If you are near a high turnover town (like near a military base or a university) try the curb and/or facebook marketplace and other online garage sale places like letgo, offerup, Bookoo, Nextdoor, etc. Lots of stuff bought brand new when they moved in and one to 4 years later they leave and half the time it is still in great shape (of course the other half it is trashed, too, so you do need to really look).
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When going direct it is the same lease I use for LTR but the $$$ will be more and the dates will be less.
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Great way to reframe!!!
Absolutely, I am looking out for #1. My husband and I have been trying to amass enough capital to purchase rental property for a decade, and that was the plan long before we knew what Airbnb or “STR” was. Then I discovered Airbnb and it became the means to our end.
The anti-airbnb/str lobby doesn’t give a rat’s ass about me taking another LTR off the market. They are only worried about their own pocket book.
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That’s where you could have prevented it by more frequent inspections. You could have put in a clause about the sprinkler schedule. You could also install a WiFi operated system that you could monitor remotely and engage if necessary.
I realize these may not have been as cheap or even available depending on how long ago that was…
They did it not to have to mow the lawn I bet.
RR
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I believe he’s in the Valley where we don’t have lawns, most of our irrigation systems are for our trees and shrubs.
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Agreed.
Actually, the irrigation was turned off only for the ~1200 sqft lawn in the backyard. The drip irrigation for trees and shrubs was untouched. I would’ve noticed if the drip irrigation had been turned off since many of the plants in the front would’ve died.
That is also likely. What remained was actually mowed when they vacated. Unfortunately, what remained was nearly 100% weeds.
Hi, Brian, when you rented month to month, did you put the utilities in the renter’s name? What type of person typically rents that way? Is it what they call an " open-ended lease?. I don’t understand what “mid-term” rental means?.
Sorry, what’s medium term mean?
No, we kept them in our name. I did what is loosely called “pass-through utilities” where I charge the renter exactly what the utility company charges me. If I don’t do pass through utilities, then I have to pay rental taxes on all money I receive from the renter, even if some of that is for utilities.
All of my renters were between houses. I.e. They sold their home and were in the process of buying or renovating another home.
Not that I know. I know a month-to-month lease as a “tenancy at will lease”
I know you didn’t ask me but when I rent direct for more than a month I usually offer two options:
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Tenant outs utilities in their own name and pays associated deposits directly to utility companies
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I keep them in my name and there is no utility deposit for tenant but I charge $5/month/utility for that convenience and then I withhold up to $500 fro their deposit for up to 8 months (usually 1, the 8 is also only at the place where some utilities are o it billed twice a year). Depending on the circumstances I may also request a prepayment of an estimated one month amount of utilities to get them started, especially internet since that is billed ahead and not after the month ends.
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Yeah they resented your lack of rocks lol. At least your trees survived.
I thought I had one of these yesterday! Sob. Maybe next time.
Which meaning? Are you crying or calling someone names? 
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LOL I was sobbing not calling the dear soul who didn’t book a S.O.B. I didn’t bring his momma into it LOL
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I had two “corporate” rentals in Denver, CO for 6 years. They were both single floor units in a low rise building, one was 2b/2b, the other was 2b/1b. I used Corporate Housing by Owner to advertise our units. I decorated and furnished these units as I did our own home, with quality, stylish furniture and decor - but in a gender neutral manner. Leather sofa sets are relatively inexpensive if you shop around. The last set I bought as a close out at a local retailer - sofa and two chairs in a cream color for $800 brand new. Leather is easy to clean and looks fresh and stain free. I also bought inexpensive, but solid wood table and chairs (also a close out.) I bought used case goods and bed frames/headboards from Craig’s list and brand new mattresses. Home Goods was my source for 90% of my decor, lighting, etc. I furnished a small desk in each unit, with a printer. I equipped the kitchen with everything one would need to cook all meals. I used quality linens and provided laundry baskets, a rolling cart for getting items from the car up the elevator and enough hangers to fill the closets. I provided a starter supply of paper products, a full set of cleaning supplies (including mops, vacuum cleaners, replacement bags, etc.) I did not provide cleaning for any of the units, except for move out option at a rate of $300.
My HOA included heat, trash and water, I set a limit on electricity of $150/mo and provided internet and cable. I rented the units for 3x the rate of a long term unfurnished rental in the building . I required a minimum of 2 months rental, using a standard rental lease with an addendum for a furnished rental. I required a credit check and criminal background check for every tenant and a $5K security deposit.
I had a professional photographer take photos and a virtual 360 tour.
I assumed my clientele would be professional people on work assignments - I was wrong. My #1 client base (and longest renters) were execs relocating to Denver on the company dime. One stayed 11 months, two others stayed 7 months each. My second largest group was grandparents who were visiting (often to help w/ a new baby) but didn’t want to intrude on the family (or needed a break after babysitting all day long.) The next surprising category was for medical treatment. I had two patients (one a repeat renter) and one family who had a child in Craig Rehab facility. I had professional athletes who were training in the Denver area, and finally people working on assignments in the Denver area who needed a place for a few months. I also had a pair of traveling nurses and many, many inquiries from their agency, but they generally had short lead times and I was always booked.
I never allowed pets, until one of my relocation clients sold their home much faster than expected and his wife moved in as well. They had a small “well behaved” dog and begged me to let them bring the dog. I structured a tight addendum requiring immediate removal of the dog if there were any issues. Within a week, my neighbors started complaining about the dog barking. I quickly learned that even the best pets will be stressed in any new situation. The tenant cooperated and my mom actually kept the dog at her house for 10 days until they could move out.
I never had any issues w/ any of my guests, the condos and furnishings were still in great shape when we sold the units in 2016.
I rarely had issues renting the larger unit, but did have some issues w/ the 2b/1b - it was 1000 sq ft and beautifully remodeled when we bought the condo - the issue, no 2nd bath and no king bed. A king size bed was a HUGE issue (no pun intended) for many guests, but the layout of the master was long and narrow and I couldn’t comfortably fit a king. You can also expect longer periods of having these units empty - due to timing of guest needs.
So why am I no longer in the business? My HOA - I had one stinker of a neighbor who was very jealous of the money we were making and complained about us at every turn - NEVER a guest complaint (except for barking dog) but the fact that we had a “transient” renters. The HOA then decided to require rental permits, etc. and limit the number of renters for the complex. As soon as that started I wanted out ASAP. The Denver RE market was heating up and I sold both units.
It’s a very lucrative business, if you do it right and have a good business model. Good luck!
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Hi Karen, thanks for the info. I am wondering, what part of Denver were these located in? I have a place in Capitol Hill. But I’ve been told by a realtor that it is tough for mid term because people want to be right downtown or in the DTC. CHBO is pricier, so I have been on the fence, but I do want to get into mid terms, especially with the new rules on Airbnbs.
Thanks
My condos were in Tamarac, just East of Hampton and I-25. I had folks working at DTC, but also downtown. I can’t imagine that Capitol Hill would be a difficult area for mid term rentals. The other category that I forgot to mention was people in the middle of renos which seem prime for Capitol Hill. I know my niece was in one for 6-7 months while her home was being remodeled in CH.
If you have any contacts in general contracting you might want to check with them to see what folks are doing for major renos.
Let me know if you need additional info. You might want to try seTting up CHBO now with availability for Q1 2020 to see what kind of response you get and if it’s enough interest to make the move.
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Thank you. I just listed on Sublet.com. CHBO is a bit pricey, so I thought I’d try this out first. If no nibbles in the next month, I will Set up CHBO in November for January rentals.
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Yes, Denver is now issuing affidavits to STR hosts asking them to verify that the place they are renting is their “primary residence”. Medium term (30+ days) to the rescue as they have now charged four offenders with felonies! Scary!