FF123 Mid-Term Rental Gold Mines in Unexpected Cities w/ Lee Gierszewski

Nov 25, 2024

31:59

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Ever wondered where untapped mid-term rental (MTR) opportunities could be hiding? On this episode of The Landlord Diaries, we’re joined by Lee Gierszewski, an innovative real estate investor in North Dakota, who's turning Bismarck’s multifamily market into a booming mid-term rental portfolio. Discover why Lee transitioned long-term rentals into MTRs, how he doubled his rental income, and the surprising demand drivers for mid-sized markets. We'll dive into Lee's strategy of purchasing eight multi-family properties in a single year, his success with travel nurse demand, and why Bismarck—and other small to mid-sized cities—are hotbeds for MTR success. Whether you’re looking to scale your portfolio or boost income with MTRs, Lee’s journey could reveal your next investment move.

Tune in to learn about:

Lee's strategy for doubling rents and filling units consistently
Tips on converting and marketing units, even without full kitchens
Key demand drivers in cities you might overlook, like travel nursing and local industries

In this episode we cover:

0:00 Landlord Diaries Intro

2:30 Lee’s MTR portfolio

3:05 Why convert long term rentals to mid term

4:15 Furnished Finder provides 85-90% of Lee’s bookings

4:45 Double your rent: $600/mo LTR, furnished for $3-4k, $1,400/mo MTR

7:00 According to Lee, North Dakota is the highest paid state in travel nursing

7:30 Buying 8 multi-families in one year!

9:50 Why invest in Bismarck, ND

13:00 Small to mid-size cities have down to earth contractors

14:25 Why Lee’s travelers extend an extra 3 months

16:45 Providing solutions: murphy bed example