Hi KindrenCoffs.Positives.Strong motel town, Plenty of through and destination traffic.It's one of the few places where the Pac Hwy goes through a town on the water, rather than having to leave the hwy and travel 7-10 kms to reach the town. Makes a difference.No bypass.Strong town infrastructure, beach, marina, CBD, strong local economy.High…[Read more]

After Bunnings bought out the main local hardware concern in a central west NSW country town last year, the application form for credit required the applicant to agree to using their real estate as security for default.Read the application form very carefully.Cheersthecrest 

Hi KindrenWelcome to the Forum.The type of motel is very important in giving an opinion on "motels in Coffs Harbour".Are you seeking a motel ?If so, then if you clearly explain what style of motel you're seeking I can be more specific with Coffs, because it all matters.Include your preferences with price bracket,stars, age & co…[Read more]

Charging by number of occupants implies charging by occupancy also, a minefield grey area of legal argument and interpretation, as some people's lifestyle and career involves travelling for lengthy periods. I would instal metering immediately and pass on all legally allowable costs thereafter to the tenant.The water usage would drop imm…[Read more]

It's great to have an expert on the forum.Kind of you to help Anthony, what goes around . . . .Cheersthecrest

When considering location, think of towns that are not only a "through"  town, but a "destination" town as well. That means guests stay longer, and you get those passing through as well. Wagga, Cootamundra, Young, Cowra, Parkes, Orange, all strong  motel towns. Life is tough enough, why buy in a marginal area, struggle for years, and then wonder w…[Read more]

Hi allJust had 2 recent chats with banks re motel leasehold finance and here are the results.St George – only lend if loan secured by freehold property.BankWest – only refinance existing leasehold owners, not new purchasers.Not very helpful are they.These unhelpful ones make it easier for the others and especially easy for finance brokers.Cheersthecrest

Hi allAnyone interested in motel leasing, and needs a plain english lease, PM send me your email address and I'll send you one. Make sure your email system can handle one attachment of about 35 pages of text.Cheersthecrest

Hi BradGood idea, we're usually best at what we're interested in. And good to keep an open mind as well and never stop learning because something you haven't understood before may suit you when you investigate it.Lots of homework and a big bin for the rejects.Cheersthecrest

Hi MikeOnce you have the rent level set right, you should be competitive at least.Suggestions Offer one week's free rent, becomes an incentive, a point of difference, better to drop a week and get a tenant than lose another week and still have no tenant. Always subject to successful application process as usual though.If your agency agreement is…[Read more]

Hi RivianaLooking at figures and leases on a few reasonably comparable properties will give you the experience you need when the right one comes along. It also helps you fine tune your search criteria, and keep up with changing market conditions. You can discuss your chosen scenario with your financier to obtain "pre-approval" if you purchase wi…[Read more]

Hi RivianaYou're blessed having parents in the business because you know their info is accurate. Vendors info requires due diligence.Add backs are sometimes a contentious issue and opinion varies on the validity of some categories of addbacks, so when you say the motel netts an extra $50K after addbacks, you would no doubt be looking very…[Read more]

Hi AllJust reading a contract re a deal we have done to buy one leasehold motel, and finalising our DD on another which looks great.Still a buyer's market out there, banks are becoming more co-operative.As soon as we exchange on a contract we'll post the details here in case the info helps someone.Cheersthecrest

Hi AllHas anyone made any progress on motel investment ?Just as an update, we have reached an agreement on purchasing one leasehold motel, and a second one under serious consideration. Both are approved in principal for finance subject to final bank analysis. It's still very much a buyer's market out there, very few buyers, inland motels doing g…[Read more]

Hi RechargelifeWhat was the outcome, any progress in your project ?Cheersthecrest

Do a SWOT analysis on each – see what it tells you.Cheersthecrest

Hi Allan FinchDid you make any progress with your motel finance ?Any feedback for the Forum and this post of yours ?Cheersthecrest

I would hate to see "Singapore style" high density means tested "Centrelink Towers" unit blocks, ghettos n gangs no thank you.OK guys, as an economist I make a great motelier, so I'm punching above my weight here, but i feel a pause or plateau in price growth is more likely than a major correction, and should achieve the same result but more…[Read more]

Hi UnmesterYour logo is driving me to sell off all my beef stocks, and apart from whatever the market is doing, your bear's a wrong'un –  due for a major correction.             Cheersthecrest

Hi MarmelTenants en masse are a mixed lot. But the best ones are attracted to ads using words and phrases like  "immaculate" , and "scrupulously clean"  and "would suit fastidious house-proud tenant" . It would be in your interest to make the house fit that description.It is your opportunity to setup a win-win situation.The property and tenant us…[Read more]