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?

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.

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

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!!!!!!

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.

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 don’t like it down the road just change back

I’d get solid info on what these workers want.

Rooming house could work.

BRAD

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

Where are they living now?

Paying how much?

What do they want?

Add a weekly housekeeper for a fee.

Laundry service?

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.

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.

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.

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

Charge what the market will bear.

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

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.

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.

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.