Posted by Al (Delaware) on February 09, 2006 at 08:45:58:
Thank you Bill, I’m only hoping that the property, that looks like a mess, isn’t tied up in heavy debts and back taxes or something. I figured that I could pitch an offer to the current owner, because the owner isn’t making any money for the place covered with over grown grass and rundown motel rooms without doors. My offer will be better than nothing.
If anyone knows anything that I should consider looking into when I make my proposal, please let me know…
Does anyone know how to deal with a property tied in debt or back taxes?
Thanks again to everyone I really appreciate the help!
Posted by Al (Delaware) on February 07, 2006 at 13:23:42:
I’ve spotted this rundown roadside motel near where I live in DE. I was wondering what the pluses and any minuses would be to looking into this as a potential property purchase. This particular property has been out of use for years and has a serious need of repair before it will be usable again, but I am very new to commercial REI and I was wondering what I need to consider before I think about looking into a property like this.
Here’s something I saw in the small town of Heber City, Utah. There was a small, old motel at the corner of Main and 100 S. The owner did a rehab and turned it into tiny offices for insurance agents, a barber, a guy who custom installs carpet and anyone who needs a small showroom/office. The property is fully rented!
Just think…no nightly rentals, no people hassels, and the units are rented all year long.
Re: Run Down roadside Motel - Posted by Bill Taylor
Posted by Bill Taylor on February 07, 2006 at 20:40:31:
Good Luck, you just found yourself a job that might be very difficult to get out of buying something like this. I bought a small motel similair to what you are talking about here about 14 years ago. I have had many frustrating days since. We now have the best manager we have had in all this time and makes life much easier. If you see that this property is in the path of progress you might be well off to do something like this. I suppose that any property you buy should have lots of upside but be careful or you will buy yourself a JOB.