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

Text the hosts with questions or comments.

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.