I have been playing around with this idea for years and wanted to see others thoughts. Since the downward turn of the economy there have been many motels that have had to shut their doors. Some of these places have maybe 20 to 30 units tops. Well what if you took one of these motels that have gone under, did a little reconditioning and presto you have a place where you can start a gay community. Each room already has its own bathroom, you could turn each unit into an efficiency apartment with small kitchen areas and some of these old hotels have large reception areas or an area you could turn into a gathering place for community meals or get togethers. You could either make the units so that individuals could purchase outright or you could make units that would be just for rent on long term leases. but the individuals would have to sign a long term lease. You would probably have zoning issues to deal with and I think if you made the community a 55 or older you should probably not have too many issues. It would also give us that are quickly reaching retirement age to have a place to call home, have friends nearby and affordable for us that will certainly be on fixed incomes. Tell me what you think and although I have not done all my homework let me know if you thinks its a great, good, or bad idea.
We have this small 12 unit motel just outside my rural 1200 person town. For years the place almost never had cars there...in fact, only when there was a big fishing tournament did the place get overflow guests from the two in town motels so once in a blue moon it had a bunch of guests...don't know how they held on so long. Well, a year ago they converted to a Boarding house type deal, $300 a month including cable and a hotplate/small fridge...very small rooms...and now there's always a bunch of cars there...always. I think it's just month to month with no lease. I'd bet the biggest problem is collecting the rent and evictions. Now add a NICHE, like gay or something else and in this economy I'd think this is one of the few entrepreneurial ideas that has a good chance. Hell, go for it...like you said, the zoning issue is maybe the biggest hurdle. I like the idea...keep us informed.
Well OK it seems like I have the "bright idea" but since I have never ventured into such an establishment I am not sure where to go and what to do first. Matapeake it seems that the establishment you were talking about is along the right tracks but I would make the units a little more sustainable. Not sure I like the "hotplate" issue but I am sure that can be worked on" Would like to find someone out there who could fund my idea. Hell like the U2 song goes "Becare Josephine, I'm a small man with big ideas". Just don't have the funds to make my big idea a reality. Oh well I will stick this out there and see if I get any responses, I appreciate xox.chrissie.xox and matapeake your responses and will keep you all informed on if I get this show on the road. Who knows, if the right investors get behind the idea......
I think I may have found a place too http://tours.vht.com/realestatefors...ale-55-Cornell-Ave-Lovelock-Nevada_89419.aspx
farmer, you're in Central florida but looking in Nevada?? Just curious. Florida is sooooh transient it is probably a great place for such an idea....course I love nevada. If you don't have funds to buy then you definitely need to think creative financing. I would suggest you maybe go about this differently. Any investor with funds who likes your idea will just steal your idea which you may have done alot of work on...and they'll leave you in the dust and do it themselves...think: why would they need you if they are putting up the all the money?? Soooh, if I were you I would advertise DIRECTLY to struggling motel owners themselves...bypassing pure investors and bypassing realtors...they don't have any interest in you or helping you, they just want money. Where a struggling, failing motel owner MIGHT entertain a hail mary pass of listening to you, maybe selling the small motel to you for little or no money down or changing the focus or model of business to your idea with you doing all the marketing of the idea for the new clientele...Yep it's a minefield and the motel owner might steal your idea too but they are more likely to be worked "with" than any real estate investor or realtors. This IS tricky and this post is just a REALLY rough idea that would have to be well thought out as to how you approach the motel owner...the big question is finding the struggling motel owner to begin with. An example, outside Disney all along route 192 are bankrupt motels, a zillion of them. Why?? Because just a few years ago Disney decided to go after the CHEAP market too and built CHEAP motel like places ON DISNEY PROPERTY with shuttle service so suddenly NOBODY needed to go off property to find cheap motels....upshot: Dozens of empty motels sit deteriorating all along route 192 outside disney in kissimmee florida....now THERE's a place to find desperate motel owners!!!!!! Just my 2 cents worth.
Farmer, ..just wanta make you aware that old motel/hotels are seriously expensive to fix up... ...I made a little money fixing up old houses and soon realised it was way easier to build a new one than to take a really old beat up one and fix it... ...so maybe your plan could include this fact and intend to have just two or three units fixed up and occupied to provide income to fix the other units... ...just my two cents
