AirBNB/ Hotel Opportunty, Need a Team in Northeast
I’m looking at a very unique property in the northeast and I’m trying to figure out how to purchase. I have a real estate investor that recommended a deal syndicate and I need advice/ a team:
Lawyer
Contractor
Inspector
Banker
Accountant
Etc.
The property holds:
-12 1bed/1 bath apartments, two stories; motel style. (In summer can go for up to 250. In winter. 100-150, weekend only)
-separate conference room center with large lounge area and upstairs yoga room, sauna w/plunge pool
-20k Sqft overall
The property needs:
-Entire roof replaced
Rooms:
Some water damage repair in top rooms, painting
Conference center:
Water damage repair (somewhat significant), non-harmful mold removal, some remodeling. More extensive remodeling would add a 1bdrm apt and a 2 bedroom apt.
Property is in a rural area, about 30min away from large ski resorts and 30min away from two popular destination towns that are turning into the cape for hipsters.
Potential for the property @ 30% occupancy is:
150*12= 1,800 (per day)
(1,800*365)*.3= 197,100
Operating expense are probably close to 100k, (high end) for heat, maintenance, cleaning staff.
Selling for 600k but may need 600k with of work.
Most Popular Reply
PS add industry vacancy allowance to your projections.