There is a lot of inventory in Jersey City, so compared to the rest of the state, there are opportunities there for good STR operators.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

We then use this to compare actuals to throughout the year and normally do a reforecast at the end of Q1 as thing evolve and change. 

@Jamie ParkerAppreciate the effort and plan you are taking - it part of every plan is to re evaluate to move forwardHow much time have you spent compared to how much have you made?

This often means a smaller down payment and lower monthly payments compared to a traditional bank loan, especially since the seller may not be tied to the high interest rates banks are offering.Another option is a land loan from a local credit union or bank.

The real estate prices are relatively low, compared to the cities & more touristy areas, but the rental returns are good, with a low vacancy rate.

A strong partnership benefits both parties.Happy vendors are more likely to prioritize your jobs and provide high-quality service, benefiting both tenants and owners.Balancing Stakeholder NeedsBalancing these relationships requires a strategic approach:1.Standardized Processes: Implement systems that ensure consistency and efficiency in addressing maintenance requests, approvals, and payments.2.Transparency: Use technology, like owner and tenant portals, to provide real-time updates and visibility into ongoing issues.3.Regular Communication: Maintain open lines of communication with all stakeholders.

Because the owners of Licensing Experts pay ALL CASH, the closing usually occurs 3-6 weeks, which is very fast compared to traditionally financed commercial deals I've seen on Bigger Pockets.The whole thing hinges on their very clever technique of getting existing commercial retail tenants engaged, willing to move into their newly acquired properties who are coming up for a lease renewal or lease expiration, rather than marketing for new commercial tenants - which would take way too long.Licensing Experts is somewhat of a "front" for their Mentorship Platform, as they evidently have many of their own separate entities for which they use to actually purchase and close on their commercial properties assigned by their mentees. 

For example, if you have no experience in land development - that is extremely complex and risky compared to owning NNN rentals. 

Solution: Use metrics that are consistent between your annual goals and quarterly milestones.