If that is true I would probably sell and buy in a place where there is less competition.   

While the property is in a smaller town, it’s relatively close to a larger city, which I think adds a lot of potential for attracting both short-term guests and long-term tenants.The motel has fewer than 16 rooms, and the nightly rates are extremely competitive for the area.

Hindsight Critique•Continue to build relationships to increase deal flow•Property manager (Mercer Hughes) is critical to completing renovations and quick tenant placement•Continue to build relationships with private lenders and personal investors•Have cash available to make quick competitive offers Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hugely popular area.Our cabin is doing good, hopefully the calendar will fill in more throughout the year.Although lots of people visit the area there is a lot of competition. 

Keep in mind it’s more than likely most of the competitive banks these days for real estate investing may not be local!  

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

For higher priced properties the 70% rule gives you too high of a profit and your offer won’t be competitive. 

@Mike Gi be sure to check Airbnb longer stays and Furnished Finder to see what your competition's pricing and decor are like and make your properties pet friendly if you can as this is always a way to out compete the competition.

You're certainly correct, this market it pretty awesome, which brings in a lot of competition. 

You purchased in 2020 so you're experienced in high-demand, competitive markets.