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Updated about 3 years ago,
Buying a motel, should I convert to multifamily?
I am in the process of buying a 25 unit motel. The current owners have been operating for about 40 yrs and have bad record keeping. They say the expenses are 10k and the income is 25k. It is in ideal location for a multifamily conversion and is zoned for multifamily. Just curious if there are any suggestions on keeping it as a motel or multifamily. The price seems pretty good at 900k. Looking for some advice.