blowing up with leads for Portland, so I got to get you connected. Anyway, that is just some case studies. Here's another case study, right? This is a 2-bedroom, 1-bath, recently remodeled. About $2,400 in cash flow, right? The last booking on this one came from Airbnb. I think they stayed for like 4 months. So yeah, just some examples of cash flow, which is, I think it's always nice. These numbers are real. They're actual numbers. I get these bookings all the time. And 2 of my students, just, I got texts today. They got like a couple month bookings. One just came in for $6K. It's always exciting when that works out. And I coach students through that whole process of getting the lead and kind of negotiating prices. And all that stuff. Oh, here's another one. Um, yeah, this is a 3, 3, 2.5 midterm rents, about $5,500. So cash flow is about $2K. Um, yeah, Richard, I'm gonna, I'm gonna text you after this and get your information. Like it or not, I'm gonna get you rich. Um, yeah, Tigard and Beaverton are like very much in demand. I wish I had more properties there, frankly. I've been blowing up with leads. If anyone's not in Portland, Oregon, that's So it's part of, um, it's like suburbs of Portland, Oregon area. So yeah. Um, so yeah, I hope that was helpful. I am leading, um, like a 2-day, really very much hands-on workshop. Um, it's in the afternoons. If you can't make it, no problem. You'll get like instant access to the replay. We're going to cover in depth like how to set up your midterm rental, how to market it specifically, how to kind of optimize for insurance claims, marketing and branding. Very in-depth, very hands-on. You can ask all the questions you want. We'll review— be reviewing listings. Um, there's some really great bonuses. Um, you get access to the MTR Essentials course for 3 months, which has all my tools and templates, like my pricing guide and my proposal guide, all of the templates I've designed over the years to run things. And then you also get a one-on-one coaching call. So if you have extra questions or can't make the workshop, we're really going do a deep dive look at your listings. I'll kind of analyze them and give you, um, some feedback on that. So if anyone's interested, you can scan that QR code and I'll drop the link in the chat as well. Um, and that discount, there's $200 off, it does end tonight, so definitely take advantage of that if you're interested. That's really perfect for someone that maybe has a midterm, um, isn't getting booked, or is just launching midterm. You have a property already set or maybe you're looking to get into this and want to learn more about the process, but it's definitely going to be really in-depth. It will cover all the stuff that I just kind of glossed over here because I didn't have time to go over anything. So I will drop that link in the chat. If you guys have questions, I'll hang on for a few more minutes. But yeah, I hope that was helpful. Let me know what your biggest takeaways are. If you have any questions, you're watching the replay. So I'm going to drop this link into the chat if anyone is interested. You can click on this. I do have a payment plan option as well. And so just let me know. But yeah, it's going to be— and you'll have access to it for 3 months. Again, all the tools and templates and pricing guides and calculators and house notes, just all the things that you might be wondering about how to do. So I cover all of that. So it'll be really good. Downloaded my brain for that. Typical budget for furnishing, is that what you're asking for? Let me know. I mean, I tend to be very budget-oriented. Napkin math, you know, it's $10 to $15 per square foot. That seems a little high to me, but if you want to be really conservative, that's what I'd run with. You know, $10 is on the more budget side, $15 is on the higher end side, but it depends how scrappy you are, right? If you can find some stuff on Facebook Marketplace and maybe consignment shops, right? It just really depends on how much time you have and to kind of get that all sorted. But I think you can do it on a budget and still keep it nice. Like we do want to have, you know, we don't want to skimp on certain things like mattresses and things like that, but definitely there's ways to be on a budget. So yeah, if you guys have any more questions, I'll hang on for a few minutes. Again, that, that special does end tonight, so just click on that link. If you want the payment plan option, just let me know. You can like message, just send me a DM or something. Um, but yeah, I hope this was helpful. Again, if you're watching the replay, let me know what you thought, if you have any questions. Um, but midterms, I don't know why they're a little bit seasonal. I've been getting tons of leads. So if you're not like, if you have a midterm, you're not getting booked, or you have questions about it, you're not sure where to advertise, maybe you're setting one up, or maybe you have like a short term and you're like, I'm, I'm done with this. I know we're in the busy season, but that turnover can be a real drag. Or you're considering maybe going the hybrid strategy. Midterm, you know, and filling in the gaps with short-term as you transition. That's a great strategy if you're allowed to do that. Um, so yeah, this is the perfect workshop for you. Um, I don't offer it that much, so it's definitely— take advantage of it. Um, is there a local Part 1 group? We do. I do meetups every other month or so. We're kind of due for one. I usually advertise them in the Facebook group and, um, on Eventbrite. I don't have one planned yet, but I will be— I'm kind of due for a meetup. So we've had a couple of them so far. I just haven't landed on like the perfect location for it. So, but it's definitely on my list. So yeah, you'll— when I, when I get that, um, the next one organized, I'll certainly promote it. But yeah, there is a lot of general real estate meetups, just not specifically ones, uh, for midterm. That's why I started the midterm one. So Kenzie, you're asking a dedicated workspace, so a separate room, um, better in a separate room as opposed to— yeah, you can put them anywhere. My strategy is if I have a 3-bedroom, I typically will just make one room room dedicated workspace. Part of that is I'm just saving on furnishings and people don't often need 3 beds. So that's just kind of my strategy. But yeah, you can put a dedicated workspace anywhere. But I think, you know, with Zoom calls and people working remote, I think it's nice to have a closed door. Again, you can move a desk anywhere, right? But I typically will have one in one of the bedrooms if I have the space. If not, then it's a common area. But, but yeah, I even with families and stuff, I've moved desks around because they, they wanted to like have, you know, dedicated office space with a closed door for meetings. Or sometimes if it's like a couple, they're both working remote, they don't want to overhear each other's conversations, right? So a closed door is nice. But again, it's all flexible, right? And you can always— when I'm doing showings, and you can always accommodate if someone needs something in particular and they're staying for a while, I'm always like more than willing to accommodate, you know, any furnishings that, that they need, especially with like temporary housing for insurance claims. So really great question. Any other questions? I see a few more people on. I'll wait and look if there's any more questions, happy to answer them. Again, that workshop, that special is ending tonight at midnight. So grab your spot if you're interested, even if you can't make those times, you'll get like an instant replay and you'll get that one-on-one call and access to all the resources. So it's a great opportunity. To kind of get you set up and running if you're looking to do that, or if you have questions, or if you just want to optimize your listings. So I don't see any other questions, so I'm going to wait another minute and then I'm going to get back to dinner. Thanks for joining me, everyone. I always appreciate it. If there's a topic that you're interested in, like, let me know if there's something that you're looking to learn more about. I'm always happy to do a training on that. So yeah, and let me know what you thought. If you're watching the replay or interested in the workshop I have, just, um, you can scan that QR code or click on the link or just send me a DM. I do have a full coaching program as well, and, um, that's a lot more hands-on. You get access to the group coaching calls and one-on-one calls with me to kind of help you get set up. Um, so yeah, and I definitely really love working with students. Like, um, so yeah, I just had a couple students really successful, just got a bunch of bookings, so always a win-win for everyone. I love seeing that. You're welcome, Erza. You're Eliza. Sorry, Christy. You're welcome. Yeah, Richard, call me. Yeah, Richard, we got to get you booked because there's so many leads. Roselle, I'm probably saying this one. Yes, for insurance, look, they're financially responsible insurance, but they're not actually on the lease, right? The actual guests are on the lease. So I do a background check. It's lighter than I would do for a typical direct booking, right? I'm really just checking credit, criminal, and, um, credit, criminal, and background, right? Those are the 3 main things. I typically don't ever see anything, anything that's concerning because these are homeowners, are typically pretty responsible. Um, so Yeah, could I help remote? You know, I've never done anything overseas, but I mean, I, I'm assuming it's a similar concept. Um, so certainly, I mean, I think you would probably be on the same platforms, and I don't know how insurance— I'm assuming that's a need there too. But definitely I could help you get set up on the main platforms. I just don't have any experience with London or Europe in general, but, um, I'm sure there's demand for there too, I would think. Um, but it'd be fun to work on that with you. Um, yeah, you're so welcome, Roselle. Um, yeah, do you have a place in London? It sounds like that's awesome. Very cool. Um, yeah, there's probably some European sites that I don't know about, but we could figure it out. Um, Roselle, you do hybrid but not getting a lot of bookings. Yeah, I mean, there's a lot of things for that. Sometimes it's, you know, I'd have to see your listing, you know, maybe it's just the way where, where are you listed? Are you on all the right platforms? How are you positioning yourself? What do your photos look like? What are your descriptions like? And where are you listed, right? And maybe it's a matter of pricing. There's a lot of variables. Um, so yeah, I mean, the workshop could be good for you if you want to kind of do a deep dive on that. Um, it's hard to say why you're not getting bookings without kind of seeing it. Um, and just so you know, um, they come in really last minute, right? So you might feel like you're not getting any bookings and you just go in and kind of tweak some things and you'll get a booking. They come in so last minute, it's sometimes I'm even surprised. And I, I, you know, I should know by now, I've been doing this for a while, but like, I think today I got 3 insurance leads. I got 2 yesterday, and they're always like move-in, you know, ASAP, especially for families that have been displaced due to a flood or a fire, because they are, um, they're, you know, they're typically, they can't be in their homes anymore, um, and so they're they're often put up in a hotel, sometimes not always. And if you've got a family and kids and pets, it's just not very comfortable. So they always are looking to move ASAP, right? There is a process so they can come in really quickly. Um, San Antonio, Texas, close to hospitals. Yeah, I mean, I don't know that, Mark. I'm not in that market, but there might be some things we could do to optimize your listing. And sometimes it's a matter of adjusting some things and doing some outreach and just being in the right places. But I don't know, I mean, it's definitely the season now. I'm seeing definitely an uptick, so you should be getting leads. But yeah, but I know how that can be not to get leads. Elisa, it looks like you're local. I'm local too, so I will, I'll shoot you a quick text after this. Yeah, awesome. Any other questions? Richard, I'm gonna follow up with you and get your place booked because you need to get that. It's time. Awesome. Okay, well, I don't see any more questions. So again, if you guys are interested, I'll drop that link in for the workshop if you guys want to check it out, or if you have questions, feel free to DM me. I'll be online a little bit longer. This is the link for the $200 off, and if you're interested in like the payment option, just let me know and I can— I'm happy to shoot that over. Watching the replay, just reach out with questions. And I do these every Tuesday typically. Sometimes things come up, but I try and be consistent. So I appreciate everyone tuning in, taking time out of their Tuesday evenings. And yeah, I think I'm going to say good night and end the livestream unless there's any more questions. Anything, FurGame? Okay, perfect. Awesome. Okay, well, have a great evening, you guys. I will see you next week. Thanks. I really appreciate you tuning in.