All Forum Posts by: Chase Hoover

We furnish our boutique motels pretty much solely via Amazon/Wayfair.  Sometimes we'll buy bulky things like sofas or dressers locally, but we've had luck sourcing these items on Wayfair as well.  Can't beat the price.  Just be ready to assemble!  Light fixtures, faucets, etc typically all on Amazon - best selection, best price.

If a 16 year old showed up to a meetup I was at, I'd be impressed as hell.  Start going to as many as you can in your area, ask questions (there are no stupid questions), and meet as many people "in the game" as you can.  Most of the people at these meetups are just as green as you are and everyone is there to give each other support, so don't be intimidated.

Highly recommend Mike Watson with Mangrove Property Mgt - top notch PM based in Jupiter and can help you find properties as well.  Tell him I sent you!

@Matthew Erickson Our team would be happy to help! We're an STR-focused agency in the Shenandoah Valley specializing in investor representation. We have many management connections as well.

Quote from @Ika Sargeant:

@Chase Hoover I am interested in motels and how you were able to find one and finance it. Can you share when one starts finding resources to do that.

I’m a broker so a lot of deals come through my network, but you can always find them on sites like loopnet, innshopper, bizbuysell, etc. 

Some may be excellent options for owner financing.  If it is an existing successful business you could look into an SBA or commercial loan.  If it’s in shambles and your strategy is to remodel and restablize, your best bet is bridge debt through private money and refinance to a commercial loan once stabilized (banks like to see a min of 1 year stabilized performance). 

Hope this helps!

@Easton Hill My partners and I have a few boutique motels and a wedding venue in Virginia - let me know if you need advice on anything!

Used to manage a portfolio of around 30 STRs in Lake Worth Beach - cool town.  Sold everything and moved home to the Blue Ridge Mountains in 2021.  On cold days like this, we sure miss Benny's though!  If you don't already know him, connect with Michael Cuevas with Acquire Palm Beach - he's a broker in LW/WPB that does a lot with STRs.

Florida requires a brokers license to own and operate a property management company

This roast is getting a little crispy.........

You should have a listing agreement which spells out the commission, no matter if it's sold "on-market" or "off-market".

Why would you not list it on MLS? It would expose the property to significantly more buyers and would likely bring you (and your family) a higher sales price.

It sounds like you may be treading a fine line with not wanting to cut your broker in on the commission by avoiding the MLS, and instead trying to arrange an under the table deal where your family pays you a fee directly? If so, you're wading into some murky waters.