AirBNB/ Hotel Opportunty, Need a Team in Northeast

[Gregory Cooper]

I’m looking at a very unique property in the northeast and I’m trying to figure out how to purchase. I have a real estate investor that recommended a deal syndicate and I need advice/ a team:

Lawyer

Contractor

Inspector

Banker

Accountant

Etc.

The property holds:

-12 1bed/1 bath apartments, two stories; motel style. (In summer can go for up to 250. In winter. 100-150, weekend only)

-separate conference room center with large lounge area and upstairs yoga room, sauna w/plunge pool

-20k Sqft overall

The property needs:

-Entire roof replaced

Rooms:

Some water damage repair in top rooms, painting

Conference center:

Water damage repair (somewhat significant), non-harmful mold removal, some remodeling. More extensive remodeling would add a 1bdrm apt and a 2 bedroom apt.

Property is in a rural area, about 30min away from large ski resorts and 30min away from two popular destination towns that are turning into the cape for hipsters.

Potential for the property @ 30% occupancy is:

150*12= 1,800 (per day)

(1,800*365)*.3= 197,100

Operating expense are probably close to 100k, (high end) for heat, maintenance, cleaning staff.

Selling for 600k but may need 600k with of work.

[Ron Peterson]

PS add industry vacancy allowance to your projections.