Buying a small motel?
Joel B asked:
My wife and I have our home paid off, it is worth 150k, we have no debt. We have been looking online at small motels, like 15-25 units. We are looking at one that has a home on it that we can live in and run the hotel for our income. I have found a couple, one for 249k and one for 219k, they are both (turn key) motels. obviosly we would run the motel, the cleaning, the groundskeep and so on. The only thing is, I have never owned a business, I did’nt even do to college, but I am good with money. I am 25 and she is 24 we both have jobs that pay about 16/hour that are very secure. My question is, is this a good idea and what do I need to know before I start dealing with property. Also, we do have about 25k in the bank but we would need to take out a little loan to buy the place.
I do not need 2 house’s, I would be selling the one I own now and buying the motel with a home located on the same property. Where I live houses are still selling and I would not buy it untill I sold my home.
online home loan
My wife and I have our home paid off, it is worth 150k, we have no debt. We have been looking online at small motels, like 15-25 units. We are looking at one that has a home on it that we can live in and run the hotel for our income. I have found a couple, one for 249k and one for 219k, they are both (turn key) motels. obviosly we would run the motel, the cleaning, the groundskeep and so on. The only thing is, I have never owned a business, I did’nt even do to college, but I am good with money. I am 25 and she is 24 we both have jobs that pay about 16/hour that are very secure. My question is, is this a good idea and what do I need to know before I start dealing with property. Also, we do have about 25k in the bank but we would need to take out a little loan to buy the place.
I do not need 2 house’s, I would be selling the one I own now and buying the motel with a home located on the same property. Where I live houses are still selling and I would not buy it untill I sold my home.
online home loan
online home loan
Are you crazy? You are buying yourself a crappy job Mr. Norman Bates
online home loan
just buy it
online home loan
I would never invest in something I had no idea how to run. Why don’t you take advantage of your lack of debt and buy a little lake house or something? That would be fun.
How are you going to sell your house in this market anyways? This may sound ignorant, but are many people buying houses? What do you need an extra house for and what if the responsibility overwhelms you? What if it drives you into more debt? idk.
online home loan
What I would want to know, is how many times did they rent rooms in the last year. How much income did the motel generate? Is it enough so you can give up your present job?