Unlocking Mid-term Rentals: Ms Kellie Michele on Boosting Profits, Optimizing Property Management, and Navigating Rental Arbitrage

Podcast host Shona Lepis interviews guest Ms Kellie Michele, a real estate mogul, and midterm rental expert, and discusses the pros and cons of midterm rentals compared to short-term rentals. She highlights that with mid-term rentals, you don't have to touch the property as often as you do with short-term rentals, which require constant cleaning and maintenance.

 

Midterm rentals also tend to have better quality guests and less wear and tear on the property. Kellie emphasizes the importance of market research to determine the demand for different property sizes and advises against investing in properties that don't align with the market demand. She also shares her approach to furnishing midterm rentals, focusing on practical and modern furniture that provides a comfortable and homey atmosphere.

 

Kellie discusses her vetting process for guests, including background and credit checks, and the importance of staying at the property to ensure its quality. She also shares her favorite tools for managing and collecting rent, such as Zillow and Venmo. Kellie provides insights into underwriting and setting profit goals for midterm rentals, emphasizing the need to factor in expenses and desired profit margins.

 

She also discusses her approach to rental arbitrage, including finding properties, presenting the business case to landlords, and managing the properties herself. Kellie concludes by discussing the importance of knowing and following local regulations and considering the option of hiring help or working with a property management company for remote management.