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.
