Investing in a Motel - Real Estate Investing
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- เผยแพร่เมื่อ 18 ก.ย. 2024
- #realestate #realestateinvesting #investing
Hey everyone! I'm buying a motel.
I know I haven't been consistent with content, I'm getting better I promise. With this new real estate investment, I wanted to document this for those curious about it. I will cover other things I'm doing as always, but I wanted to share updates about this Motel we are buying.
This is just a very general overview with some basic numbers and deal structure. I will get into the nitty gritty later... but for now enjoy :)
About Me:
Started a company called Grand Apps in 2011, during my senior year of college. Sold that in Dec 2020, almost a decade later.
Since then I've invested in Real Estate, started other ventures and learned a lot.
I'm currently focused on two companies: Kyros Digital & Sidekick Ai. Below are links.
Kyros: kyrosdigital.com/
Sidekick Ai: sidekickai.com/
Feel free to Add Me on Twitter / LinkedIn:
/ christopher_ake
/ chrisake
/ chris_ake
Update: (this is why I love TH-cam and documenting).
I went on vacation in March and the investors pulled out of the deal. We also lost 50% of our EMD money, $12,500 :(
It was kinda sad, I was kinda mad... but I learned a lot. Also, check this out. We then focused our attention on trying to get another deal. We ended up finding an even better deal! We bought a 50,000 3 building deal, right downtown. It is an iconic, historic building and our biggest project yet.
I'm currently documenting that journey, but I just wanted to share with you all and keep you posted.
For anyone watching this hopefully your business grows 100x more.
I am in this situation right now. Wonder what your experience has been since this video was posted 11 months ago. I am closing this week. Did you post weekly updates like you say you would? I couldn't find any content about your motel purchase and operating journey. I have never owned a motel before but I am as excited as you were.
Will make a video soon with an update!
This one is for you! Here is the update: th-cam.com/video/YnIfcl6UtUs/w-d-xo.html
Thank you!@@ChrisAke I'm Delilah by the way. Great to meet you!
@@DB-wv9oy haha I will say I was close 🤣 but yeah the deal fell through but we did move onto some short term rentals which was a learning process. Where is the. motel you are buying? What are your plans for it? (Besides making it into a gold mine)
@@ChrisAke I'm really nervous about it. Exciting but also feel cold feet kinda like when you're about to get married lol. I know it is a good purchase and it can be lucrative but it takes the right management and vision which is where I feel challenged. This is in NJ. My plans for now as I sort of wing it is to instantly put some rooms on airbnb and furnished finders which the current owner is currently not doing. I hope by doing that I could increase bookings. I think it's doable. Wish me luck cause I'm gonna need it.
Explain the 13% commission that is coming back...
So basically we got him to agree to a price. It was around like $2m finally. But we wanted money for improvements. So he agreed to a higher purchase price for higher commission. That commission was going to be reserves / funds to help redo and renovate it. Basically wrap that into the purchase price and loan and you have a long amortized rehab loan to use.
So we did like $2.3m with 13% back. He still walks with the same $2m he wanted.
BTW, this deal COMPLETELY fell apart. We had investors back out, guess when.... while I was on my first vacation of the year lol. What luck.
But we have another big one in the works I want to document.
Hey @ChrisAke randomly stumbled on your motel post! l love the ambition!! I moved to GR from Philly and would like to connect with driven real estate investors like yourself! Keep me posted on any upcoming meetups!!
Ha random! Do you invest in RE in Philly? Why did you come to GR? But sounds good, shoot me an email and let's connect. I know of a good RE meet up group here locally that alot of people go too. Hard money lenders, flippers, investors.. you name it.