Has anyone converted a motel into an apartment complex?

Question

I am considering buying a motel to convert into efficiency apartments. Anyone know if that will likely require a zoning change. The numbers look good but the execution concerns me. Any thoughts BP members.

Thanks for you input

Alex Franks · Answer

@Jim Brown

We convertd 102 unit Apartment into condos. Yes took over 6 months of getting things approved by the city. We were lucky a this was as smaller town so we could help lead in the right direction. Another similar project in a bigger town took 8 months and we were still waiting on approvals and Zoning changes.

Just be careful this is some thing that can cost folks a lot of money if you get started and find out some thing is not allowed.

Pm if I can be more help.

Alex

Jim Bown · Answer

hello everyone, the property I was hoping to convert was very close to an amusement part (Gost town in the sky) in Maggy Vally, NC that was supposably going to reopen this summer but have learned that instead it is for sale again. So I have moved on still searching for a new opportunity. Good investing everyone.

Jim

Winston Parks · Answer

@Jim Bown, how is your investigation going? I am also researching the best way to convert a 35 unit motel into efficiency/studio housing. The original idea is to sale half the units to businesses in the area and keep half to rent out on Air BnB. I am very curious to how your experience is going. Good luck!

Jim Bown · Answer

Thank you Alex, I will start my investigation and see what I can learn. Unfortunately this property is over three hours by car from us.