ok so I'm looking to buy my first property and was wondering if anybody knows about extended stay contracts.. When I lived in Alabama I stayed for a year in a extended stay Hotel..which pretty much meant if I didn't pay my rent on the day they wanted me to.. I would come home and there would be a pad lock on my door.. There was no eviction or ne of that nonsence because it was treated like I was at a hotel.. This also meant I could tell them I was leaving ne time.. Aka no contract.. I WANT THIS FOR MY FUTURE PROPERTY.. I just wanted to know if ne one has ne expierce or knoledge about this.. Also I'm buying in Massachusetts's.
Well, you'd have to be a hotel. Otherwise, you have to follow landlord-tenant laws for rentals, other than hotels - or what would fall under the same category, like a bed and breakfast.
We are currently looking at developing or acquiring an extended stay property. The market is very good for them right now. Typically, the extended stay model is done on a weekly basis. Housekeeping is done maybe twice a week instead of daily. Front desk is not available for later hours. Studio style suites with limited amenities. Its a good business.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.