Huge influx of MTM
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Huge influx of MTM (by NE [PA]) Jan 6, 2018 12:10 PM
       Huge influx of MTM (by Jeff [CO]) Jan 6, 2018 12:17 PM
       Huge influx of MTM (by Deanna [TX]) Jan 6, 2018 12:36 PM
       Huge influx of MTM (by Deanna [TX]) Jan 6, 2018 12:37 PM
       Huge influx of MTM (by plenty [MO]) Jan 6, 2018 1:13 PM
       Huge influx of MTM (by Barb [MO]) Jan 6, 2018 1:20 PM
       Huge influx of MTM (by Robert J [CA]) Jan 6, 2018 1:54 PM
       Huge influx of MTM (by Johnny B. [MA]) Jan 6, 2018 2:19 PM
       Huge influx of MTM (by Beth [WI]) Jan 6, 2018 2:28 PM
       Huge influx of MTM (by RentsDue [MA]) Jan 6, 2018 3:24 PM
       Huge influx of MTM (by S i d [MO]) Jan 6, 2018 3:27 PM
       Huge influx of MTM (by Mickie [OH]) Jan 6, 2018 4:39 PM
       Huge influx of MTM (by Ray-N-Pa [PA]) Jan 6, 2018 5:11 PM
       Huge influx of MTM (by BRAD 20,000 [IN]) Jan 6, 2018 5:21 PM
       Huge influx of MTM (by BRAD 20,000 [IN]) Jan 6, 2018 5:23 PM
       Huge influx of MTM (by BRAD 20,000 [IN]) Jan 6, 2018 5:23 PM
       Huge influx of MTM (by BRAD 20,000 [IN]) Jan 6, 2018 5:23 PM
       Huge influx of MTM (by BRAD 20,000 [IN]) Jan 6, 2018 5:24 PM
       Huge influx of MTM (by Ken [NY]) Jan 6, 2018 5:30 PM
       Huge influx of MTM (by Livethedream [AZ]) Jan 7, 2018 12:49 AM
       Huge influx of MTM (by Tom [FL]) Jan 7, 2018 7:59 AM
       Huge influx of MTM (by Tom [FL]) Jan 7, 2018 7:59 AM
       Huge influx of MTM (by Chris [CT]) Jan 7, 2018 11:10 AM
       Huge influx of MTM (by Sisco [MO]) Jan 7, 2018 12:18 PM
       Huge influx of MTM (by GKARL [PA]) Jan 7, 2018 2:06 PM
       Huge influx of MTM (by rentON [PA]) Jan 7, 2018 3:57 PM
       Huge influx of MTM (by Kelly [CO]) Jan 8, 2018 12:02 PM
       Huge influx of MTM (by mike [CA]) Jan 15, 2018 2:55 PM


Huge influx of MTM (by NE [PA]) Posted on: Jan 6, 2018 12:10 PM
Message:

What would you do?

I really don't want MTM for normal tenants with local movers.

However, over the month I have had a HUGE interest on MTM tenancies as a result of natural gas workers and pipelines.

My standard is a 1 year lease or a 6 month lease for an additional 10% per month.

If I do a MTM, I want to MAKE BANK!

How would it handle it?

Many of these guys are staying in hotels at $80-$150 a night or campers that are freezing up, etc.

I wonder if it's worth charging double rent on MTM leases paid 2 months up front or something like that.

My reluctance is not wanting to readvertise and clean the unit every 6 weeks or whatever.

What would you do?

--50.32.xxx.xxx




Huge influx of MTM (by Jeff [CO]) Posted on: Jan 6, 2018 12:17 PM
Message:

I do MTM after the leases have expired. Way too much work to do MTM for new tenants. --76.120.xx.xxx




Huge influx of MTM (by Deanna [TX]) Posted on: Jan 6, 2018 12:36 PM
Message:

Dummmmmmb question, but is there anything in your area that would prevent you from renting out rooms, instead of whole houses?

We had some wind farm guys for a while several years back. There would basically be a group of guys who would pool together and share a house-- and half of them would be on-shift and half would be off-shift. They would have a general idea of how long they'd be in an area ("we'll be here six months") but would only have maybe a week before they had a solid move-out date.

So for my guys, I knew they would be here for six months, and that was okay. I do mtm because I can't garnish in TX, so it gives me the same flexibility my tenants have. If you're only expecting your guys to be there for five or six weeks, though... I might look into cobbling together some impromptu roommates, and rent out rooms rather than a full house, if that's something you can pull off without making your neighbors hate you or getting too close to hotel/motel tax territory. --96.46.xxx.xx




Huge influx of MTM (by Deanna [TX]) Posted on: Jan 6, 2018 12:37 PM
Message:

(a week of advance notice before they got a solid move-out date from their boss) --96.46.xxx.xx




Huge influx of MTM (by plenty [MO]) Posted on: Jan 6, 2018 1:13 PM
Message:

Dont take deposit. Instead double first month's rent. When the leave they are gone. To much to hunt them down. Try one or two units only, the word will spread. --66.87.xx.xx




Huge influx of MTM (by Barb [MO]) Posted on: Jan 6, 2018 1:20 PM
Message:

What about doing 3 months for 1.5 times normal rent and a move in fee that covers normal turnover costs?

Offer furnished with rental furniture at 2x normal rent or so. There is a company that does short term rental furniture for corporate housing. --64.251.xxx.xxx




Huge influx of MTM (by Robert J [CA]) Posted on: Jan 6, 2018 1:54 PM
Message:

I have/had apartment buildings near to the beach, prime area's of Los Angeles near to the "it" area, A, B, and C class areas. I NEVER EVER give Month to Month tenancy's, ever. It is the crazy stupid thing I can do to myself.

After re-modeling a unit, installing new flooring, new paint, window treatments, etc, I'm not going to let someone move in for a few seconds and destroy my hard work. It's like $2000 to $5000 in damages that they call normal wear-and-tear. Like having a pet pig, cat's that pee, drunken fights with friends.... No WAY!!!!!!

The only time I will rent a unit month to month in on the Beach (Venice and Marina Del Ray). During the summer month's I can charge almost double rents during vacation season..... Those units I've made people and pet proof. --47.156.xx.xx




Huge influx of MTM (by Johnny B. [MA]) Posted on: Jan 6, 2018 2:19 PM
Message:

I only offer MTM, never leases. If necessary, I want to be able to get rid of someone as easily as possible, without all the red tape. With that said, Iíve never had someone stay for less than a year. Most of my tenants stay 2-3 years (some longer). I guess it depends on your tenant base though. If they are only in town for work on short term contracts, thatís a different story. In that case, Iíd probably try to rent out rooms, instead of full apartments. --24.147.xx.xxx




Huge influx of MTM (by Beth [WI]) Posted on: Jan 6, 2018 2:28 PM
Message:

Give them options: weekly maybe in addition to monthly, 3 months, 6 months, plus year leases. Since you donít really want the short term leases, make it a high enough price that is worth it to you. No point in offering a MTM lease at only a 20% premium year if itís not worth it to you. Double the monthly rent is probably still quite a bit cheaper than a hotel. --24.177.xxx.xx




Huge influx of MTM (by RentsDue [MA]) Posted on: Jan 6, 2018 3:24 PM
Message:

I would set it up like AirBandB or VRBO. I have done short term ( for insurance company) and furnished rooms. AirBB took over that entire market. It's not just for tourist areas anymore. --66.189.xx.xxx




Huge influx of MTM (by S i d [MO]) Posted on: Jan 6, 2018 3:27 PM
Message:

10% premium is too low. For M2M (where they can literally give 30 days notice the day they move in), I would want a 50% premium....MINIMUM! IF they'll stay at least 3 months, maybe 35%. Problem is their jobs come and go. Nothing to garnishee and nothing to guarantee they'll have money next month, so you need to get paid THIS month.

Gas/oil workers are making bank. Basic roughnecks start around $60K-$70K year, which is good money for a younger single guy with no college. You should be making bank too! They can afford it. --173.19.xx.xxx




Huge influx of MTM (by Mickie [OH]) Posted on: Jan 6, 2018 4:39 PM
Message:

I would look into setting up a rooming house and I would or set up like a rooming hose but rent it out at a higher rate to the gas company that's bringing this influx of short term tenants. --71.213.xx.xxx




Huge influx of MTM (by Ray-N-Pa [PA]) Posted on: Jan 6, 2018 5:11 PM
Message:

It is cold and there a great deal of snow where I am at.......I would take them if they were at the last place for two plus years --24.101.xxx.xxx




Huge influx of MTM (by BRAD 20,000 [IN]) Posted on: Jan 6, 2018 5:21 PM
Message:

NE,

This is what opportunity looks like. Often scary. We need to develop a new set of skills or procedures. Good to branch out. Get oit of our LL comfort zone.

Even with our yearly lease people come and go as they please. Find a way to give them what they want and let them pay for it.

I say grab the opportunity. Could be a new piece of your business model. Try it. If you donít like it down the road just change back

Iíd get solid info on what these workers want.

Rooming house could work.

BRAD

--68.51.xx.xxx




Huge influx of MTM (by BRAD 20,000 [IN]) Posted on: Jan 6, 2018 5:23 PM
Message:

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

BRAD --68.51.xx.xxx




Huge influx of MTM (by BRAD 20,000 [IN]) Posted on: Jan 6, 2018 5:23 PM
Message:

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

BRAD --68.51.xx.xxx




Huge influx of MTM (by BRAD 20,000 [IN]) Posted on: Jan 6, 2018 5:23 PM
Message:

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

BRAD --68.51.xx.xxx




Huge influx of MTM (by BRAD 20,000 [IN]) Posted on: Jan 6, 2018 5:24 PM
Message:

Oops! --68.51.xx.xxx




Huge influx of MTM (by Ken [NY]) Posted on: Jan 6, 2018 5:30 PM
Message:

I like the rooming house idea,you pay the utilities and charge them weekly,do it at a place out a little ways where the neighbors won't be bothered by different guys moving in and out.These guys won't honor a lease anyway so give them what they want,a room in a shared house with a lock on there door and get a week security and first week.If you could get at least 5 guys in a house it may be worth the effort --72.231.xxx.xxx




Huge influx of MTM (by Livethedream [AZ]) Posted on: Jan 7, 2018 12:49 AM
Message:

I like a number of the ideas above. I only do M2M, with very good screening it has worked well for my market.

I don't know if it would hold in court, but haven't had any trouble with early move outs. If they move out early I charge their deposit. They get $50 a month credit up to 12 months on a $600 unit. It is actually $650, with a $50 discount if they stay.

This way if they leave I use the deposit. If they mess the place up, I use the deposit. If they wreck the place and leave early I lose, but I'd lose anyway. --47.216.xx.xxx




Huge influx of MTM (by Tom [FL]) Posted on: Jan 7, 2018 7:59 AM
Message:

NE of PA, when opportunity knocks!!! Open that door to more money!!!

At the hotel they are paying $2400 to $4,500 per month.

Charge $1,000 per month rent with a limit of one person over the 2 person per room. So a 3 bedroom would be 7 persons, with $100 person person so your 3 bedroom would be $1,700. plus $1500 security deposit. And add a cleaning fee of $200 or what ever it would take to have a cleaning service in once they move.

--99.56.xx.xx




Huge influx of MTM (by Tom [FL]) Posted on: Jan 7, 2018 7:59 AM
Message:

NE of PA, when opportunity knocks!!! Open that door to more money!!!

At the hotel they are paying $2400 to $4,500 per month.

Charge $1,000 per month rent with a limit of one person over the 2 person per room. So a 3 bedroom would be 7 persons, with $100 person person so your 3 bedroom would be $1,700. plus $1500 security deposit. And add a cleaning fee of $200 or what ever it would take to have a cleaning service in once they move.

--99.56.xx.xx




Huge influx of MTM (by Chris [CT]) Posted on: Jan 7, 2018 11:10 AM
Message:

Furnished corporate rentals are super common around here, why not do the same thing?

Charge what the market will bear.

This sounds like a good opportunity to me! --24.45.xxx.xx




Huge influx of MTM (by Sisco [MO]) Posted on: Jan 7, 2018 12:18 PM
Message:

NE, in renting to oil/gas workers your business model should look VERY similar to that of a hotel. You will need to charge weekly, include utilities, internet, and TV.

Have laundry appliances or get a local laundry to pick up and deliver.

After providing those amenities on MTM, I would charge 3X your standard rent

IMHO, operating this in your standard mode of operation won't work for you. They are inherently transient/unstable. --72.172.xxx.xx




Huge influx of MTM (by GKARL [PA]) Posted on: Jan 7, 2018 2:06 PM
Message:

Getting a rooming house license may be difficult, so you'd have to do under cover. I'd find out what the fine would be if they caught you and assess if you can deal with it. There are lots of unlicensed rooms being rented. --207.172.xx.xxx




Huge influx of MTM (by rentON [PA]) Posted on: Jan 7, 2018 3:57 PM
Message:

Charge double security deposit and an extra $100-$200 monthly rent premium (depending on what your market will bear). Send them my way if you don't want to take their money.

Good luck. --73.236.xxx.xxx




Huge influx of MTM (by Kelly [CO]) Posted on: Jan 8, 2018 12:02 PM
Message:

A friend of mine rented successfully to gas and oil workers here in Colorado. She rented to the company and they had rotating workers come through.

She included a once a week cleaning lady who also left a meal in the crock pot. The guys sure get tired of restaurant food and tipped her nicely for her efforts. --172.58.xx.xx




Huge influx of MTM (by mike [CA]) Posted on: Jan 15, 2018 2:55 PM
Message:

i ONLY do MTM but ONLY for folks that have long term aims. someone who tells me their only short time gets denied for some reason like crummy credit. i just like having the ability to call the shots. we are currently seeing a drive for rent control here in california. if the bill looks like it might pass the tenants have been advised that their rent will go up 25% the week prior to the bill passing. a lease prevents that and binds you to some lefties idea of the proper rights of real estate owners. if the bill fails i will issue notices of recission of the rent raises. MTM keeps the power on the landlord side of the desk.

my MTM rule comes from decades of doing it both ways. generally speaking a lease protects the renter...who i don't care about as much as i care about me. ask an attorney what they call a lease for a year (or more)...it's called an estate. you have granted what equates to an ownership interest in YOUR home. when the tenant needs to leave they leave. no need to have them angling to break a lease...just wish 'em well and rerent. --76.176.xxx.xxx





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