Contact Dept Fair Trading NSW and request info on “how to select a strata manager” , they might have something.
Get quotes. Interview, engage on trial period and renew for short periods only maybe, if pos.
Good luck.
Cheers
thecrest

One book is a good start.
But which one though depends on where you’re up to in your journey.
In suggesting books to a stranger, best to start with good foundations.
I believe attitude comes first, so I like Rich Dad Poor Dad and Dolf De Roos book Real Estate Riches
because they’re basic, and they handle basic real estate investing strategies and…[Read more]

Hi Kindren
Just an update for you.
Last week we received a valuation on a leasehold property.
The valuer considered everything about the building condition, future expenses, business turnover, nett, security of business, rent, lease length & terms, rent, tariffs, competition situation. He finally found all those conditions were positive, and…[Read more]

Hi Dave
Access your PM private messages through the “inbox” located top right hand corner of any page after you log into the Forum.
Cheers
thecrest

Hi Shadowcat
Just to clarify the scenario here –
It sounds like the offer is for you to pay $600K to be the lessor/landlord of those areas you mentioned, and you get paid a 10% return on your investment, someone pays you rent of $60K.
If that’s correct, there are a few questions that arise.
Who pays the $60K ?
What is your tenure or control or…[Read more]

Hi Dave.
Q. Difference of 50% ?.
Well the ROI depends eventually on what you pay for it, but yes the difference can be that much in the extreme. It would be difficult to sell a motel on ROI of less than 10% to a buyer operator because an investor can buy one and be a laid back passive non-working landlord and get paid rent amounting to 9% ROI with…[Read more]

Hi Dave
Good questions.
Coastal freehold motels usually return lower than inland.
The catchphrase in our industry is “coast for show, inland for dough”.
The inland motels usually sell for around 15%Return.
As you know the return is calculated on the nett profit divided by cost price x100.
So it matters what price you can negotiate.
But for a set…[Read more]

Sometimes these signs fall off in windy weather, and land in between shrubs.Cheersthecrest

We used to run an island resort, and the bar had a sign titled "Things To Do Today" which we left permanently blank.Get a massage every day, swim, massage, tour, shop, swim massage . . . .  next day …… oh you're just making us all jealous, go have a good time n stop working, let the mind relax.  Cheersthecrest

Perhaps this is where the misunderstanding stems from : quote ….(( While Richard says "Hate to say Justin you wont find anyone who pays the card off for you and you then pay you a fee"- this is what these 2 do.))….Whatever.  Will a bank do a personal loan at around 11-12% or whatever the current personal loan rate is, to payout a credit card…[Read more]

Property management by professional or amateur works just fine until grey areas arise, or a tenant pushes a boundary (bad pun, sorry), which inevitably happens.Then the professional knows what to do to avoid a train wreck. So I believe it's better left to professionals.Doing it for a friends risks a friendship and the property.Cheersthecrest…[Read more]

Hi DebbiemcWould you be better off moving into the house yourself ?Glad your house didn't get flooded, but then are you saying that the flood markers are placed where they adversely affect your property's sale prospects?If you decide to continue to sell your property, you may consider using "staging" to sell the property ?My 2c wo…[Read more]

Hi BobNot sure what you call nothing, but you have experience, and in some areas, grey hair beats youthful exuberance, and if you are time rich, then you may be a joint venture candidate for those who have the rest of the pieces.Naturally you need to stop whatever you were doing to burn through assets as well.Good luckCheersthecrest

Hi PacoClick on "thecrest 547 posts" located just above my struggling bonsai logo, then public profile, then contact, and email me your email address, and I'll send you some links to good motel properties I've come across. Not appropriate to post them here.Cheersthecrest

Hi PacoJust happy to help, doesn't matter if it's old post or new.The banks lending criteria vary depending on a number of factors like – whether you're buying freehold or leasehold, your business experience, your banking history, credit history, assets, ability to repay, ability of the motel business to repay, bank valuation of motel, et…[Read more]

Hi Carolina,Sounds like a good return. Hope you can build up the hostel as well, assuming that means a backpacker style place.They're quite different as you know and flourish under young management and marketing thru youth channels. Word of mouth is uber strong in that area and can quickly strengthen your business, provided you know what they want…[Read more]

"….putting skin in the game " ….  love it, thanks. And a good read Andrew.Cheersthecrest

Hi MichaelJust be sure you're not the one who in effect is providing cheap finance by way of low return.It's always good to wonder why an organisation or individual would part with a unit in a high occupancy location, depending on who's servicing it , maintaining it, booking it, cleaning it etc.Cheersthecrest 

Hi CarolinaconchThat sounds like a very exciting project at that level.Can you describe the style of motel ?So we have some idea of the market in that area, can you describe the type of finance deal with costs and interestthat is available for this type of investment ?What are the financiers' attitudes to motels ?What is the expected ROI % ?How…[Read more]

Update. We withdrew from buying 2 motels in the last 3 months, came close but decided they were just a bit off target because  they have a restaurant,  where we have little expertise. But, there is so much motel stock for sale everywhere and some of them are prime. The prices are low right now, hope someone else is enjoying this buyers market t…[Read more]