Ready to scale our hospitality portfolio
Hello - My husband and I are experience real estate investors, with several LTR/MTR/STR located in Ohio and Geogial, in 2022, we purchased a seasonal boutique motel in Western New York. We complete renovated and turned into a successful operation with a current 11% rate cap. We are on the lookout for our next hospitality asset. Our buy box specifically focuses on vacation destination accommodations - including boutique motel/hotel, campgrounds, treehouses, cabins, etc.
As with most people starting out - having the 20%-30% equity to put in the deal is the challenge. I have cash, but not enough for the purchase price i am targeting (500k-$1MM). I want to approach sellers with either a seller carry arrangement - or become the equity partner in a Joint Venture. I also would like to find equity partners. Any advice that can be shared to try and get over this hurdle to be able to expand our portfolio? I feel like i am in this awkward in the middle stage where I still need to work my corporate job, but right on the cusp to make real estate my fulltime job. My husband and I are not afraid to work - just cannot find where to start.