I acquired a 5 unit property earlier in the year and decided to do LTRs on 3 units since they are larger units and there is a high demand in this area for large apartments. However, there is a “coach house” at the back of the property with 2 smaller units that could be great for STR.
Currently in the “leases and tenants” tab, we can only label the entire address as either LTR or STR. It would be very beneficial and give landlords more flexibility if we were able to label the individual units as either LTR or STR. I really like the pro-forma data given by Stessa, but not being able to individually label these units is going to throw my entire dashboard off.
Freddy I have the same issue. I have a 13 unit multifamily and 5 are STR, the others LTRs. Did you find a solution for this? I will also put in a wish list entry. Thx
Hey there! Sorry for the late response here, but support did get back to me. They said this mixed option is not supported at the moment, but that if they receive enough requests to do so, they will consider the feature.
@freddy - Should I create an additional request for this as well? Have you found a work around?
I’m very new to Stessa but considering trying to create a duplicate property listing - one for STR and one for LTR. Each listing would have all units, but ones that are not applicable would be marked as out of service.
Example:
123 Fun Street (STR)
Unit 1 - Active STR
Unit 2 - Out of Service
Unit 3 - Active STR
Unit 4 - Out of Service
Unit 5 - Out of Service
123 Fun Street (LTR)
Unit 1 - Out of Service
Unit 2 - Active LTR
Unit 3 - Out of Service
Unit 4 - Active LTR
Unit 5 - Active LTR
Then hopefully, maybe, I can come up with some wizardry to combine this information for property analysis and taxes?
Might require me to assign the cost basis for each property differently… seems messy…