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What happens when you stop treating a property like a traditional rental and start looking at a different way to generate income?
In this episode of The Housing Dept. Podcast, Terence Garcia sits down with Tambra and Daryl, who share how they transitioned from traditional rentals into furnished insurance housing.
After deciding not to renew a tenant's lease, they furnished the property and began marketing it for temporary housing. Eventually, they connected with someone who needed housing through an insurance claim—and that's when they realized there was a very different opportunity.
Tambra and Daryl share that they were able to 7X the income they were previously receiving from the property by transitioning to furnished insurance housing.
But the conversation goes far beyond that result.
They break down how insurance housing works, how they find tenants, how insurance companies and third-party agencies fit into the process, and how they've managed properties even while living in different states.
In this episode, you'll learn:
• How Tambra and Daryl transitioned from traditional rentals into insurance housing
• How furnished rentals can serve people temporarily displaced from their homes
• How they connect with insurance companies and third-party agencies
• How they market their furnished properties
• How long their insurance-housing stays can last
• How they manage properties in different states
• What systems they use for applications, background checks, maintenance, and property management
• How they used equity from an existing property to help acquire additional properties
• Why they believe you don't necessarily need a massive portfolio to build rental wealth
• Why they're now looking at independent living again
One of the biggest lessons from their story is that sometimes the opportunity isn't buying another property—it's finding a better way to use the property you already have.
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