All Forum Posts by: Kellan S

Quote from @Bob Stevens:

Quote from @Kellan S:

Quote from @Bob Stevens:

Quote from @Kellan S:

 Hi everyone! I have a 2 family property in the Detroit-Shoreway neighborhood and am looking to turn it into a MTR. My current property manager said he's not equipped to handle MTRs at the moment, and basically said if I plan to go this route I'll need to find a new PM.  I'm already listed on Furnished Finder and had a guest ready to book, until my PM backed out. I would really like to explore the MTR space in Cleveland, but would need some boots on the ground to help manage it. Any suggestions would be greatly appreciated! Thank you!

Why do MTM in Cleveland? Just take the 2kish a month and be happy. Less headache. STR, you will have to spend about 10k on furniture, and everything else, why bother?

Yes, kids! Always take the path of least resistance. Never put in extra effort or money in order to get a better outcome. Complacency is key. Just be happy where you are and don't try to do better. Less headache. Why bother?

 At the end of the day you are not going to get enough income to justify all the headache and extra funds you must layout. 10kish, furniture 24-hour security system, yard maintenance etc.  Do you really think you are going to get a responsible co to do the move out and in in a timely fashion for the new tenant, umm not likely in Cleveland. So then you will have new people show up to a house that is not ready, so now what?  I am not speculating. I have done 100s and 100s and 100s in the Cleveland market. Hmm Complacency, I have about 90 doors out there,10 years of experience and have seen it all. 

Good luck 

PS remember this post in a year from now :) 

I appreciate the insight and feedback. Have you done any MTRs in Cleveland? There's a pretty steady pool of healthcare professionals coming to the area for 3 month contract work. This seems like a market where this would be a good strategy. I'm looking for people who have experience and can share their perspective. It sounds like you have a ton of experience with LTRs in Cleveland. Have you tried other strategies? 

Quote from @Bob Stevens:

Quote from @Kellan S:

 Hi everyone! I have a 2 family property in the Detroit-Shoreway neighborhood and am looking to turn it into a MTR. My current property manager said he's not equipped to handle MTRs at the moment, and basically said if I plan to go this route I'll need to find a new PM.  I'm already listed on Furnished Finder and had a guest ready to book, until my PM backed out. I would really like to explore the MTR space in Cleveland, but would need some boots on the ground to help manage it. Any suggestions would be greatly appreciated! Thank you!

Why do MTM in Cleveland? Just take the 2kish a month and be happy. Less headache. STR, you will have to spend about 10k on furniture, and everything else, why bother?

Yes, kids! Always take the path of least resistance. Never put in extra effort or money in order to get a better outcome. Complacency is key. Just be happy where you are and don't try to do better. Less headache. Why bother?

Quote from @Bonnie Low:

 Hey @Bernie Cesareo are you taking on property management of any MTRS in the Cleveland area? Looks like people are trying to locate some PMs. I know you're killing it with your STRs so I thought I'd help make a possible connection! Hope you're doing well. @Sahil Jain @Kellan S

 Thanks so much for the connection here Bonnie! I'm currently gathering information and resources to contact for when I eventually turn my units into MTRs. My PM just filled both units with long term tenants, so I'll have to wait a little while. But this is very helpful!

Bernie, I'll be reaching out for more information about your services. Thanks for the reply!

Thanks Travis and Sarah for your replies! My PM just filled both units with traditional long-term tenants. I'll have to try out the MTR strategy on the next property, or in 12 months when their leases are up. This gives me more time to figure out how I could make this work from out of state. Thanks for your feedback!

 Hi everyone! I have a 2 family property in the Detroit-Shoreway neighborhood and am looking to turn it into a MTR. My current property manager said he's not equipped to handle MTRs at the moment, and basically said if I plan to go this route I'll need to find a new PM.  I'm already listed on Furnished Finder and had a guest ready to book, until my PM backed out. I would really like to explore the MTR space in Cleveland, but would need some boots on the ground to help manage it. Any suggestions would be greatly appreciated! Thank you!

 Hi Sahil! I'm interested in this as well. Have you had any luck finding a PM that specializes in MTRs in Cleveland? I have a 2-family property in the Detroit-Shoreway neighborhood that I would like to turn into an MTR. My current PM says their systems aren't equipped to handle MTRs at the moment, and he basically said if I want to go that route I'll have to find a new PM.     

Hi guys...just wanted to give an update on my deal. I'm excited to say that I closed today! My initial offer was countered, but we agreed on a price that was still below asking. I ended up using an inspector who was recommended by my property manager, and he did an excellent job. The inspection revealed a few issues that I subsequently raised to the seller, and he agreed to fix the majority of them prior to closing. Other than that everything went very smoothly. I absolutely loved how quickly things moved without a bank being involved in the process. In fact, I loved it so much that decided to really push myself and ended up putting another property under contract! This will also be a cash deal. The inspection is done (I'll need to get a new C of O so there will be repairs after closing), and now I'm just waiting to close. This one is a duplex. The property I closed on today is a single family...not sure if I mentioned that earlier.

Again, thanks to everyone who replied to my original post. Let's keep building our portfolios!

Sorry, I screwed up the mentions in my previous post. 

@Douglas Burns

@Christopher Schmidt

@Derek Carroll

@Tony Fendi

Thank you all for your help on this!

@Douglas Burns Thanks for the contract.  I was under the impression that the offer had been accepted.  I got a little ahead of myself! lol

@Christopher Schmidt Congrats on your 2 recent deals! I'm hoping this one won't take 3 months, but it's good to know even cash deals can take a little while.  And yes, please do send me the inspector you used.  Options are always good.

@Derek Carroll I'm not in a particular hurry to close, but was under the impression that sellers expect cash deals to close pretty quickly.  4-6 weeks would be fine with me...thanks for this tip!

@Tony Fendi Thanks for the co-sign on Warren Engineering. Recommendations from actual customers are very helpful.

I'll keep you guys posted on whether or not my offer gets accepted and on whatever happens next.  

Also, and this might be a really dumb question, but if the realtor is requesting this info and says she's writing up the contract, does this mean my offer has been accepted, or does she need this just to present the offer to the seller?  She didn't specify.