Why Buying the Abandoned Motel for Airbnb Isn't Going to Work 👎(but more OBX projects to come!)

[@CommercialForest]

I enjoy this new direction. "Showing the process" sounds great in theory but publicly showing the bumps along the away takes a certain amount of ego-checking that most people don't have the stomach for. Even though the hotel idea is tabled for now, it has been educational to watch. Kudos!

[@jewelzc]

So true

[@Azaharuddinable]

You can get past the 50% rule. The title company does not care if you add line items to the HUD when you buy or sell. So you can add a line item for the renovation company's bid and when you close they get a check. This way the puchase price will be higher on the hud allowing you to complete the entire renovation within the 50% rule. We usually do this for cash out refinances on rental properties. So instead of waiting 6 months for seasoning, we put the repair cost on the hud when we buy and get refinanced in about 2 months as soon as the renovation is complete. The seller stills get a check for the negotiated price and our trusted contractor gets a check up front. The new refinance bank will look at the hud price and approve without the wait.

[@louistirendi346]

I haven’t read all the comments and maybe I’m late but… my opinion is this is so genuine and authentic. Exactly what I’m currently researching to boot!! Thank you everyone involved for being so real, I really found it useful!!

[@nicholasvarro7382]

Hey Rich! I just finished my LLC with Anderson Advisors and couldn’t be more happier with their service! Thank you for recommending them, well worth the money:).

[@okyan2035]

Thank you very much for your fantastic video. I really enjoyed what you doing. I learned so much from your video. I hope one day meet you face to face talk about Airbnb project. I am doing one room in Boston MA.

[@TheRussRave]

Brilliant. Big lessons of huge value right here in this video!

[@ladygypsysoul122]

All..I need is one all round handy man..plumber, electrician and two cleaners. That's all. And one of the cleaner and me can cook breakfast everyday... Two cleaners because one work morning 6am to 2pm. One in the afternoon 2pm to 10pm. Handyman is on call. Whenever need repair. So save you money to pay them by the hour and when service needed.

[@rainbowflowerlove]

Sabariah Abdul Mutalib dear this isnt about your dream, its about his own unique vision.

[@Militaryminiatureshq]

Excellent, this is how it's done...Thank you

[@40EntrepreneurDrive]

Would you mind listing the individual types of professionals consulted for this project? I'm interested to know how much it would cost to put together my own team for a similar project.

[@kevinbuilderman]

We saved a big amount of money meeting with the city and confirm everything before making any moves.

[@robertsdon1]

Awesome DD and risk assessment! There are other deals out there so continue your analysis and move on if it does not fit your risk parameters. You are dealing in real estate as a true trader! ;-) Regards, EZcurrency

[@funmiester]

If the zoning regs are the cause of the "problem" - did you check to see if they grant EXEMPTIONS? Some cities have a process for exemptions (or legal workarounds). Another process is to see if it's possible (& financially feasible ( to get it re-zoned.

[@ladygypsysoul122]

About the Caretaker job. I am serious about that too. When I rent a room in my house...the tenant wants to follow me...Hahaha. but I move to a smaller house so they can't. That is how good of an owner I am. I will take care your property for you. Because I worked as a Security Officer now. All i need is a surveillance camera. A monitor in the Reception Room...I am good to go.

[@ladygypsysoul122]

Just wondering. Couldn't you buy the lot? Bulldoze the motel. Make a new 20 rooms one floor motel. Then it's new. It's safe because new building. You can design your own..and buy a reasonable price fixtures and furniture. It's near the beach. Anything near the beach...will boomed one day I assured you. There may be another big high class investor like from Hilton or Other big company and other Hotel making hotels there. And usually too expensive and what is the best option? Airbnb.

[@ladygypsysoul122]

Ok. That is my ideas. Hope it make you rethink about your wish to abandoned the place. Like I said, anything near the beach is always profitable.

[@ladygypsysoul122]

The motel should shape like a C motel. Square C..so later you could renovate 2nd floor potion my potion. And make a small swimming pool. People loves swimming pool .

[@clreed4894]

Start to finish... ❤️❤️❤️❤️❤️❤️❤️

[@ladygypsysoul122]

But i am serious about the potential profit of it. If 20 rooms is above your budget according to the builder. Then make 15 rooms first. Then once profit comes in. You could make the 2nd floor. Then you know by that time if the customers really coming in? With the first 15 rooms.

[@ladygypsysoul122]

I love property and passive income. And renting out your property is a wonderful passive income. You just show in the videos is to renovate and fix the place up or abandoned project. I don't think the option should be like that. The option should be to fixed the place or bulldozed the motel? I go to bulldozing it. If you say the place got potential customers..with the beach activities and you liked to go there too. Then I think you shouldn't abandon the project. You should asked if you could get a discount price. Because you are only buying the lot and build new one. I am sure the owner will give a discounted price because if you don't buy it...who knows when someone else going to buy the motel. And it will eventually rot and die. And the owner will loose money or sell a very very cheap price for a dead motel..which the new buyer will demolished any way. I think you should not abandoned that place. Just abandon the idea of renovating it and fixing it. That's what I think.

[@metsrus]

I guess it was abandoned for a reason.

[@mikestevens2053]

Is this "50% rule" time limited? Hard to see how such a hard and fast rule could be practically administered. It's basically making that hotel worthless except as current zoning allows for the lot. Is it 50% within the first year/2 years/5 years? Seems like a very restrictive ordinance to me. I guess the intent is to limit growth and development to preserve the local character? Maybe that's why nobody has done a project like this before in that area? Nice job doing your diligence; sounds like you've identified an area to visit and enjoy but maybe not invest in.

[@maukamarine939]

Come back to Idaho...

[@ladygypsysoul122]

Do all that...make a new motel. Then hire me as a caretaker of the place. Hahaha. Ulterior motive is always there.