Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Cliff Benner

Cliff Benner has started 13 posts and replied 314 times.

Post: Boutique Motel Owners

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Account Closed:

It was listed online. I just contacted an agent in the area and they helped me with the transaction. 


 What website did you find it on?

Post: Owning a boutique hotel

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146

When you say MLS, do you mean like Zillow or did you use Loopnet, Crexi, or bizbuysell?

Congrats on the amazing deal!

Post: Boutique Motel Owners

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Account Closed:

I'm in the process of buying a small, boutique motel (7 rooms in the motel and 12 stand-alone, seasonal cabins) that's on 3-acres. There is also a house onsite that the current owners live in and manage the business from. I will be looking to hire someone to run this business for me and they will be able to live in the house as part of their compensation.

My goal is to renovate the rooms and cabins and expand by adding more year-round cabins designed for longer stays. Are there any other moteliers in the BP community? If so, what lessons have you learned along the way and what tech are you using to automate. I'm looking at ResNexus with keyless entry locks. What's your experience with running a motel?


 How did you find this when you were looking to buy? Was it online, through a broker, or did you approach them?

Post: Anyone investing in boutique hotels?

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Michael Baum:

What is your pricepoint? The Alpenhof is for sale. Teton Village area.

https://www.alpenhoflodge.com/

Seriously though, a quick search through Loopnet showed a few places for sale, but most are well over 1m and most are over 3m. Those are currently operating lodges/resorts/hotels.

Some are really cool like the Alpenhof, but crazy money at 50m.

Are you willing to relocated to run a bigger place? The SBA could be a plan for a loan if you want the whole thing up and running.


 What type of SBA loan should one be looking for if they want to do this and live on site?

Post: I Bought A 130 Unit Hotel and Resort!!

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146

@Blake Dailey That is amazing!!!

I am looking to get my first one in the mountains of Colorado here! 

What kind of resources do you recommend for finding a good first choice?

Post: Hiring 3rd Party Management

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146

Really dig into all reviews, on both sides, tenants and owners.

I used David Green's book on OOS investing and used the questions he said to ask, then heard how they answered it and I asked them about situations and how it works.

I do recommend asking them to describe how they make a unit rent ready. 

Take a listen to episode #610, when I talk about all the things that went wrong with my rental. My PM said they looked at the unit but with everything that went wrong I can tell they didn't look at it to get it ready. 

Post: Are STRs as we know them dead in Colorado (and other places)?

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @James Carlson:
Quote from @Andrew Steffens:

That is why Florida is great - state has handcuffed municipalities from changing existing laws or enacting new laws regarding STR's essentially freezing new legislation. Not sure I would invest in places without such protections as I see this on BP in a lot of places (i.e. Nashville, Dallas, etc etc)


Yeah, I know states like Florida and Arizona have prohibited local municipalities from restricting non-owner occupied STRs. That is comforting, if I'm an investor.

I still feel good about investing in Colorado locations if the area has a law on the books actively allowing Airbnb. (I distinguish this from towns where you can do Airbnb but only because there's no law whatsoever.) If a city or county has a law allowing for non-owner occupied short-term rentals, and then revokes that and doesn't grandfather in existing listings, they're going to have a lawsuit on their hands. There are already two lawsuits by Breckenridge and Summit County Airbnb owners here in Colorado. And a similar lawsuit by an STR owner in Austin was successful

And in this way, the state of Florida is no different, right? They're a state that has said "Have at it with your STR" just like many cities in Colorado have (or had) done, but Florida could change that, too. At a certain point, you've got to make a decision based on the legislation before you.

 @James Carlson what cities or counties are you seeing, in the more mountainous areas of CO an hour outside of Denver, that still allow STRs if you live on the land the cabin is on?

Post: RV Park development

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Mike H.:
Quote from @Cliff Benner:
Quote from @Mike H.:

I've designed and built several RV resorts South of Houston within the past few years.  For sure one of the biggest hurdles is working with the utility provider (electrical).  I'd be happy to look at your layout and offer some suggestions and tips.


 What type of Zoning is best for something like this or what do you specifically do when it comes to Due Diligence for Zoning?


 So far, all of the RV resorts we've completed were in Counties.  I did have conversations regarding potential projects within City limits but we've concluded that the restrictions would add a substantial development cost increase.  Given the nature of the rv parks, the outskirts of cities would be ideal along major freeways (or at least not too far from a major freeway)...of course there are different types of parks that cater to a variety of clientele which can range from seasonal workers, individuals who can't qualify for rental homes/apartments or purchase their own home.  

Many variables come into play when it comes to zoning.  I'd start with a generalized budget and determine what type of clientele one would be comfortable with working with.  


 So start with the end in mind and work backwards from there to find areas to get into, makes sense to me

Anything special to look for in Zoning laws when looking for developing short term cabins, that you can think of?

Thanks Mike!

Post: RV Park development

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Mike H.:

I've designed and built several RV resorts South of Houston within the past few years.  For sure one of the biggest hurdles is working with the utility provider (electrical).  I'd be happy to look at your layout and offer some suggestions and tips.


 What type of Zoning is best for something like this or what do you specifically do when it comes to Due Diligence for Zoning?

Post: No Excuses! For not being able to invest in real estate

Cliff Benner
Posted
  • Accountant
  • Denver, CO
  • Posts 317
  • Votes 146
Quote from @Shawn Parsh:

Cliff,

I agree with your comment that the "why" has to be there. When I started out many years ago I was living in a basement apartment with no furniture. I was living pay check to pay check and was looking for options. For me real estate was it. Unlike many others I read how to books and then put what they said into action. I figured what do I have to lose. It's not like they are going to take away my stuff given that I didn't have anything. Thank you for your input. 


 I love stories like these! I came from a poor family and lived with little amounts, ramen noodles, etc. I watched my dad get laid off just so the companies could save money and watched my mom get excited for $.50 raises like it was a gift from God. My wife had a similar upbringing so we decided to push for ourselves to build businesses because, "why not" and so we would never have to feel the way they did in those situations. Oh no, maybe we cant buy organic whatever's or we live with what we have(10 year tvs and Xboxes) but then dump everything we can into building up to work for ourselves! We messed up on our first rental and got pushed back a few years but we took that lesson into our other businesses and now we are taking off with them! Love hearing this! You are the type of person we love seeing succeed, like most BPers! 

I am a Bookkeeper if you are looking for one to Outsource your Books, feel free to message me!