All Forum Posts by: Mark Hadnett

@Michael Ealy, it has failed prior as a hotel, plus we do not have experience In the operation of hotels. We have more experience in long term. Either way it needs to go through zoning, as is(hotel or switching usage to long term rentals) I was looking more so if there are rules that are needed to follow if we did stay as a hotel. Ie, 24 concierge, constant laundry service,daily cleaning, furnishing each apt etc. all would add big costs. Is there anything to stop us from operating as a hotel and to do long term rentals as a hotel? 

@Nathan Gesner, I forgot to mention, there are already kitchenettes in the units and some already have 1br, needs a tonne of work but the layout is there. Did you go through zoning to change variance of the building or kept it as a motel?

I’m more so seeing the cans and Cannot’s of operating a hotel as long term living and if there are any rules for operating as a hotel we might miss and come up to bite us. Glad to hear it’s working out well for you.

Hi All BP fam,

I’m wondering if anyone out there has experience with renting out hotel rooms as long term rentals I.e rents over a month. I understand you cannot have leases with tenants but would it be treated just as a long term hotel stay? What would pros or cons be to doing it this way? The reason I ask is I am under contract on a hotel property in NJ and we were going to turn into long term rentals but there are a lot of costs involved with switching it over vs we operate as a extended stay hotel unfurnished/furnished where we would essentially just be long term rentals. Thanks in advance 

@Bob Norton thanks for the clarification. A tax credit would be nicer on something like that. 

Hi All,

I have a question regarding subdividing land. I`m looking at a property in NJ and its on close to 10 acres of basically un usable excess land. The house and driveway/garden etc needs about an acre at most(House already built) and the rest is at the bottom of a hill and all wooded un usable land(to me). 

My question is can I subdivide the land into 2 parcels, 1 acre and 9 acres of subdivision and give the 9 acres away/donate to a non profit or back to the county/state? My thinking is as a donation I would get a tax write off for the amount of the land (in this case about $300k) which would cover about 15 years of taxes, in addition to lowering my overall tax bill on the property. Has anyone done this or are they familiar with gifting/donating property to a non profit for a tax write off? 

Hi BP , I`m wondering is there anyone out there with experience in developing land using PreFab homes, What are some of the typical expenses on top of just buying the Prefab and land? I`m seeing some interesting prefabs available looking to see how towns are with developing lots/land for these style houses?