Posted by Nick on April 12, 1999 at 16:58:37:
What part of the country are you talking about? Are
you talking about actual motels for sale? If so, I
might be interested.
making good $ with mom & pop motels (on my third in 2 years) - Posted by Mike Oldfield
Posted by Mike Oldfield on April 12, 1999 at 01:03:32:
These are classic overgrown grass broken window situations. I am buying for less than 50% of appraised and/or assessed value. Nobody wants these properties except for me. We rent the rooms out by the week or month with all inclusive rent for furnishings, utilities, cable tv and kitchen privileges. We put a manager in the managers quarters at 50% of market value for their unit and we give them 20% of the net profit for incentive. That’s right our manager pays rent! Don’t overlook these awesome deals. There is virtually no competition for these properties at least in my area. We are making about $15,000 net on each location. Write me at U2oldfield@aol.com for more details. Good Luck With Your Investments, Mike
Re: making good $ with mom & pop motels (on my third in 2 years) - Posted by Bill Taylor
Posted by Bill Taylor on April 12, 1999 at 19:55:42:
Hey Mike would like to discuss this with you. I have a 3 unit motel and have had for about 4 yrs now. We do about 90% of our bus weekly. We also do nightly but not at the most popular exit in town with so much to do. We can still take advantage of some of that bus and have just recently put up a billboard on the highway at 450 per month. has all ready increased our nightly bus but to date not enough to pay for billboard. I fully expect this to cover it’s expense two or three times over for the next 6 months. Any ideas on promotion would be much appreciated.How big are the motels you currently own. I have a much better compensation plan for the mgr. I pay her 200 base and 4% of the gross. I fully expect for the next 6-7 months that the motel will provide 13-15000 dollars a month cash flow.It’s been a good bus the best part is having a mgr to run it. She is also going to help e with answering the rental prop phone. We also have 80 units of rentals