Old Hotel into apartments, Should I buy?

[Buck Dabill]

Old Hotel...Do I Buy?

There is this old hotel which has been vacant for 30 years. I have the opportunity to get it for 30,000. its got 47 rooms I was planning on turning it into an apartment complex but that is starting to look to expensive to remodel.  I thought about turning it into a storage facility. and the numbers look much more attractive.  Several questions...Is there much of a demand for climate controlled storage units? The doors on the old hotel are 32" would I need to change out all the doors to overhead doors like most storage places have?  What is the best way to research the demand for storage units in my area? Any help would be much appreciated....

[Taylor Dasch]

Man honestly I dont know anything about commercial/ higher unit properties but 47 units for 30k sounds like too good of a deal to pass up. Is this an off market property? If its on the internet then I'd be cautious because I feel like any investor would jump on that immediately unless it needed to be torn down. But if you stumbled upon a hotel owner who wants to sell it,I'd just go for it lol. Do whatever numbers will get you the most return. I like the idea of the apartments but if storage will do it then go for it! Surely a HML would lend for the repairs. Depending on the area, that deal should have a crazy return! Hope it goes well!