Hi Everyone,I’m investing in an essentially turnkey (it was a flip) MFH in Woonsocket, RI and wanted to get your take from anyone who has experience in the city.I know the city has a bit of a reputation, but it’s in the Fairmount neighborhood that tends to be quite good.

Let's look at your example of a roofer, assuming he owns the company.He has to pay for employees- they still get paid, even if they are not giving 100% effort.He has to pay his workers to go back for warranty work - effectively paying them to do the same job twice.He has to pay for equipment, even when it's not being used 100% of the time.- but the company he bought it from still gets paid.He has to pay for advertising, whether it works or not.- but the advertising company still gets paid.He has to pay for accounting services, payroll services, tax services, legal services, etc.- they all get paid whether he makes money or not.So, what's your point?

Our STR/MTR portfolio typically sees around 80% occupancy, and I’ve noticed that the online travel booking sites often push properties with consistently great guest experiences.

There's a lot of pitfalls there that you're probably not going to be aware of without experience. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I am starting to realize there has been a significant amount of consolidation in the space by private equity and other institutional investors. 3) From research it also seems like getting financing can be difficult without prior experience in the space.

From my experience working with over 400 investors, financing your first deal with minimal out-of-pocket expenses is entirely possible, you just need the right strategy.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

I don't have a lot of experience, but I do have the ability to exchange my time, so that could be a form a currency that benefits them. 

Through my experience, I’ve cultivated a conservative approach that balances opportunity with risk management that I apply to every deal that crosses my desk.