All Forum Posts by: Lee Li

For a brief background, I'm located in Wilmington, DE with both commercial and residential rentals. Would anyone have local recommendations for tax advice and accounting firms rather than this ProVision in Phoenix?

I'm just quoted for about 15k one time fee with 1,000 for personal tax return and 2,000 for each business tax return. It seems like their one time fee varies dramatically from 4k to 15k. Has anyone had a way to lower this cost?

Based on this thread's date, It seems some of you have been using them over a year. Could anyone share with some more details on how you feel about the services and if there's any hidden fees? Many thanks!

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Originally posted by @Ravi P.:

@Lee Li

I definitely do not want to discourage you but It may be tough to find one of the better hotel management companies that want to manage a 60 unit economy. It may not be worth their time and effort to turn a mismanaged small property around.

Just out of curiosity, in your pro forma, how much did you budget to compensate them.

There are companies that will do it and I would suggest to find a company that is local, otherwise you will be paying for someone. These management companies have no shame and expensing cost to you, even though you operate on a smaller scale than the larger companies. ]

Thanks for the honesty!

I'm still doing due diligence but the current owner added some more micro management as I recommended and the numbers seem to be turning around.

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Originally posted by @Ryan Seib:

Connect with some local brokers who do hotels and or other owners who have good management and ask who they recommend.

Sounds terrific and thank you!

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@Todd Solberg

Thank you so much for your quick reply and information! Very helpful!

I’m flying there tomorrow to do some more due diligence. Do you want to grab a coffee on Thurs or Fri?

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Hey Everyone!

I'm purchasing a small 60 room economy hotel in Rochester, MN. Current management team is not functioning effectively.

Anyone could refer me a good management team so that I can manage remotely from East Coast?

Or share any experience and tips for remote hotel management?

Gonna be my first time running a hotel and a little nervous now. ALL advice welcome!! Thanks!

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All Forum Posts by: Lee Li

Lee Li has started 1 posts and replied 5 times.

Post: Wealth Ability- formerly ProVision - Tom Wheelwright

Post: Purchasing a small economy hotel in Rochester MN

Post: Purchasing a small economy hotel in Rochester MN

Post: Purchasing a small economy hotel in Rochester MN

Post: Purchasing a small economy hotel in Rochester MN