By The Hospitable Team
If there is a virtual oasis in the midst of hosting chaos — that is definitely our new Hospitable Masterclass with WIIRE‘s dynamic duo, Grace Gudenkauf and Amelia McGee. As property investment experts, they reveal the best strategies for mid-term rentals (MTR).
Grace and Amelia also provide a useful comparative overview of the current market prospects, taking the participants on an enlightening journey through the realms of short-term, mid-term, and long-term rentals within one powerful business structure.
Go beyond basic hosting tips and discover the ever-changing MTR landscape now! Watch the recording of our Hospitable Masterclass on YouTube or skim through the highlights below.
What is MTR?
So, what’s the buzz about “MTR”? MTR stands for mid-term rental — a cozy, fully furnished space where guests can settle for 30 days or longer. It is an ideal choice for those in search of a temporary home, just like Grace once was, and not yet willing to jump into longer commitments. As the demand for MTR experiences surge, it is now a promising avenue for hosts and property investors.
Both Grace and Amelia decided to bid farewell to their nine-to-five careers to embrace the world of the rental business. As Grace explained, the vision of immense potential was clear from day one, “I just knew if I could dedicate my entire 40 hours a week and more to rental business…I knew how powerful real estate could be and how quickly I could grow.”
But the ultimate game-changer was the BRRRR strategy. Watch… or read and learn!
BRRRR Strategy in Detail
Buy, Rehab, Rent, Refinance, Repeat or simply BRRRR — whether it’s short-term rentals (STR), mid-term rentals (MTR) or long-term rentals (LTR), the beauty of the BRRRR strategy lies in its versatility.
Amelia’s journey commenced with a flip, a well-executed investment that provided the capital to purchase a triplex. But the investments bore real fruit as she refurbished the next property, rented it out and further refinanced her capital for more investments, according to the BRRRR.
This catapulted her portfolio: “I very quickly scaled to seven doors. Then I was like, ‘Hmm… I’m addicted to real estate now, so how can I keep feeding this addiction?’ So, it became a combination of a good financial foundation, using the BRRRR and utilizing partnerships, as well”
Watch the Masterclass and learn more about the BRRRR path to a multi-million-dollar portfolio.
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Compatibility Test: Hospitable + MTR
As you can tell, Grace and Amelia know the challenges of juggling a diverse portfolio of properties firsthand. But guess what? It is Hospitable that keeps the MTR hosts sane, too!
Our expert guests shared that they found solace in the myriad of Hospitable’s features. Most importantly, Grace’s secret weapon lies in the automated task management system.
“I love using Hospitable! I set up auto emails to me and my property manager after people move out — ‘Hey, Grace! So and so moved out. Did you give them their security deposit? Please, do your final walkthrough…’ I actually have a little checklist to make sure that I’m wrapping up each of my tenants when they are turning over.”
Single Property for All the Rs: Is It Possible?
Even though Grace and Amelia’s hosting journey began with simple investment plans, both then transitioned seamlessly between various business models, using the same properties for STR, MTR and LTR. To do so, they identified the gaps in the local rental markets.
“It pays so well to keep a pulse on what your tenants are doing and what their employment looks like.’ Grace highlighted, “I know a lot of people who always get to know their tenants… And if you do that you’re going to find out where they came from and where they’re going. All of that good stuff will, hopefully, help you discover what the demand looks like.”
Curious to hear more about the hands-on/hands-off approaches to hosting?
Or maybe you need more tips about the ideal tenant profile?
Find all that and a descriptive overview of WIIRE’s resources in the full Hospitable Masterclass.
Can’t decide which type of rental suits you best? Hospitable is here to make sure any hosting is just as carefree as a simple property investment. Get your free trial now!
We’ve been inviting the best industry experts to our Hospitable Hosts podcast. Our guests shared their valuable insights and expertise on how to navigate the short-term rental industry and gave valuable tips that can make your life as a host just that little bit easier.
We know that being a short-term rental host can be like a game of Tetris… guests, bookings, and cleaning schedules are constantly falling from the sky and you have to fit them all together perfectly. To help our hosts slot everything into place, we organize Hospitable Masterclasses that are jam-packed with inspiration and insight.