Investor · Rapid City sd · Member since 2017 · 11 posts · 0 votes
Their Is a Foreclosed Newly remodeled hotel in Riverton Wy was days in. It was foreclosed over not having a sprinkler system installed and will need to be installed to get operational. I am looking for interested parties with hotel experience or someone who could at least help me learn. It is currently not on the market but should be coming soon. I have no hotel experience but would like to be a part if possible for the knowledge if nothing else. I own rentals and I am a new real estate agent in Riverton
Van Buren, AR · Member since 2017 · 2 posts · 1 vote
8y
First time poster, but in the hospitality business as a supplier. Hotels are a unique property type and require full time management. Unless you are ready to buy yourself a full time job, stay away from this unless you can be a silent financial partner that isn’t actively involved.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
8y
@Colin Stalley what do you want to know about Hotels? I have found the more specific you make your request, the more likely it is that someone will have some knowledge to add value. You might try posting specific questions about Hotels in the Commercial Real Estate section of the forums.
Investor · Cannon Falls, MN · Member since 2016 · 149 posts · 55 votes
8y
I own and operate a motel in Cannon Falls,MN for the last 20 years that I am going to be doing a 1031 exchange on and would be interested in learning more about this hotel.I do not think it is being foreclosed on because of the sprinkler system its the cost of sprinkler system.Find out who controls it before it comes on the market and fix there problem.
Reach out to me through bigger pockets and we can talk off line.
Investor · Rapid City sd · Member since 2017 · 11 posts · 0 votes
8y
Justin Bauer The Hotel was remodeled a about three years ago. At the start of the remodel the owner was told he didn't have to have sprinklers to meet code. The city then came back and told him that he did need sprinklers while the remodel was in progress. He didn't do it and tried to sue the city and lost. The hotel was a Days Inn @ 909 W main Riverton Wy . Not sure on how many rooms but somewhere between 40 and 60.
Investor · Rapid City sd · Member since 2017 · 11 posts · 0 votes
8y
Bill S. I would like to learn about running a hotel remotely from the hiring to the regulation to day to day and cost associated. Mostly I'm not in a position where I would want to take on something like this by myself. I would rather have a small interest with chance to learn from an expert.
Real Estate Agent · Billings Montana · Member since 2016 · 6 posts · 2 votes
8y
Do you know how long ago it was foreclosed? Foreclosure can take years to come up for sale if they don’t get bought at auction. Or maybe your planning on buying it at the Foreclosure auction.
Van Buren, AR · Member since 2017 · 2 posts · 1 vote
8y
First time poster, but in the hospitality business as a supplier. Hotels are a unique property type and require full time management. Unless you are ready to buy yourself a full time job, stay away from this unless you can be a silent financial partner that isn’t actively involved.
This property has come up for sale but the bank is asking too much especially for the market its in. Plus you need to spend atleast $400k to fix the deficiencies it has. I do hotels and love working on fixer upers