Rookie researching MTR opportunities in Cincinnati area

Cincinnati, Ohio
Medium-Term Rentals
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Rookie researching MTR opportunities in Cincinnati area

Wes D.Pro Member
Investor · Northern Kentucky | Northern Virginia · Member since 2022 · 45 posts · 39 votes

Hello everyone. I'm a rookie investor looking for my first rental property. Right now I'm researching northern Kentucky (just across the river from Cincinnati). I'm seeing potential opportunities with condos but wonder about restrictions on MTRs. Furnished Finder has a bunch of condos for 30+ days rental so I'm assuming it's okay, but any advice on the best way to identify the ones that do?

Thanks in advance and have a profitable weekend!

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Sam McCormackBusiness Member
Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
3y

@Wes D.

Hi Wes, I am an agent in Cincinnati and can point you around for MTR. I actually have one I have been praying someone to see. I sent you a DM

[email protected]859-443-4952
Sam McCormack Realtor
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  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    3y

    @Wes D. Assuming you're from Cincinnati how much do you know about the hospitals in and around that area? You need to see the hurdles before you start jumping them. 

    We're not MTR investors but we do know some challenges. Think about the clients (nurses) and there expectations. Is a condo big enough and the type of property they want to rent? A lot of times traveling nurses travel together. Is the location desirable enough to get attention? If you invest a lot of $$$ and the MTR strategy doesn't pencil can you fall back on the LTR strategy? \

    I'd answer those questions and develop a baseline before deciding to pursue the strategy. 

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  • Jamie Banks
    Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
    3y

    Condos usually come with restrictions through the HOA but the restrictions will be based on the community. As you're searching for condos, make sure you understand the HOA's rules on renting out the property.

    I have a condo myself and I try to attend all of the HOA meetings and stay in contact with the HOA board so if there's any discussions on upcoming restrictions, I'll know before any decision is made.

    1Reply
  • Account Closed
    Lender · Columbus, OH · Member since 2023 · 56 posts · 25 votes
    3y

    Also, not all condos are approved for conventional financing. If the condo is non-warrantable, you will likely have to make a larger down payment and will have other lending restrictions. If you need help finding out of the condo is approved for conventional financing, let me know and we can reach out to the real estate agent and HOA.

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  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    Hi, Wes - I'm familiar with your area and with MTRs so perhaps I can offer a few thoughts that might help you. First, the prospective guest pool for MTRs is much wider than just traveling nurses, although that is what most people think about when they hear mid-term rental. That being said, according to recent data on Furnished Finder - one of the most common sources for finding furnished housing- Cincinatti was actually the #1 market for travel nurses in Ohio in 2022. I was surprised because I had assumed it would be Cleveland given the huge draw of Cleveland Clinic and all its facilities. You should look into some of the dashboard stats FF publishes to see how demand is trending in 2023. You can also use Furnished Finder to scout the potential competition. Location really, really matters for travel medical professionals. They are often solo females who won't rent in an area that doesn't feel safe. Most prefer to have the space to themselves.Shared housing works for some, but they usually will want to pay considerably less for a room in a shared home. And travel medical professionals are often shift workers so having a quiet space without the noise of shared walls is critical as well as many work nights and sleep during the day. That said, I would encourage you to think beyond just people in the medical field. People travel for longer periods for all sorts of reasons. You'll find digital nomads - if you're in a hip and bustling area you may attract this guest avatar. Some people are looking for a furnished space for academic studies - very common if you're near a University. Same goes for proximity to military bases. Construction workers are often looking for furnished housing and so are people relocating to the area who want to gt to know it before committing to longer term housing. Insurance placements is another niche within MTRs. There really are endless ways people have found to cater to the MTR crowd. As for your specific condo or any property within an HOA you will need to familiarize yourself with any jurisdictional rules or restrictions and any rules specific to that condo or HOA. There are some who do technicall allow STRs and MTRs but the permanent residents don't like it and can really make your life difficult and that of your guests. And a condo or HOA board can change their rules much more quickly than a government agency. Personally, I stay away from these types of buildings unless the entire unit is carved out just for this purpose. There are a lot of "Karens" out there and they tend to be HOA board members.

    [email protected]
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  • Edward Adams
    Investor · Houston, TX · Member since 2020 · 111 posts · 64 votes
    3y

    If you're considering investing in a condo for short-term rentals, it's important to check with the local regulations to see if there are any restrictions on short-term rentals, such as minimum rental periods or licensing requirements.

    In Northern Kentucky, you can start by checking the zoning laws and local ordinances in the city or county where you are looking to invest. You can usually find this information on the city or county website or by contacting the local zoning department.

    You may also want to consult with a real estate attorney or a property management company in the area to get more specific information on any restrictions on short-term rentals.

    As for identifying condos that allow short-term rentals, you can start by checking with the condo association or property management company to see if they allow short-term rentals. You can also look for listings on websites such as Airbnb, VRBO, or Furnished Finder to see if there are similar properties in the area that are available for short-term rentals.

    It's important to do your due diligence and research before investing in any property. Make sure you have a good understanding of the local regulations, the potential rental income and expenses, and any other factors that may impact your investment.

    Best of luck with your search and investing journey!

    1Reply
  • Wes D.Pro Member
    OP
    Investor · Northern Kentucky | Northern Virginia · Member since 2022 · 45 posts · 39 votes
    3y

    Thanks for all the advice everyone! I have much to learn and really appreciate your suggestions. I've started reading 30 Day Stay by Zeona McIntyre and Sarah Weaver, published by BiggerPockets, and it's really filling me in on the MTR strategy.

    I don't live in the Cincinnati area so doing this at a distance, but we have family who live there and we visit a couple times a year already.

    Bonnie Low, thanks so much for the tips and information! I didn't know Cincy was the #1 market for travel nurses last year; very encouraging. And thanks for the cautions about condos/HOAs. It seemed to me that condos would be more attractive to traveling medical professionals because they typically have pools, ponds, gyms, and a club house. What do you think on that point, would it interest them?

    Lots to consider. Thanks again everyone.

    1Reply
  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    3y

    @Wes D.

    Hi Wes, I am an agent in Cincinnati and can point you around for MTR. I actually have one I have been praying someone to see. I sent you a DM

    [email protected]859-443-4952
    Sam McCormack Realtor
    View Page
    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    3y
    Quote from @Wes D.:

    Hello everyone. I'm a rookie investor looking for my first rental property. Right now I'm researching northern Kentucky (just across the river from Cincinnati). I'm seeing potential opportunities with condos but wonder about restrictions on MTRs. Furnished Finder has a bunch of condos for 30+ days rental so I'm assuming it's okay, but any advice on the best way to identify the ones that do?

    Thanks in advance and have a profitable weekend!


    Most 30 day rentals or more bypass STR restrictions.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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