In this episode, Lori and Trish discuss their experiences and strategies for setting up a property from a distance. Trish shares her experience of hiring a local designer for her property in Florida, while Lori talks about working with a designer through a short-term rental company. They discuss the costs involved, the challenges they faced, and the importance of being organized and having checklists. Both agree that hiring a designer and assembling furniture is the way to go if you have the budget. They also emphasize the need to start the design process as soon as you're under contract to save time and start generating revenue sooner.

Takeaways

• Hiring a local designer can be a great option for setting up a property from a distance, especially if you don't have the time or expertise to handle the design and setup yourself.

• Working with a short-term rental company or a service like Minoan or Host GPO can provide discounts on furniture and help with the design and assembly process.

• Having checklists and being organized is crucial when setting up a property from a distance. It helps ensure that everything is ordered, delivered, and assembled correctly.

• Including the cost of hiring a designer and assembling furniture in your budget when analyzing a deal can help you make informed decisions and potentially splurge on other aspects of the property.

• Starting the design process as soon as you're under contract can save time and allow you to start generating revenue sooner.

Keywords: setting up, property, distance, designer, furniture, budget, checklists, organization

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In this conversation, Lori and Trish discuss the strategy of midterm rentals as part of a real estate investing strategy. Trish shares her experience with purchasing a midterm rental property and the renovation process. They discuss the pros and cons of midterm rentals compared to short-term rentals, including steady income, less turnover, and the ability to attract long-term tenants. They also talk about the importance of location, amenities, and targeting specific customer segments such as insurance renters or families. Trish provides insights on listing platforms and the importance of being responsive to inquiries from insurance agencies. They also touch on topics like pet policies, consumables, and cleaning schedules for midterm rentals. Takeaways

• Midterm rentals can be a great strategy for generating steady income and attracting long-term tenants.
• Location is important for midterm rentals, with proximity to hospitals, work areas, and areas with a high population of homeowners but limited rental options.
• Providing amenities such as a fenced backyard, step-in shower, and extra space for larger families can make a midterm rental more appealing.
• Listing platforms like Airbnb, Verbo, Furnish Finder, Zillow, and temporary housing agencies can be used to advertise midterm rentals.
• Having a clear pet policy, collecting a security deposit, and understanding local regulations and tenant rights are important considerations for midterm rentals.
• Providing a starter pack of consumables and offering periodic cleanings can enhance the guest experience in midterm rentals.

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In this episode, Lori and Trish discuss their recent experiences and share updates on their short-term rental businesses. They talk about the importance of offering unique amenities and experiences to stand out in a competitive market. They also discuss the benefits of creative solutions and the impact of flexibility in cancellation policies. Additionally, they touch on the challenges of renovations and the need for proper planning and contingencies. The conversation concludes with a reminder of the coaching services offered by Lori and Trish to help hosts navigate any issues or uncertainties they may have. Takeaways

• Offer unique amenities and experiences to stand out in a competitive short-term rental market.
• Consider adding creative solutions and unexpected amenities to make your property more appealing.
• Flexibility in cancellation policies can attract more bookings, especially during uncertain times.
• Proper planning and contingencies are essential when undertaking renovations.
• Coaching services can provide guidance and support for hosts facing challenges or uncertainties.

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