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Updated over 5 years ago on . Most recent reply
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Large property with motel, campground and home
Hi BP community,
I'm looking at a deal right now on several acres that includes a campground with 16 slots, a motel with 10 units and a home. The guy that brought me the deal is a handyman who has been working on my single family rentals in Indiana. I've known him for about 9 months. I recently visited Indiana to meet him and see the property. He wants to live in the home on the property and manage the campground and motels for me, as I live out of state.
My question to you all is what due diligence should I perform regarding the motel and the campground? And, what are your thoughts on having the handyman manage the property? One of my concerns is that some of the customers that stay in the motel will pay by cash, which could potentially disappear.
Thanks for your time and input,
Brian