Kellie Michele says, yeah, Airbnb’s great and all, you can make some money with it, but it’s not without downfalls. Short stays, broken items, damage to the property, Airbnb supporting guests but not hosts, parties, neighbors complaining, HOAs and even entire cities banning short-term rentals – these are just some of the issues that can arise.
And it’s why Ms. Kellie Michele here pivoted to mid-term rentals, where her guests stay for 30 days or longer.
“So you don’t get people shuffling in and out of your property constantly on a weekly basis,” she says.
“This reduces wear and tear. They’re less work than short-term rentals because it’s less management. You’re not having to babysit multiple people per week; you’re managing maybe one person every month or every three months, which is the average of what one of my guests stays,” Kellie continues.
“And it fits your lifestyle better. I got burned out checking on properties, coordinating cleaners, nonstop bookings. I got tired of it.”
For Kellie, medium-term rentals offered the perfect balance. You can still make great money, but without working around the clock.
How to get properties though? Same options as with STRs.
You can buy a place, which gives you the most control, obviously. Or you can do rental arbitrage, where you do a long-term lease with a landlord and get their permission to sublease it. So much lower startup costs. Or, least risky of all, you could always cohost. Manage everything, chop the profits with a partner who owns the property, right?
To do your market research, Kellie suggests a few different websites: Apartments.com, FurnishedFinder.com, and Kopa.co. Look at demographics, whether or not pets are allowed, whether or not guests are expecting free WiFi, a washer and dryer, a master bathroom, and so on and so forth.
Once you think you’ve found a good property to buy or arbitrage or cohost, check if it’s got an HOA and look into potential city ordinances. You have to make sure you can rent it out, mid-term, without getting into any trouble.
If it checks all the boxes, Kellie suggests viewing the property in person. Never know, you might see something that’s a deal-breaker.
If not, secure the property. Stage it. Establish rules. Start building your team if you want. Create a guest book. List the property. Get a booking. Manage the rental. That’s the mile-high overview.
It’s a lot to figure out, so don’t try to do it all on your own. Kellie’s created a course that’ll walk you through the entire process, A to Z. It’s called Cashflow Through Midterm Rentals.
“It is an ultimate five-step blueprint to start you on your own real estate rental business that will create financial freedom for you and your family,” Kellie explains.
“There are five in-depth modules and bonuses such as a set-up prep worksheet, shopping list, cleaning checklist, nightly rate equations worksheet, property expense spreadsheet, a house rules template, a list of websites and software for property management, and more. There’s also a private Facebook Group and monthly accountability calls.”
Cost is a one-time fee of $997. If you don’t have that much right now, you can break it into four monthly installments of $324.25 (which comes out to $1,297 in total).
If you complete the first module and you’re not feeling it, you can ask for a refund anytime within the first seven days.
Kellie has quite a few positive reviews and testimonials, and, based on her value-first, hype-free presentation, I don’t think you have to worry about her underdelivering here.
If you wanna get into mid-term rentals, she’s your girl, no doubt.