Midterm Rental in Euclid OH

[Joshua Thang]

Hi everyone,

Does anyone have experience doing midterm rental in Euclid OH? Is it a good strategy for the neighborhood for travelling nurses and busy professionals? Does anyone know of any midterm property management company there?

Thanks,

Joshua

[Michael Smythe]

@Joshua Thang recommend you start researching PMC's and ask them.

Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

[Shane Kelly]

I think a midterm in Euclid might be tough. There are branches of Cleveland Clinic and quite a few other substantial job providers in the city like Lincoln Electric and Amazon. However, I don't think those draw a ton of STR/MTR demand, and it's too far from the major hospitals' main campuses to draw any of that crowd. It is a nice area though, so I'd say if you get a property for cheap enough that you can always LTR it as an exit strategy, it could be worth a try.

[James Wise]

Quote from @Joshua Thang:

Hi everyone,

Does anyone have experience doing midterm rental in Euclid OH? Is it a good strategy for the neighborhood for travelling nurses and busy professionals? Does anyone know of any midterm property management company there?

Thanks,

Joshua

Renting to long term tenants is going to be the best play in Euclid.

[Bob Stevens]

Quote from @Joshua Thang:

Hi everyone,

Does anyone have experience doing midterm rental in Euclid OH? Is it a good strategy for the neighborhood for travelling nurses and busy professionals? Does anyone know of any midterm property management company there?

Thanks,

Joshua

 Do you own it yet If so NO not a good idea, Way too much work/risk. I have done about 70 there, all are long term