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Updated 7 days ago on . Most recent reply

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Corey Mika
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Dilapidated 20 unit

Corey Mika
Posted

I acquired a pretty run down 20 unit motel that used to be a nursing home before it was a motel. It once appraised for a little over 3 million when it was a nursing home. I have it free and clear with no debt on it, but was thinking about remodeling it by combining every 2 rooms to make about 10.5 units but make them 2 bed 1 or 2 bath apartment style rooms. It's in texas and it's a smaller subdivision very close to a large city and was wondering if anyone had some recommendations on:

1. Does my idea of converting and combining the rooms to long term rentals makes sense?

2. What's the order I need to talk to people? (City zoning board, remodeler, property manager, agent if neccessary)

3. Is a construction loan worth looking at for getting some assistance with remodeling? I have a good amount of cash to remodel it, but want to have all my ducks in a row so I dont run out. About 200k

thank you thank you thank you whoever answers I will try and sponge everything up!

as far as my experience i have had one free and clear rental for the last 7 years and have not expanded. I would have never looked into this stuff if it wasn't for my dad passing away and leaving me the house. I think im finally ready to make a big leap and change how things go for me. 

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