Welcome to The Landlord Diaries! In this episode, we sit down with Allen Duan, a mid-term rental powerhouse with a portfolio of over 26 managed and arbitrage properties in Southern California. Allen shares his incredible journey from short-term rentals (STR) to mid-term rentals (MTR), a strategic pivot driven by local restrictions and market opportunities.

Allen's success story is a masterclass in leveraging platforms like Furnished Finder to host thousands of guests and generate substantial booking volumes, ranging from $2k/month for studios to $10k/month for three-bedroom homes. He provides a detailed walkthrough of his process, including the importance of networking, building a strong team, navigating real estate laws, and the nuances of rental management, arbitrage, and co-hosting.

In this episode, we cover:

0:00 Welcome to The Landlord Diaries

2:45 Allen started in STR but shifted to MTR due to local restrictions

3:30 What led Allen to real estate & specifically the arbitrage & management model?

5:10 The Hospy Homes Team & portfolio

6:00 Allen’s perspective on rental management, arbitrage & co-hosting

7:35 Did state & local laws require Allen to obtain a broker’s license?

9:30 Evaluating your portfolio in the growth stage

10:30 Hospy Homes total booking volume was around $700k in 2023

11:40 Allen’s perspective on short term vs. mid term rentals

14:55 Allen’s success with around 20 listings on Furnished Finder

16:15 About 40-50% of Hospy Homes MTR bookings come from Furnished Finder

17:40 Hospy Homes experience with studio to 3 bedroom homes

19:25 What Furnished Finder has learned about tenant communication

23:35 Hospy Homes takes a damage waiver of $150 rather than a deposit

29:50 How Allen scaled to 26 managed & arbitrage mid-term rentals in 5 years

31:10 Tips for partnering with arbitrage & management property owners

36:20 Allen’s complimentary mid-term rental analysis for his potential clients

38:20 Furnished Finder’s mid-term rental stats tool

39:00 Details to include in your management & arbitrage contracts

40:15 How Hospy Homes keeps their property owners informed

41:15 Building your team & standard operating procedures

42:45 Helping your team thrive & find value in their position

44:15 Networking is a huge part in expanding your mid-term rental business

48:45 How to connect with Allen, Founder of Hospy Homes

Website Links:

https://www.furnishedfinder.com/ 

https://www.keycheck.com/ 

https://www.furnishedfinder.com/stats 

https://www.facebook.com/groups/furnishedfinder.travelnursehousing/ 

Connect with Allen, Founder of Hospy Homes:

https://www.furnishedfinder.com/members/profile?u=allen.duan

https://hospyhomes.com/ 

@allenduan120

E-Myth Book

https://a.co/d/iUOMeT8 

The Landlord Diaries is brought to you by Furnished Finder, where you can list your property for one low price and pay zero booking fees.