If you’re a real estate agent with an established real estate practice, chances are you have or will have a client who wants to buy an investment property. Helping these clients identify the right investment property is now in your hands. You don’t want to mess it up. What are you going to do?
Many investors will buy investment properties for the purpose of high cash flow vs. fixing and flipping. If cash flow is the preference, a corporate rental may just be the investment your client has been searching for; after all, corporate housing is for investors looking to make more money and who are interested in alternative investment opportunities beyond traditional rentals or labor intensive vacation rentals.
We are beginning a Q&A guide to helping your clients understand the ins and outs of corporate housing as a stellar investment opportunity for their portfolios. Today we start with question No. 1:
What is corporate housing?
Corporate housing is a property that is furnished and available for a month-to-month lease. Most corporate rentals appeal to high-end business travelers who want a hotel-alternative accommodation during their next three-month business trip, for example.
Within corporate housing, there are three different housing types.
- First, there is apartment corporate housing. This is where companies like Oakwood lease several rental properties within an apartment complex. They then furnish the properties and sublet them as corporate rentals.
- Second, there is managed corporate housing. These are furnished, short-term properties that are owned by individual homeowners and managed
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by a third-party corporate housing management company, like AvenueWest Corporate Housing.
- Third, there is by owner corporate housing. This housing type is similar to managed corporate housing, as the properties are individually owned; however, the property is managed directly by the owner vs. a full service property management company.
An investor looking to buy a corporate housing rental property would either be interested in managed or by owner corporate housing, depending on how involved they want to and can be in the management of their rental property.
Next week question No. 2: How does someone manage a corporate rental?