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