What worked for me was focusing on building strategic relationships with top tier people (quality partners) who could complement what I brought to the table—sales, management, and execution.When you are approaching sellers for creative financing, leading with a clear value proposition (and CONFIDENTLY) is key.

I manage MTRs in NC and SC - our SC properties still cover their costs and then some in the MTR space even after my management fees.

Ensure your projected cash flow covers expenses, including higher insurance and management fees.If you have anymore questions, shoot me a DM or email!

I would like a book or program recommendations in order to learn how to purchase and manage the extended stay hotel.

Once we identify a location that meets our criteria, we network with builders, property managers, lenders, insurance companies, CPA's, attorney's, etc. that service that area to have the entire team already established you need to be a successful investor regardless of your physical location or experience level.

As a property manager, I also require landlords place me on their policy as "additional insured" and it extends some protections over to me.

If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

If there’s a significant difference, it might justify the cost of adding more beds.For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen).

As an invetsment-friendly agent (based out of Houston, TX), I’ve seen how the right professional will help you analyze cash flow, manage comforatble contractor bids, and even drive for dollars if you want a broader look at potential comps or deals in the neighborhood.

I only know a few local realtors/ property managers I’m going to meet with them this week to ask more questions.