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Updated almost 9 years ago on . Most recent reply

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Jessica K.
  • Homeowner
  • Stevens Point, WI
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Convert motel to studios??

Jessica K.
  • Homeowner
  • Stevens Point, WI
Posted

My husband and I own a duplex and we'd love to buy some more real estate but don't know where to start. I found Bigger Pockets by searching the podcasts on iTunes. I'm hooked! I love all the information and especially the integrity of the community.

One of the properties that we are interested in is an older 12 unit motel. There are 3-5 people currently living there on a month to month basis which makes us wonder if we could turn the whole thing into efficiency/studio apartments. The bankers and realtors we've talked to just want to change the subject and steer us to different properties. Has anyone out there successfully done such a thing? We live in a college town, the motel is near a bus stop and grocery store. It just seems like a good idea...but we're newbies and maybe there's something we are missing here?
THANKS FOR ANY ADVICE ANYONE MAY HAVE!

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Brandon Turner
#3 Questions About BiggerPockets & Official Site Announcements Contributor
  • Investor
  • Maui, HI
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Brandon Turner
#3 Questions About BiggerPockets & Official Site Announcements Contributor
  • Investor
  • Maui, HI
Replied

hey Jessica Kochanowski welcome to the site! That's so cool you found us through the Podcast :) We love doing that each week.

I also like your idea -as long as the numbers make really good sense. However, keep one thing in mind:

Studios are ... kinda hell.

Tenants tend to move in and out quite often and are really rough on the units. Maybe not always, but generally speaking. Be sure to account for a little more repairs than you might normally plan for, as well as management.

Keep in touch!

  • Brandon Turner
  • Podcast Guest on Show #92
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