The Allure of Mid-Term Rentals

Mid-term rentals, those that span a period longer than a vacation stay but shorter than a traditional lease, are gaining traction in the real estate market. They offer a unique blend of flexibility and stability, catering to a demographic that seeks temporary housing without the commitment of a long-term lease. For landlords, they present an opportunity to tap into a niche market, ensuring consistent occupancy and potentially higher returns.

From Chance Encounter to Rental Success: Jill Hoffer's Mid-Term Rental Journey

Jill Hoffer's foray into the realm of mid-term rentals was as unexpected as it was transformative. In 2019, she found herself in Seattle, attending a workshop that would unknowingly pivot her rental strategy. It was here that she met a roommate, a serendipitous encounter that would introduce her to the world of Furnished Finder. This platform, designed to bridge the gap between landlords and those seeking mid-term accommodations, was a revelation to Jill.

Her roommate, a member of the army, shared her own success story with Jill. Every time she was stationed at a new location, she would buy a condo and subsequently rent it out. Over time, she had amassed a collection of condos across various locations, all successfully rented out through Furnished Finder. This strategy resonated with Jill, especially given her own situation at the time. She had two empty rentals, a scenario she had never previously encountered. The universe, it seemed, was pointing her in a new direction.

Taking a leap of faith, Jill decided to explore Furnished Finder. She handed her phone to her roommate, who promptly installed the app for her. What followed was nothing short of remarkable. In just a span of two weeks, Jill had not only familiarized herself with the platform but also successfully found renters for her properties, which were previously unfurnished. This rapid turnaround wasn't just a personal victory for Jill; it was indicative of the growing demand for mid-term rentals.

The experience was transformative in more ways than one. Not only did Jill manage to rent out her properties, but she also embraced the joy of furnishing them. She reveled in the process, from selecting art pieces to playing "dollhouse" with furniture arrangements. The previously unfurnished spaces were transformed into cozy, inviting homes, ready to welcome tenants seeking a mid-term stay.

Jill's Furnishing Strategy

Mid-term rentals, positioned between short-term vacation stays and long-term leases, often come with an inherent expectation: they should be fully furnished. But furnishing isn't merely about ticking off a checklist of items; it's about crafting a space that feels warm, welcoming, and uniquely homey, even if just for a temporary period. Jill, with her vast experience in the rental market, has developed a furnishing strategy that not only draws tenants but also ensures their stay is both comfortable and memorable.

Marrying Second-Hand Finds with Significance

Jill's furnishing approach is a harmonious blend of budget-conscious decisions and personal touches. She is a seasoned thrifter, often visiting second-hand stores or thrift shops, a habit she attributes to her days of living on a fraction of her income. These thrift trips allow her to discover unique, character-filled pieces that add a distinct charm to her rentals without straining her wallet. But for Jill, it's not just about the price tag. She seeks items that have a story or a deeper meaning. For instance, she spoke of a mid-century property she owns, which, with its vintage aesthetics like yellow tile countertops and salmon sinks, demanded a specific furnishing style. Such meticulous attention ensures each of her properties has its own personality, making them stand out in a competitive rental landscape.

Fresh Essentials: A Touch of Newness for Every Tenant

While second-hand finds add a layer of character, Jill is deeply conscious of the importance of freshness, especially when it comes to essentials. This sentiment was amplified in the aftermath of the COVID-19 pandemic. As a result, she ensures that every tenant is welcomed with brand-new basics. This encompasses washcloths, towels, kitchen scrubbies, and even cutlery. These gestures, though seemingly minor, play a pivotal role in enhancing the tenant's experience. It offers them the assurance that while they're stepping into a space with history, the essentials they come into contact with are pristine and solely for their use.

Furthermore, Jill is proactive in tailoring her rentals based on tenant feedback. She frequently consults platforms like Furnished Finder and sites like The Gypsy Nurse to gauge tenant preferences. If a tenant points out a missing amenity, she's swift to accommodate, underscoring her dedication to their well-being.

Building a Trusted Team: The Backbone of Successful Rentals

In the realm of rentals, a property's value isn't solely determined by its location or aesthetics; its upkeep plays an equally pivotal role. Jill, with her extensive experience in the industry, has often emphasized the significance of not just owning a property but ensuring it's in top-notch condition. This is where the importance of a trusted team comes into play.

Diverse Expertise for Comprehensive Maintenance

Every property, irrespective of its age or design, requires a myriad of maintenance tasks. From plumbing issues that can arise out of the blue to the periodic need for carpentry work, a landlord must be prepared for it all. Jill's properties, for instance, have benefited from her association with plumbers, carpenters, drywallers, roofers, landscapers, and even those who handle tasks on an hourly basis. Each professional plays a distinct role, ensuring that every facet of the property is well-maintained.

Building Relationships Beyond Transactions

One of Jill's standout strategies is her approach to these professionals. Instead of viewing them merely as service providers, she invests in building relationships. She's known many of her team members for years, and this rapport translates into numerous benefits. Not only does she receive prompt services, but her team also goes the extra mile, ensuring quality work every time. This relationship-driven approach has another advantage: by referring these professionals to others, Jill strengthens her association with them, making her a valued customer.

The Legal Safety Net

While plumbers and carpenters address the tangible aspects of property maintenance, legal advisors handle the intangible yet crucial elements. Whether it's understanding local property laws, such as the restriction on having more than five mortgages in Arizona, or ensuring that lease agreements are watertight, legal professionals are indispensable. Jill's emphasis on having legal advisors as part of her trusted team underscores their importance in ensuring smooth property management.

The Charm of Tucson, Arizona

Tucson, Arizona, isn't just another city on the map; it's a vibrant blend of culture, nature, and history that beckons visitors and residents alike. For Jill, who has made Tucson her home and the hub of her rental business, the city holds a special place in her heart.

A Vibrant Downtown and Beyond

Tucson's downtown is a pulsating hub of activity. With a rich tapestry of eateries, entertainment venues, and cultural hubs, it offers something for everyone. But the charm of Tucson doesn't end with its urban core. The iconic Saguaro cactuses that dot the landscape and national parks that provide a break from urban life surround the city. This juxtaposition of urban hustle and serene nature makes Tucson a unique destination, appealing to a wide range of preferences.

A Personal Connection to the City

Jill's connection to Tucson goes beyond her rental properties. As a writer for the Tucson Guide, she has in-depth knowledge of the city's nooks and crannies. This knowledge isn't just for her articles; she actively shares it with her tenants. Whether it's recommending a hidden gem of a restaurant, pointing out a historical site, or suggesting a nature trail, Jill ensures her tenants get a wholesome Tucson experience.

Moreover, her properties are strategically located, offering easy access to both the bustling downtown and the serene outskirts. Many of them are within walking distance of key attractions, making it convenient for tenants to explore the city.

Unique Sensory Experiences

Tucson isn't just about sights; it's about experiences. Jill recalls specific smells associated with the city, evoking memories and feelings that transport one back to specific moments in time. Whether it's the scent of native plants during a morning walk or the distant howl of coyotes, these sensory experiences add a unique dimension to the Tucson experience.

Financial Wisdom for Aspiring Landlords: Lessons from Jill's Journey

Real estate, while often seen as a tangible asset of bricks and mortar, is deeply intertwined with numbers, strategy, and foresight. Jill's journey in the realm of mid-term rentals offers a treasure trove of financial insights for those aspiring to make a mark in the industry.

The Principle of Buying Within Your Means

Jill's approach to real estate is rooted in practicality. She emphasizes the importance of purchasing properties that align with one's financial capabilities. This doesn't necessarily mean opting for the cheapest option, but finding a balance between affordability and potential returns. Her own experience serves as a testament to this principle. When she came across a house priced at $89,000, significantly lower than other properties on the market, she saw an opportunity. While many might have been skeptical about such a deal, Jill recognized the potential of the property, not just as a home but as a future rental asset.

Ensuring Rent Covers All Costs

For Jill, profitability isn't just about the monthly rent exceeding the mortgage payment. She advises landlords to consider the entire spectrum of costs associated with a property. This includes maintenance, taxes, insurance, and even the smaller expenses like providing new washcloths for tenants. Jill was once advised to ensure her rent was at least $100 over all these cumulative costs. While she couldn't always adhere to this initially, she knew the importance of working towards it, ensuring a buffer that could cushion any unforeseen expenses.

The Power of Overpayment

One of the standout financial strategies Jill employed was overpaying her mortgage. By adding a little extra to her monthly mortgage payments, she was able to make a significant dent in the interest over time. This seemingly small step led to savings of $67,000 in interest for her $89,000 house. The brilliance of this strategy lies in its simplicity. By dividing her mortgage by 12 and adding that amount to her monthly payments, she effectively made an extra payment each year, fast-tracking her path to owning the property outright.

Embracing Flexibility in Pricing

Another nugget of wisdom from Jill's experience is the ability to pivot with rental prices. Platforms like Furnished Finder allow landlords to set seasonal rates. This flexibility means that landlords can adjust prices based on demand, ensuring optimal occupancy and revenue. For instance, in a town like Tucson with its seasonal influx of visitors, having the ability to offer summer sizzlers or shoulder season rates can make a property more attractive to potential tenants.

Harnessing Technology: Furnished Finder and KeyCheck

In the modern digital landscape, leveraging technology is essential for landlords. Platforms such as Furnished Finder have revolutionized the tenant-finding process, particularly for mid-term rentals, by effectively connecting property owners with professional travelers in search of furnished accommodations. Additionally, KeyCheck offers a comprehensive suite of services to simplify property management. From credit screening, eviction, and background checks to providing renters with insurance options and facilitating secure online rent payments, KeyCheck ensures both landlords and tenants enjoy a smooth and efficient experience. Moreover, its e-signing feature for lease documents of various types further streamlines the leasing process, making it a must-have tool for today's landlords.