There are three main things in my opinion that I look at that differentiate a good wholesaler from ones that can improve.Essentially, good wholesalers provide as much information as possible on the property, so it is very easy for me to make a decision on whether it is a good deal or not.Also, the information is accurate, which helps me avoid doing unnecessary homework, since I can trust that the wholesaler is providing the right details and laying out everything I need to know about the property to determine if it is a good deal.They are also getting it at a price that makes sense, so they know how to run their numbers.

• Something different?

For me the less turnover costs were at least equal to any revenue loss as to rate differential between 30 days and 6 months.  

At 31, I decided to walk away from my 9-5 remote project manager gig and “retire” early to Tokyo, Japan, where I now live with my family.These days, my life looks very different:- I train Brazilian Jiu-Jitsu daily and teach four classes a week at Carpe Diem Aoyama and Machida.- I’m building Kanzai.AI, focused on AI-powered real estate operations and valuations in Tokyo.- I also cohost and manage properties in Tokyo for other owners.Along the way, I was fortunate enough to get a brief feature on the BiggerPockets Rookie Podcast with Ashley and Tony - which honestly inspired me to push further and keep building.I’d love to connect with others here who:- Have explored investing internationally,- Are working with tiny homes or alternative lodging, or- Are experimenting with tech/AI in real estate.And of course, if anyone’s ever in Tokyo, let’s connect on the ground.

Scope of improvements included:Full interior updates: new flooring, interior paint, lighting, granite countertops, and updated appliancesAddition of high-demand short-term rental amenities: game rooms, custom bunk beds, hot tubs, swimming pools, and putting greensProfessional interior design and full furnishing to optimize guest experience and nightly ratesThese improvements were executed with the objective of maximizing long-term performance, increasing appraised value, and creating differentiated offerings within the Hot Springs vacation rental market.Refinance & Financial PerformanceUpon completion of renovations, we partnered with a local commercial lender to refinance the portfolio.Combined appraised value (ARV): $2,601,000Approved loan amount: $2,200,000 (cash-out refinance)After retiring the hard money loan, the transaction resulted in a net cash return of $300,470.51, which represents $118,181.09 more than our original down payment—effectively removing all invested capital from the project.TimelineThe full cycle—from acquisition through renovation and refinance—was completed in 174 days.OutcomeThe result is a portfolio of three fully renovated, amenity-rich lakefront properties, each now positioned to perform as premium short-term rentals with strong long-term appreciation potential.

• How do you differentiate and document capex vs repairs?

The biggest differentiator is the income-to-rent ratio for the area.

So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations.

Non performing notes are a little different.

Having said this, I'm trying to find ways to differentiate my property from other properties.