All Forum Posts by: Brent A Fewell
Brent A Fewell has started 1 posts and replied 2 times.
Post: Motel conversion to long-term rental
Brent A FewellPosted
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Thank you, Katie.
Post: Motel conversion to long-term rental
Brent A FewellPosted
- Posts 2
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I'm curious if anyone has any experience in converting motels to long-term rentals. I have opportunity to purchase a 44 unit motel that needs major rehab, likely $1.2M or more ($20K+ per room). After rehab and based on studio rental comps finished studio rooms would likely get $1,200 per month. Seller is asking $800K, but based on my calculations, I can't see paying more than $250K. Would welcome any advise on whether this is a bad or good deal. Appreciate any thoughts.
Brent