138: Radiating Real Estate Through Medium-Term Rentals with Jamie Banks

Mid-term rentals are an often-overlooked asset class that is gaining steam with investors. When short-term rentals prove to be too much work, mid-term rentals could be the answer.

On this episode of Zen and the Art of Real Estate Investing, Jonathan’s guest is Jamie Banks, a mid-term rental (MTR) investor who got her start with co-hosting. Jamie is also a multifamily investor and has quickly become an MTR expert with more than 20 managed properties under her supervision.

As their conversation begins, Jonathan uncovers how Jamie started her post-college career with commercial lending, which quickly piqued her interest in becoming an investor. She explains why you should always take the deal as long as the numbers work and the property cash flows, the importance of building real-life connections with other investors, how she decided on MTRs as her area of focus, and how she hopes to set an example for other minorities in this asset class. Jamie shares why MTRs can work in any market size, the criteria you can use to identify your ideal tenant, and why you must understand the area where you’re offering an MTR. You’ll also hear Jamie’s reasoning for including a video in every listing, who’s using MTRs, the pros and cons of co-hosting, and some strategies she uses to remain successful in this asset class.

If mid-term rentals aren’t on your radar, Jamie Banks makes a compelling case for why they should be.

In this episode, you will hear:

Jamie Banks’s introduction to real estate with commercial lending and asset management and moved into real estate investing
Taking the deal as long as the numbers work and the property cash flows
Having a healthy dose of imposter syndrome to overcome your fears and propel you forward
Building real-life connections with other investors and deciding on medium-term rentals as the asset class to focus on
Being a minority in the investing space and setting an example for others to follow
Why MTRs can work in any market
Identifying your ideal tenant for your MTR
Doing your due diligence in an area and understanding the area where you’re offering an MTR
Video versus photos in a listing and setting expectations about the property ahead of time
Who uses mid-term rentals
The properties in Jamie’s portfolio, where she sees gaps in the market availability, and what her focus is now
Jamie’s strategy for narrowing down her next targeted market
Her favorite things about mid-term rentals
What makes mid-term rentals different from short-term rentals in terms of cleaning needs
The pros and cons of co-hosting and how she does it effectively remotely
The importance of having a runner to check in on things at an inexpensive rate that offers them experience as well
Jamie’s advice for others who want to get into the mid-term rental asset class

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