I remember people mentioning that they never see cars at some of the motels owned...I laughed because they were always full, the guests didn’t have vehicles :-)I’d recommend only buying motels where the city grants the property as “extended stay”.

They suppose to move out on 12/23, but recently they said their new rental place is not ready want to extend until 1/1/2020.

I hear they do lines of credit on investment properties which may be a better option , if you won’t be using all your funds immediately and for an extended period of time.

Now, they are saying that they want to extend again until January 20th, 2020. 

Current tenants just extended lease for 4 years. 

Kind of an odd setup with not extending cabinets to the wall, but still in good shape.MaterialPaint- Agreeable Gray by Sherwin WilliamsFlooring- Riverwalk Oak LVP by Lumber LiquidatorsFinal Thoughts and Lessons LearnedDon’t be afraid to throw out a low offer.

Investors were doing the same thing.. you had plenty of bay area folks with great fico and could make payments, but back in those days you needed 10 to 20% down so you really needed 50k to 200k in cash to buy a home.. so investors swapped the cash for 50/50 on the equity although the folks that I knew that did this had a 5 year time line to refi or sell.. depending on the cycle you can hit it big or it can be a bust but I would think if its a bust then the equity company just extends their contract instead of taking a beating. 

If you don't have the income over the past 2 years on your tax return I'd look at whether you are really ready to invest, could you pay all the bills if you had an extended vacancy?

I will never lend more than 9 months, penalty's and increased rates are built into the contract if a borrower has to extend for a year. 

@Mark Miles I rent the condo on the extended stay market not the vacation rental market so I'm collecting information far less frequently.