Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

23
Posts
7
Votes
Nick Rose
  • Investor
  • Ann Arbor, MI
7
Votes |
23
Posts

Converting 8 Unit apartment building to a Hotel/Bed Breakfast?

Nick Rose
  • Investor
  • Ann Arbor, MI
Posted

I am getting details on a possible apartment building that is an 8 unit all brick historic building on the edge of a downtown area.  I am currently looking for a 12+ unit building in Michigan, but I was told about this building that is currently off market.   Word travels in a small town, and from what I'm told, the  owners are considering selling.  I don't know the numbers yet other than a previous asking price of 330K a couple years back.  My question is - what are the major road blocks for making an apartment building into a 'remote check-in' hotel of sorts?    I'm not interested in building a lobby, and having staff 24 hours.  The current 3 local hotels do this just fine for $320-700 per night.  I'd be interested in making this into something where users can contact me to check in online, and get a key code.  I suppose it would work much like a year round vacation rental, however I'd have to get the city to consider it a hotel/bed breakfast (minus the breakfast).   Not sure how this would work.  Recently, the city has banned all short term vacation rentals (<30 days) with the exception of a some that were grandfathered in.    Thoughts?

I may still be interested in buying it and continue to do year long leases.

The city is a small beach town that I grew up in, which is on Lake Michigan.  Excellent schools.  A new golf course and high end hotel were built recently.   1 block from quaint downtown area that overlooks the beach/river.  

Loading replies...