One Year MTR Anniversary

[Jamie Banks]

January 18, 2023 I bought my first MTR in West Philly. I wanted to share a breakdown of what I learned from the property.

- Always plan for reserves. I've experienced slow periods and having to dish out money from your own pocket is tough. I always reserve at least 3 months of operating expenses in the property's bank account so that I'm prepared for vacancy, it happens, especially with MTRs. 

- There's a lot more competition today than there was in January 2023. MTRs has become the new buzz word in investing and a lot of STR operators have been "forced" to become MTRs due to regulations. The way I view the MTR business now is different than I viewed it even last quarter. As MTR operators we have to stand out. Ask yourself, what does my property offer than others don't? Personally, I'm refreshing all of my properties to stay competitive and I am finding ways to make additional other income, like partnering with local gyms and coffee shops.

- KNOW YOUR PROPERTY. I recommend spending the night in your MTR to understand the guest experience. Small things like a property having limited outlets (I know from experience) can cause headaches for guest but is an easy fix if we know about it. It's also important to know what will happen if things go wrong. Where is your circuit breaker? Who is the water company that services the property? When is trash day?

I am currently a full time MTR operator and consultants with over 90 MTR properties in my network that I market directly B2B. I've operated over 30 MTRs and I'm happy to answer any questions from other operators or those looking into investing in a MTR