Hey all, I have had tenants who were great in their first year, and consistently late in their second year with us.

The more experience I get the more I realize that it isn't that people are smarter or luckier than me, they just work harder and are more consistent with what they do.

What that would entail would be retail space, industrial and the most popular multi family consisting of 5 or more units.

The key to longevity in this and any other business is to make sure that you are always delivering more value than you are extracting, and value has many different forms ... if you do that consistently for long enough, then you will not need to search for business or deals, because they will find you.

I am usually never at home so i gotta type everything on the phone, otherwise i would more easily be able to get into more detail.now the amount we pay the manager is not very much at all, but that is ok because the manager gets a huge perk: they get to live in the manager's quarters which pretty much all motels in the united states have. the managers quarters is connected to the front office and consists of a 2 bedroom, 1 bathroom apartment with an adequate spacious kitchen and spacious living room. an older couple who is retired, about to collect social security checks possibly, and has a minimal and quiet social life is most desired for this position. they get to live rent-free and utilities-free, and i get a manager for minimal expense. its a win win situation and i often become good friends with them. most managers only stick around for 1-2 years, but some are willing to basically stay for decades even.the motel business is a seasonal business, but not an extreme one. typically around march-may, business slows down an observable amount, and after that it picks right back up to 90-100% occupancy on every night. several nights a year, we have to turn away guests at nighttime because we have no rooms left to sell.the budget motel is a peculiar business, but then again its really not. your average person might struggle to understand how this business requires a decent amount of hard work, yet is simultaneously one of the most laidback businesses you can get into.we remain super competitive, to the point where its not even competitive anymore for us. the reason why is because i have placed a 40 inch tv in every room, along with a full sized refrigerator and a real kitchenette. for $190 total per week and free housekeeping and wifi, who wouldnt want to stay there vs. renting at an apartment that requires all sorts of documentation and an application fee?

I would do some secondary market research half way through your flip to determine how much you could possibly rent the house for vs how much you anticipate being able to make on the flip (you would know this anyway if you were looking at your variance to your original budget).That being said, if the property happens to be in a high rental area (like around the colleges in WB) it might make sense to rent considering you will have a consistent flow of new renters. 

@Ryan Battista1) I'd buy a high equity absentee list and mail those consistently.

And he has been in real estate for over 22 years, which not very many people can say.In our family’s business dealings with him, I can say he has always been consistent over the past 4 years.

I want to start investing in multiple properties and setup a financing structure we can repeat consistently that won’t handcuff us in the future (DTI, cash on hand, etc.).  

This gain consists of two parts - profit and depreciation recapture which are taxed differently.