Ok so I just bought an extended stay motel in Michigan......and I live in Utah.How it happened: I was under contract on a single level 9 plex in a small industrial town in Michigan, I flew out for the inspection and we found mold all throughout the roof and the crawlspace.

In my opinion, there are also more that are not so good and several promotional companies that do the industry no favors. 

Most PMC's will charge a lot more than the industry standard 8-10% of collected rents to manage a Boarding House - which is what you have. 

Predator lawyers are everywhere, in all industry's, and it is something that you need to be aware of.

The stats suck for anyone trying to be successful in any industry.

Hello all,I am currently pursuing a Master’s degree in International Real Estate and have 17 years of experience in the construction industry in my home country.

I would think you could get a higher occupancy in a destination town like New Orleans but look at past years evidence from the property and look at industry standards.

As a participating contractor of the Hero program I feel for your situation, there are unscrupulous people in every industry.

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.

His expertise, industry insights, and personalized support have been great in my growth.One of the most significant positive results I've achieved from the mentorship is the ability to identify investment opportunities and make informed decisions.