Hi Paul n Marn

How's the motel purchase going and can u post a bit for us as an update ?

Hope you're doing very well.

Cheers

thecrest

Fools gold, sorry.

good luck

cheers

thecrest

Hi David.

Have you assessed what's on offer with your local competitors and how you could improve your accommodation offering to increase the rent and occupancy ?

Suggestions .

Convert to furnished serviced apartments with external signage and rent online..

Furnished student accommodation.

Refurb and go upmarket.

Might be a simple answer to improving the bottom line.

Good luck 

Cheers

thecrest

So which one is tax deductible ?

Hi BomberRoui.

The REA needs to be able to show the buyer where the property boundaries are for the property he is selling.

Pretty basic stuff for a REA, especially if it requires the expense of moving fences or moving anything else and involves neighbours.

Subdivision would require a survey. Request a copy.

If no-one can show you where the boundaries markers are, then request a survey and or rectification to your satisfaction as a conditional part of the deal.

Good luck

cheers

thecrest

Hi Smilysharyn. It seems they don't get up as early as you do, but someone will have a name for you later perhaps. welcome to the forum. check out the programs offered by Steve McKnight, we thoroughly enjoyed the mentoring through the RESULTS program and benefited way beyond the cost, even in our niche of motel investment and operations, and while you don't mention what aspect of property investment you want mentoring in, the options were unlimited . 

Good luck

Cheers

thecrest

Hi 607.

You can place managers in there but can't tell them they're long term when it's on the market so I assume you mean longer than just relief managers. Difficult to employ managers with the property on the market unless they're in the know. Been there done that. The managers need to know you're selling and that they could be out the door 6-8 weeks after a deal is done. With one of our motels we employed managers to handle the day to day operations and the selling process and rewarded them for both.

We guaranteed them 6 months work minimum, then 3 months min salary after a deal is done. During the sale process it's obviously very important that the motel looks its best, expect potential buyers to mystery shop and stay there. Manager slackness is not an option and causes prompt termination. Reporting is detailed and frequent. KPI's are realistic. Regular surprise visits to the property are essential.

If the marketing of the property is done properly, you won't need the managers for long anyway.

Some questions :

How long has it been on the market ?

How is the property being marketed ?

Had any buyer inspections ?

Is the price right for the market ?

Good luck

Cheers

thecrest

It's not democracy if there's no transparency, no accountability, no Freedom of Information Act, and it encourages condones and covers up mistakes and corruption.

As such, it can't last so the clock is ticking.

Cheers

thecrest 

Jarrah is so beautiful. We bought a heap of jarrah furniture a few years ago, each piece weighs a ton, last housemoving had to tip the removalist guys a lot. 

well worth it though.

Cheers

thecrest