All Forum Posts by: Oli C.

What you are proposing really doesn't make sense. Why would you have one property in Cleveland right now? If you were bullish on the area and planned on having 3 or 4, then management would make sense, but buying a first property far away only to have some random company manage it, and add on MTR which is not as complicated as STR, but still more uptake is a tall order. Why get an MTR far away when you have to furnish it and expect 4-8 guests a year instead of an LTR closer with 1 tenant a year even if you make less so you can learn more?

I live in New Jersey and recently purchased a duplex in Columbus, Ohio, with my realtor managing everything remotely, including inspections and virtual tours. Initially, the property was managed by a company that charged high fees, affecting my cash flow. I opted to remove them and manage the property myself, utilizing platforms like Facebook Marketplace to find contractors. This decision has significantly improved my cash flow and allowed me to save money. I'm open to answering questions for anyone interested in out-of-state investing. 😀

I'd probably do a house hack in CA with a MTR back house or ADU. But if you are looking in Cleveland talk to @Tal Tamir, he can share what areas would be better for a mid term versus long term rental.

I would recommend having a property manager who does MTR's since you're out of state. They'll have the contractors, handymen, stagers to help you succeed. I have a MTR on the Southside of Columbus near Nationwide Children's Hospital and use a local PM to manage it. 

Make sure you're targeting the right neighborhoods to invest in as well. I'd recommend Olde Towne East / Southern Orchards / Grandview / Fifth By Northwest and a few others. 

Happy to answer any questions you might have. 

As a realtor and investor in Cleveland with a mid-term rental (MTR), I’ve gained some key insights from managing my own MTR, and I’d be happy to share my thoughts. One big takeaway is that MTRs function more like short-term rentals (STRs) than traditional long-term rentals. You’ll need to manage the property more actively, stay on top of furnishing and maintenance, and market it effectively to your target audience.

In Cleveland, most tenants looking for mid-term rentals prefer a price point below $2,200 per month. It’s essential to make your property appealing to traveling professionals, such as nurses or corporate employees. I positioned mine near Case Western Reserve University and the hospital system, and that has been a major advantage. You can also focus on trendy areas like Ohio City, Tremont, or Detroit-Shoreway, where people want to be.

When it comes to the property itself, you don’t need anything huge, and you don’t need to go overboard with the layout or expensive design. In-unit laundry is a must-have, and high-speed internet is essential for your guests, especially those staying for work purposes. Offering these amenities can make a significant difference in your property’s desirability.

If you're investing out of state, I'd suggest working with a good property management company or a trusted local contact to keep everything running smoothly. It’s also important to be mindful of local regulations and how they impact MTRs, as Cleveland’s neighborhoods can have different rental rules and demand.

Let me know if you need any more specific details about Cleveland’s MTR market!