Hi everybody, welcome back to the WIIRE podcast! We are so excited to welcome our friend and real estate investor, Jessie Dillon, to the show this week! Jessie is not only a member of the WIIRE Community, but has attended two of our retreats, and today she is going to be telling us all about how she rents out a room in her home as a mid-term rental.Jessie is based in central Massachusetts and rents out the room in her own home as a house hack, and aside from her REI business she owns a beauty business and is a wife and stepmom. Jessie has grown her REI biz to 5 doors and in 2022 alone grew her portfolio from $0 to $1.5 million! Why rent by the room?Jessie started investing in real estate in January 2022 and at the time lived in an extremely reasonably priced apartment with a fantastic landlord. While he was a great landlord, he owned multiple properties, causing him to not pay super close attention to each individual property. Jessie decided that she would only move and increase their cost of living if it was the absolutely perfect situation. Eventually, Jessie found a duplex property on Zillow that had been listed for roughly one month and was only one mile away from their apartment. After looking at the numbers they went all in on it and by that evening had signed an offer (in a smoothie shop, nonetheless) for the property. It was in a great neighborhood, half of it was newly flipped and the listing agent was also the owner who had done the work. It was so easy - no one else really even needed to be involved. They purchased the property in July and moved in at the end of August. Right away they got a long-term tenant for the other half of the duplex and they began tossing around the idea of renting out their guest room as a mid-term rental. They debated whether they wanted to share their personal space with a complete stranger and eventually decided that the potential income it would bring in was too good to pass up and they should at least try it out. Within 6 weeks they had a tenant locked in. How much does your tenant pay in rent?Their monthly mortgage payment is $3,850, and between the income from the other half of the duplex and their mid-term tenant, they only have to cover $50 of that monthly mortgage payment. They basically are getting $700 per month of principal paid down, with their $600K asset appreciating (in a high-appreciation state), and them only paying $50 towards the principal interest, taxes, and insurance, it’s just too good of a deal. Jessie and her husband purchased the property for $590K using an FHA loan and also a private investor from their circle.Next came furnishing the unit. Jessie kept it super simple and while she considered going the normal marketplace route, she opted to go with mostly new items because that way if the in-house mid-term tenant thing didn’t work out, she would at least have a super cute, furnished guest room. So, how is it working out having someone else live in your space?Actually, great! She shares our space respectfully and we get along great. They did a full background check, social media search, Facetime calls, formal lease, etc., the same as they would for a short-term tenant or a mid-term tenant in a separate property. It’s been about 6 weeks and she actually might extend it out further. Jessie listed the property on both Airbnb and Furnished Finder. The tenant pays $1,700 per month, which includes everything, including ‘light pet care’ and laundry service since Jessie works from home (creative bonus income!). If you want to know about Jessie or connect with her personally, send her a DM on Instagram!Thank you for joining us this week, we’ll catch you in the next episode! ResourcesConnect with Jessie on InstagramJoin us March 2-5, 2023 for our retreat in Salt Lake CityFind out more about the WIIRE Community

We are back this week with episode 21 of the WIIRE podcast and joining us this week is our friend, Cat Storing who recently joined us at our WIIRE retreat in Orlando. Cat is going to be sharing with us all about her experience in hiring Virtual Assistants (VA) to work on her team. Cat had so much to share and brought an amazing energy to the retreat, and we are so excited to have her on this episode.  All About CatCat is a business coach, is really good with technology (her claim to fame), is an author, hosts the REI Podcast, is excellent at figuring out processes, and is really into real estate investing. And while she loves doing all of the things, she is still just one person, so this is where hiring a VA has come in really handy in her business. She has worked as a personal stylist and also in purchasing and now has transitioned into real estate and business coaching. Cat helps people monetize their expertise and is an amazing resource to so many people.  Cat’s First VAWhen Cat hired her first VA, she was ready to really dive into the world of social media but knew the demands of social media and the dedication it requires. She also knew she couldn’t be doing all of these things, and posting to social media while still working her full-time job. Cat found her first VA (located in India) on UpWork and her specifics was giving the tasks to her VA and having them complete them overnight so that when she got up in the morning she could review them first thing. The problem (that she now realizes) is that she did not manage them well enough and they wound up taking advantage of her. She paid him on a weekly basis and since she wasn’t reviewing the tasks, he quickly figured that out, and simply stopped completing the tasks. Now, Cat has learned how to successfully manage her VAs and review their work, prior to submitting payment. Her biggest recommendation for those looking to hire their first VA is to allow them to learn your ways.  Cat’s Best Tips for Hiring a VADecide exactly what tasks you need to outsource (or what you simply don’t want to do)Look for a VA in your niche if you are looking for a real estate VA look for those specifically)Once you begin working well together figure out if they are teachable and want to learn more tasks before offloading additional tasks on themHave a system in place to review their tasks regularlyTreat your VA the way you would want to be treatedStart before you need to hire someone (i.e. NOW!)Test the waters with different VAs If you want to see more about what Cat does, visit her website or connect with her on Instagram. Thank you so much for joining us, we’ll catch you in the next episode! ResourcesJoin us March 2-5, 2023 for our retreat in Salt Lake CityCheck out Cat Storing’s websiteConnect with Cat on InstagramHear Amelia’s episode on the REI PodcastHear Grace’s episode on the REI PodcastFind your first VA on UpWork

Hi friends welcome back! This week’s podcast episode is a fun one because it’s another behind-the-scenes episode where we’re going to dive into exactly what we are working on and give you a unique glimpse into some exciting things we each have happening in our businesses. Amelia’s UpdatesA few weeks ago Amelia (and her biz partners) submitted an offer and letter of intent to purchase a motel property and finally heard back from the sellers. While it wasn’t a resounding ‘YES’ to their offer, the sellers did ask to sit down with them and get to know them and their businesses, and really build that ‘know, like, and trust’ factor. A big part of why they want to sit down with Amelia and her team is because they’ve asked them to carry $1M of the down payment on a seller-financed note. This will allow them to vet them as sellers and learn about their experience and it is a great start to moving forward.Amelia found this deal by posting on a local Facebook group for investors in Des Moines, Iowa. She had a pretty graphic created depicting her exact buy-box, and what she is looking for, and very quickly a broker reached out to her. Despite it being slightly outside what she was looking for, they anticipated she might still be interested in this unique property. Amelia had previously tossed around the idea of purchasing a hotel/motel type of property so really this wasn’t entirely outside her buy-box. With a higher purchase price, this 41-unit motel has a lot of potential, and she is super excited to see how this deal moves forward (knock on wood).  Grace’s UpdatesGrace and Brandt are in the process of purchasing a manufacturing business, even though the purchase is moving a bit slower than anticipated. For this purchase, they agreed on a 20% down over 7 years at 4.5%. A business acquisition works a lot like a large real estate deal where you have your letter of intent and then you have to get your purchase agreement signed. They had their letter of intent signed and sent a purchase agreement approximately 30 days ago and they’ve heard back from their attorney that their next step is to collateralize their real estate, which they had already anticipated happening. To do this, they made a list starting with the highest equity to the lowest, prioritizing things they want to hold onto. The seller asked for 20% down so they will be financing 80% at a purchase price of $820K. To finance this purchase they are using private money, plus the money they have from cash-out refinances that have been sitting. They cashed out their 8-unit BRRR about 3 months ago and haven’t used that money either, so all of this will be added to their financing. They’ve submitted their list and are just waiting on the response from their attorneys and they are excited to move forward!They found this deal because a few months back, Brandt expressed interest to Grace in buying something other than traditional real estate; a business. After doing some research they eventually found this manufacturing business that was up for sale on BizBuySell. With both of their backgrounds in engineering, this was a great opportunity and they jumped on it. They plan to implement better management as well as better systems and processes and make this business a long-term purchase.  Hopefully, on the next BTS episode, we both have promising updates!Do you have questions or things you’d like to hear us talk about on an upcoming episode? We would love to hear them! Just DM us on Instagram. Thanks for tuning in, we’ll catch you in the next episode! Resources:Grab your spot for our retreat in Salt Lake CityConnect with Amelia & Grace on InstagramGet the book Buy Then Build by Walker DeibelFollow Codie Sanchez

Hello everyone, welcome back to the podcast. In this podcast episode, we're going to talk all about creative financing. Specifically, we will be breaking down the three main types of creative financing: seller financing, wrap mortgage (also called a wrap-around mortgage), and Sub2 mortgage. When you hear the words “creative financing”, you need to understand that is an umbrella term for seller finance, wrap mortgage, Sub2 finance, etc.; all of those terms are in the realm of creative financing. Many times people confuse seller financing (us included!) with these very specific, and different, types of financing.  Seller FinanceLet’s first break down seller financing. Seller financing is when the seller lets a buyer buy them out over time, and the property has no debt on it. You can negotiate the terms to be exactly how you want and it can be much quicker to close, especially with rising interest rates, to benefit both you as the buyer and the seller. A seller finance deal has a purchase price, a down payment, a monthly payment, and a specific term length. Wrap MortgageThe second type of creative financing we’re going to discuss is a wrap mortgage or wrap-around mortgage. Think of a wrap mortgage as a seller finance deal, but with debt on the property. With the purchase of the property and you are taking your mortgage and wrapping it around the existing debt on the property. An example of this would be this: think of a property with a $95K mortgage on it. You come in and buy it for $105K, which wraps around the initial mortgage and whatever the difference between the mortgage debt, and the purchase price is the equity that the owner has. Just like a seller finance deal, a wrap mortgage has a purchase price, a down payment, a monthly payment, and a specific term length.Sub2 MortgageThe last type of creative finance we’re going to cover is the latest buzzword, Sub2. Sub2 is essentially the same thing as a wrap mortgage, except you're not giving the seller any equity. Also with a Sub2, you're not preparing any documents that show that you are owning the house, like you would with a mortgage. An example of a Sub2 would be if you are taking over someone’s house, it means that you are taking over the existing loan. Say the loan is for $95K, which is a $600 payment, you take it over at $95K. In the $600 payment, the seller basically gets to walk away with their hands clean. Maybe they had a super distressed property, maybe they moved out of the house three years ago and they've making been making two mortgage payments and they're just ready to be done. For whatever reason they're willing to let you take over their mortgage and just walk away. The difference is that you don't draw up a mortgage agreement stating who is purchasing the house from whom, for $X per month for X number of years. That document is what would protect the seller down the line if they decide to go get another house in terms of showing a DTI (debt to income ratio). With a Sub2, there is no seller protection and no mortgage documents outlining payment terms/schedules.  To summarize…Creative financing is the umbrella term. Seller finance is when a seller sells a debt-free property and the buyer pays them back over time. A wrap mortgage is the same thing, however, there's an existing piece of debt that the buyer takes over and they pay it back over time. Sub2 is the same thing as a wrap mortgage, except for there are no mortgage documents that protect the seller from DTI requirements. If you have any additional creative financing questions feel free to shoot us an email or DM us on Instagram.Catch you in the next episode! Resources:MTR Free TrainingConnect with us on Instagram

Hey everyone welcome back to episode 18 of the Women Invest In Real Estate podcast. We are super excited to talk to you today about how to know when it's time to go full-time in real estate investing and a couple of steps that you should take prior to quitting your full-time job. Plus, we're going to dive into our personal stories and when we knew it was time. Amelia’s JourneyIn 2020 Amelia flipped a property (hear this story in episode 1) and this led her to the realization that she was interested in buying rental properties and replacing her income from her full-time job with rental income. She then bought a tri-plex which cash-flowed around $700-800 per month. At the time her income from her full-time job was right around $50k so she was used to sticking to a strict budget and living below her means but knew she could get to where she could quit her full-time job. Quickly after that, Amelia then purchased a quad-plex from the same seller and was cash flowing around $1,000, so she was already at $1,800 per month. Being that Amelia was already debt free, she really only needed to bring in enough to cover her own rent and food. She eventually reached 7 doors, and by the end of the summer of 2021 was up to 15 doors and just shy of replacing her full-time income. She also knew that by quitting her 9-5 she could focus more on her REI career and be able to bring in even more income. The last step before she quit was going under contract for an 11-unit property with her partners from Idaho. Roughly 30 days later, she left her full-time job and never looked back.  Grace’s JourneyWhile working remotely from Iowa as a mechanical engineer Grace’s income was sufficient but far from making her a millionaire. She was supposed to be relocating from Iowa to San Diego to begin working in-person for her job and in February of 2021 after wrapping up a large BRRR project. She felt really good doing this real estate project in the place she was born and raised and knew that it just would not be in the cards in California. She asked her company if she could work remotely permanently which they quickly shot down. She decided it was time to try this real estate thing on her own. She gave roughly three months’ notice to give herself time to prepare. Grace took the time to step out on a limb, and create an emergency fund for herself and she ended up taking some of her 401K out just to live on as a cushion (totally worthwhile in the long run). Amelia and Grace constantly remind themselves that you can’t fully see the opportunities that can come when you don’t have time or energy to look because you’re working full time. Once you are able to focus on entrepreneurship full-time, there are so many ways and things that you can do to make money.Best tips to prep for quitting your 9-5:Give yourself a deadline to replace your full-time incomeRemember your WHYBe personally debt free!Know exactly what you spend every single monthEstablish good relationships with lenders after you have a few successful projects under your belt but before you quit your jobHave an emergency fund (most people say 6 months is sufficient but think hard about your personal situation)Don't forget, that there is some opportunity cost with you still being in a full-time job and you have the ability to make even more in real estate if you can focus full-time on that instead.Thank you so much for listening! We will catch you in the next episode.  Resources:Listen to WIIRE episode 001Find a Healthcare Plan for your solo biz

Hey everyone! Welcome back to episode 17 of the Women Invest In Real Estate podcast. In this week's podcast episode we're going to be talking all about how you can make your mid-term rental stand out in a saturated market. This is such a great question and so relevant right now because the mid-term rental market is on the verge of some fierce competition and it’s super important to make sure that your listing stands out among others to keep your occupancy rate high and vacancy level low. You won’t want to miss this! Tip #1: Post great photosWhile we’re both guilty of not following this rule, if your MTR is in a highly saturated market we highly recommend investing in a professional photographer to take your listing photos. If you must take the photos yourself using your cell phone here are a few good rules of thumb to follow: use landscape mode, make sure your finger is not in the photos, take photos of small details (washer/dryer, kitchen utensils, etc.), and always brighten your photos.Tip #2: Accept petsWe have learned that many travel nurses travel with furry companions and you can do things like requiring an additional non-refundable pet deposit and charging monthly pet rent to keep your listing in demand and keep the tenants happy to have their pets with them.Tip #3: Provide laundry accessNurses, specifically, do a lot of laundry. They can’t go to their hospital shift in a dirty pair of scrubs and having to sit at a laundromat outside of their working hours is less than ideal. Also, generally, the first amenity people look for, is laundry. So if you can swing it, and you’re in a saturated market, invest in putting a washer and dryer in your unit (or have a shared laundry space).Tip #4: Add a security systemMany of our travelers are solo travelers and having that extra security feature can help people feel much more comfortable and safe when they are traveling in large cities. Also, some insurance companies offer a discount for having an active security system installed.Tip #5 Update small touchesSmall changes can make a big impact, without making a big dent in your wallet. Update light switch plates, cabinet hardware, faucet heads, and outlet covers; even simple ceiling fixtures can be a nice bonus to travelers (ceiling fans are big sellers!).Tip #6 Focus on the bathrooms and kitchenA big visual point in any property is the kitchen and bathrooms. Investing in even small updates in those spaces can go a long way.Tip #7 Create an inviting outdoor spaceAfter working a long shift in a hospital or corporate office, traveling professionals enjoy having their evening meal or even their morning coffee on a nice patio. Add a bistro table and chair set and this will help your unit stand out amongst the competition. It's so nice to have just that little outdoor space where you can spend time.Tip #8 Write a detailed description (that sets the mood)The more details you can add to a description the fewer questions people will have. They know what to expect which is a huge draw for a potential tenant. Help them envision what it looks like to live there: “enjoy your coffee outside on our shaded patio in the mornings and evenings”. Put yourself in the tenants’ shoes and answer the questions before they are even asked.Tip #9 Make the barrier to entry low Make your responses and communication timely; the application process easy; the deposit process seamless, and never wait to respond to questions and inquiries. If you wait more than 1-2 days, chances are that tenant has already moved on.  That’s all for this week. If you have any questions feel free to reach out to us on Instagram.Thanks for listening and we’ll catch you in the next episode!  Resources:Join WIIRE inside The CommunityConnect with us on Instagram

Welcome back to another podcast episode! This week we’re doing a deep dive into partnerships in the world of real estate investing. We’re so excited to share with you the different types of REI partnerships, how we have structured our own partnerships, and also things to consider when it comes to implementing partnerships in your own REI business.  Two Types of REI Partnerships: Debt & EquityEquity PartnershipWith an equity partnership, both parties are owners of the property. They both have a piece of the pie. And while your partnership style will depend on exactly whom brings what to the table, in the end, you both own the property. Pros of Equity PartnershipsEquity partnerships allow you to buy more property, with more credit available and more funds available in general. Also, with equity partnerships, you are merging two strengths together, making for a very powerful partnership and two parties who are typically willing to really give the project their all. Cons of Equity PartnershipsIf you wind up not getting along with your partner, in the long run, that can get quite uncomfortable. Make sure that every so often you reassess your partnership (agreement) and its functionality. It also typically comes with a longer timeline because these types of partnerships operate for years. Make sure the person you partner with is someone you get along very well with.  Also, many people don’t want to split the piece of their pie. And while 100% of nothing, is still nothing, you need to make sure you have a strong operating agreement for things that might come up. This partnership reduces risk and increases the availability of capital between the parties. Debt PartnershipA debt partnership is at the very simplest, a loan. Think of it just like you are borrowing money from a bank, except these funds are coming from an individual person (often referred to as a ‘private investor’). This type of partnership and loan comes with a specific timeline, interest rate, payback period, etc. Pros of Debt PartnershipsThese partnerships are often much shorter, and once you’ve paid back your investor, you’re all in, on your own. There are also a lot of people looking for dept partners - maybe they have extra money they are looking to invest and you have the know-how and expertise to allow them to invest with your REI project. Ultimately, in our opinion, the biggest pro of debt partnerships is that they are short term and once you’ve paid back your investor, the property, and income, are all yours. Cons of Debt PartnershipsDebt partnerships typically come at a higher cost. You have a higher interest rate to borrow private money, so typically you have a much shorter timeline for these; BRRRs, flipping, etc., where there is an exit strategy and end of a timeline. These types of loans also typically last under one year and you must pay off the loan in full by the end of that year.  How To Find REI PartnersA great place to look for equity partners is in your own backyard. Talk to family and friends, interact with colleagues, and post on social media that you’re looking for new partnership opportunities. Show them what you’ve done, what you are currently doing, and build that ‘know, like, trust’ factor with them to make them want to know more. Another place to find great equity partners is through your local real estate investing groups and meetups. All of the people in that room are already interested in what you do, so look there to network and structure new partnerships. To find debt partners, look for investors who already have that extra money. Whether it is equity in their home, a self-directing IRA, or someone with a higher income (doctor, lawyer, etc.) but who doesn’t have the time to do the project themselves. These kinds of people typically want to be hands-off (ideal for a debt partnership), so you are their boots on the ground.  Tips for PartneringPut yourself out there and don’t be afraid to ask for partnerships, but don’t try to partner too early.Negotiate and include a management fee if you will be doing the property management yourself. Make sure you outline a reassessment of your partnership after 1-2 years.  A final piece of advice about partnerships:Be cautious, but optimistic.Thank you so much for listening! We would also LOVE to hear more of your burning REI questions or episode ideas so shoot us a DM on Instagram! See you in the next episode!  Resources:Join the MTR Profit AcademyConnect with us on Instagram

Hello friends! Welcome to episode 15 of the Women Invest In Real Estate podcast. This week we are super excited to be fielding some FAQs that we often receive from our followers on Instagram. We’re going to answer some of these questions and hopefully help you out on your REI journey. The FAQ LineupWhen purchasing a property, should a mid-term rental work as a long-term rental first, numbers-wise?Our take: Absolutely. It should definitely function as a long-term rental first, at least enough to where it's going to cover your mortgage, your insurance, your property taxes, and your utilities. At the very least, you want to break even. What is the difference in amenities/supplies in an MTR as compared to an STR?Our take: We each provide a ‘starter pack’ of items such as paper towels and toilet paper, but in the long term we don’t provide these for the entire stay. We consider what they need to have a comfortable first couple of days while they get settled in, move in their clothes, buy groceries, to have a nice day.  If you know you could get $X for midterm rental, what would you pay for the property?Our take: We want to cash flow $200-400, or ideally as a long-term rental. As a bare minimum, we consider the 1% rule when analyzing deals. Where should I list my midterm rental and how do I find tenants and comps for monthly MTR rates?Our take: FurnishedFinder. You can check out comps and find tenants all in one place. We also recommend AirBNB to help fill gaps between bookings as well.  What value do you use for vacancy when running your numbers in MTR versus LTR?Our take: Amelia uses 8%, for MTR, even though we've found that it's significantly less than that. But again, she runs her numbers very conservatively and she also has some gaps in between bookings (maybe a week or two here or there) which adds up. Also consider that some banks, when you're underwriting larger deals like five+ units, they'll usually actually require a 10% vacancy in your underwriting. They simply want to see that the property still functions even if there is up to a 10% vacancy for the year. Do your units have washer/dryers? We have no room for hookups and I'm pretty sure it will be a hard pass for some people, with others expecting cheaper rates.Our take: You pretty much answered your own question. We recommend checking out FurnishedFinder for the specific area you’re considering and see if there are listings available that don’t have hookups for washer/dryer and it will show what is available. If they're all available right now, that means people don't want them. If they're not available for another two or three months, it means they are getting booked, so you could probably go for it. For Amelia, her units don't have washer/dryer, but there is a washer/dryer in the unit in a shared room. However, it is a hard pass for some people to not have a washer/dryer in their unit, and that's okay. We also recommend taking a play from our friend Britt’s playbook and getting creative by offering a laundry service for an upcharge. Our friend Jess got creative by offering pet care because she lives on the premises and works from home. This is a game changer for travelers with pets, especially traveling nurses who work long hours. How do you get a hold of insurance companies to offer your an MTR for insurance claims?You actually can call the adjusters at insurance companies. They have a department that's called a re-homing or re-housing department, and insurance companies will place displaced families in your units and pay for their housing. This is also an option to offer to local realtors to offer to people who have sold their houses and are still in between homes. If you want to dive deeper into what we just touched on in this episode check out our MTR Profit Academy, which gives you the A to Z on how to start a midterm rental and successfully rent it out.Have more questions? We would love to hear them! Shoot us an email or DM us on Instagram.Thanks for tuning in, we’ll catch you in the next episode!   Resources:Join the MTR Profit AcademyConnect with us on InstagramList your MTR on FurnishedFinderFill your gaps using Airbnb

Welcome back to episode 14 of the podcast. This week we’re going to focus on how to scale your REI business quickly. This is another question we hear quite often from our followers on Instagram and since we each scaled our businesses quickly, having gone from 0 to more than 20 units in only one year, we’ve learned some hard lessons along the way. We’re sharing our best tips and practices for scaling quickly.For Amelia, the realization of needing to scale quickly came when she purchased her first triplex on her own, had it rented out, and it was cash-flowing well. She had been bitten by the REI bug and turned around and purchased her next property rather quickly. She used the money to purchase her triplex from her first deal, which was a flip. She had planned for her next buy to be a buy-and-hold, so she already knew what she was looking for in the market. We frequently talk about how real estate investing really isn’t hard. It’s actually a simple concept, but can be hard to put into place. However, at the same time if you can do a decent job and have a decent product it could bring you a lot of success. Grace realized she was going all in on REI when she realized that it could literally be an end to a means and allow her to quit her job. Two deals in, Grace and her partner (Brandt) decided they were going to keep buying and not let a lack of funds stop them. They would find good deals, and the money for each buy, along the way. They did each of their first 10 deals very differently but her first most people would find the most interesting. Keep in mind they have never sold any of their properties. It was a BRRR and they put down 20% bank loan and then used cash to pay for the rehab. Grace’s second deal was two duplexes and was split evenly between herself, her boyfriend, and her sister. They paid $255,000 and they convinced the bank to let them put 10% down, drastically reducing the amount of cash they would need to pay upfront to get this deal. Eventually, Grace began to get super creative with her financing so she could continuously purchase value-add deals so she could re-access the capital out of it to pay off private money, etc. Simply said, Grace got scrappy with her financing and it has definitely worked out in her favor. We both have decided to see our goals and design how we want our future to look around those goals. Then, we go for it. For both of us, real estate investing is “passive”. We have built out our systems and put them into place which allows us to continuously move the needle forward.  Another way we have been able to scale so quickly is to find good partners to work with along the way. With constant buying, the money will eventually run out and in order to continue to scale we have figured out ways to not use all of our own money to tackle every single buy. When we first met a year and a half ago, we decided to partner up, and look where it has brought us! Partnering can be absolutely amazing if done the right way. One more important detail when it comes to scaling is financing. Grace used different lenders for her first three buys and has since stuck with the 3rd. It is a commercial lender which means their terms aren’t as favorable but the financing is easy to get. Plus she got in good with this lender by building a relationship with them and proving to them time and time again that she will under-promise and over-deliver on what she says she can/will do.Amelia has also built a good relationship with her lender and while they do still occasionally ask for her tax returns, they also know the level of return they can expect from her. Best Practices for Scaling & Building a Relationship with Your Lender:Be flexible/easy to work withPerform well: under-promise then over-deliverShow them you’re a professional, don’t be a mom-and-pop shopHave a strong mindsetKnow your buy-box (good-deal criteria)Spread the word - you never know who is looking to sell a property!That’s all for this week! Thank you so much for listening, we really appreciate you all so much and we will catch you in the next episode!  Resources:Join the WIIRE Property Management AcademyGrab our MTR Starter Guide

Welcome back to another podcast episode! This week we’re sharing the top misconceptions about midterm rentals that we commonly hear and going to debunk each one of them for you! Not allowing yourself to get caught up in these common misconceptions could actually get you ahead of the game just by knowing how to tell apart a fact from fiction about midterm rentals. Let’s get started! The ListMyth #1: The units in midterm rentals must be luxury or extravagant. The Facts: Keep it simple: clean, safe, comfortable, and affordable. For the most part, traveling professionals are only in this space to sleep so their needs are low and they are trying to keep their costs that way too.  Myth #2: Midterm rentals are only for traveling nurses.The Facts: Recently a teacher who was brand new to the area moved into one of Grace’s midterm rentals because he didn’t know exactly where he wanted to put his roots down yet in his new local area. Amelia has housed all sorts of construction personnel, solar panel and wind turbine contract technicians, traveling corporate employees for companies like Starbucks, and more. They are only working 1-3 month contracts and don’t want to live out of a hotel for the entire time so they choose midterm rentals that suit their needs.  Myth #3: MTR tenants are always the best tenants.The Facts: While this might generally be true in 95% of cases, there is still that 5% of tenants who have been problematic renters. (Throwback to episode 13 where Amelia dished about her tenant who caused her internet to become suspended!).  Bonus Myth #4: Midterm rentals only work in large cities.The Facts: Cedar Rapids has a population of about 120,000 people and Grace lives in a town of about 1,000 people and MTRs are absolutely successful there. Amelia has a MTR in a lake town and her cottage is going to be an MTR for the winter when travel slows down for the season. She put up the listing on FurnishedFinder and within two hours her MTR tenant had paid their deposit and booked the unit! Bonus Myth #5: Short-term rentals have a higher vacancy level.The Facts: In reality, our midterm rentals typically were near 0%. We both work our business to keep our vacancy levels as minimal as possible where a tenant moves out and a new tenant moves in within a matter of hours, allowing for just enough time for a good cleaning and turnover.  That’s all for today friends, thank you for joining us! Catch you in the next episode!  Resources:Enroll in MTR Profit AcademyJoin the Property Management AcademyList your property on FurnishedFinder