Converting multi family to MTR and STR rentals
Hi Bigger Pockets Community,
We run a co-living and working company called Neighbourgood and are looking to acquire multi family assets, guesthouses and hotels in Miami and other lifestyle cities that offer value.
I am trying to get a better feel for the market in regard to;
1. Building code/permits that relate to multi family investment and whether or not we are able to convert multi family acquisitions to STR's in our format (1 week to 3 months on average) and;
2. The sort of middle of the road yields the market is currently demanding for multi family investments in lifestyle cities/towns (I know it’s a general question but I’m just trying to get a better indication of the market right now).
Thanks for your help!
Mr Murray,
We are a team of three companies Construction Company, Management Company, and Asset acquisition department.
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1. Building code/permits that relate to multi family investment and whether or not we are able to convert multi family acquisitions to STR's in our format (1 week to 3 months on average) and;
Luis : each city has different codes and regulation there is a lot of market research to do and learn.Here in bigger pockets, you can see a list of properties to buy. But the important part are diligence to do.
Do you currently one or manage any of this properties?
Regards,
@Murray Clark in 2019 we converted a 88 key hotel into corporate housing (STR and MTR) before the term "adaptive reuse" was coined.
I would say make sure you understand what zoning you are in and also understand the desire and goals of the local city planners before you dive in.
There are other items like ongoing regulations and taxation that also come into play.
If you can make it work, it can be a very profitable endeavor.
Quote from @Percy N.:Thank you so much! This is super valuable!
@Murray Clark in 2019 we converted a 88 key hotel into corporate housing (STR and MTR) before the term "adaptive reuse" was coined.
I would say make sure you understand what zoning you are in and also understand the desire and goals of the local city planners before you dive in.
There are other items like ongoing regulations and taxation that also come into play.
If you can make it work, it can be a very profitable endeavor.
@Murray Clark, I should have clarified that our hotel conversion project was not in Miami and my advice was more general regardless of the specific market.
Quote from @Percy N.:Thank you again still super helpful!
@Murray Clark, I should have clarified that our hotel conversion project was not in Miami and my advice was more general regardless of the specific market.