Forum Replies Created
Using an 8 hour day, this bill amounts to 6 1/2 days @ $38 per hour. Way too long.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Cujino.
Not much info to go on as far as your situation, but happy to say we did it a few years ago and it was money well spent.
The guidance and info was very helpful.
Having an experienced mentor on tap for 12 months to run every idea by – priceless.
The get togethers were excellent too.
It sure puts the battery in your bunny.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi all.
The figures anyone can post here are sure helpful when aiming at a better deal with the lender.
I'm paying 6.16% on a fixed IO comm CBA loan, and 8.73% on an unsecured P&I CBA comm loan for my motel leasehold.
Sounds like I can do better. Any suggestions appreciated.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Scott
Blame the pandemic of litigation lunacy spread and fed upon by the compensation lawyers for that particular cost increase.
Very few brokers or agents can afford (literally) to be without Professional Indemnity Insurance nowadays, one claim could cause bankruptcy.
Wish it were otherwise.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Contact Fair Trading in Vic, the REA must give you a copy. Ask them your rights.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Mikal.
Looks like your own costs just went up too, like the REA.
So you could advise the PM to increase your rent by $5 to cover the PM increase.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Suggest you run the scenario by the Govt Dept in Qld which issues RE licences and enforces breaches of the relevant laws since they'd be the ones bird-dogging you if you broke the law. They might give you the all clear or not.
Good luck.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Would anyone care to update this post with some current rates for May 2013 ?
cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
The more I read this post the more financially backward I feel.
So glad you experts are in this forum, I'm going to need to ask for help in this area soon so don't retire just yet.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Jamie M wrote:Hi Munz
At least you won't make the mistake again. Just ensure the next loan is IO with an offset – park all of your spare cash in the offset and don't pay down the principle.
Cheers
Jamie
Hi Jamie.
Would you please explain how this works ?
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
There's an elephant in the room folks.
Can't see the sense myself in posting a query seeking a real estate investing mentor on PropertyInvesting.com ??
Steve McKnight has a number of programs accessible through this his own website, elephants in the room.
Suggest you check them out, we benegited hugely from RESULTS and others.
Check it out.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Kenny.
The miserable duty of grieving executor can become a nightmare if family disagree.
I experienced it, and so immediately gladly employed The Public Trustee to do the duty.
They were just great, kept me fully informed start to finish, very affordable, a plug well deserved.
And I figured that if anyone wanted to oppose them, well, good luck.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Jamie M wrote:thecrest wrote:Hi Richard.Is that a typo ? " I don't think you can go far by joining in the forum banter and discussion "
Cheers
thecrest
Insert a "wrong" after far
Cheers
Jamie
Hi Jamie.
Hope you're right, but only Richard can tell us, and I'd like to know. I'll PM him as well in case he's not subscribing to this post.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Richard.
Is that a typo ? " I don't think you can go far by joining in the forum banter and discussion "
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
There appears to be some demand for a good mentor. Hope a good mentor notices and uses the opportunity to genuinely help.
There are some bad actors out there in mentorland, tread carefully everyone, do your homework on people even more than deals.
Success to you all.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hope that's the only digging you have to do.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Sebastian.
You've started your journey, and this Forum is rich with knowledge and good people willing to share it.
All the investors here know how to succeed, NHG nailed it too, read read read. If unsure of a strategy, work on motivational and general basics in the meantime with
books like Rich Dad Poor Dad, Think & Grow Rich. Read what appeals. Search the Forum for "essential reading" and see what titles get the most recommendations.
Perhaps from these a strategy will take shape. Haunt the Forum and you'll be plugged into a huge storehouse of knowledge and mentors.
Great people hang out here.
Good luck
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Darryn.
Thank you for the additional information.
As a family group operating a motel, you have an excellent skill set which should impress any lender, and certainly has the makings of a successful group.
Lenders usually favour freehold over leasehold as better security, while leaseholds usually provide higher cash flow returns.
But if the motel would benefit from renovation, better cooking, better customer service, you have the goods.
You personally also have the obvious huge advantage of building skills for renovation or adding rooms, which would increase the value of the property and business, thereby providing some capital gain/extra equity/increased cash flow. Meanwhile the 3 of you would enjoy a "free home" with lower cost of living as well.
Choose a motel carefully and do your homework of course. Get all the expert help you can like your accountant, solicitor and a valuer.
Can you say what area you're looking at and how many rooms etc. ?
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Darryn.
Good finance question. " is it possible for me to get a loan for this with the equity i have in my house and with me renting this house out. "
You really need the opinion of one of the finance brokers
(who I don't mind saying are kind enough to provide endless hours of help on this Forum
to many grateful newbies and investors) and who have thousands of posts to their credit.
The devil would be in the detail such as :
Any previous experience in business or hospitality
Trade or handyman skills
House Valuation
Security and Profitability of the Motel Business
The details and tenure of the motel lease
Condition of the motel, goods and chattels
Valuation of motel business
Operation of business as a couple or solo
Bank LVR specifically for your personal situation at your age
And so on . . . ..
Happy to help if I can.
Good luck
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Steele Blade.
Parks. We've run 3 parks. Depends on how they're structured, like holiday only , or retirees relocatable park, or mixture of some permanents and casuals and tourists.
Usually more gardens & grounds work with a park, more outdoor work. Amenities block gets a workout, so too camp kitchens. Sleep with one eye open after a while. Shop is time consuming. More cash transactions than motel. Prefer no permanents unless they own their relocatable home and rent the site under it. Mostly tourists. Larger parks have 2 residences and 2 management couples plus casuals. This allows couples to take alternate holidays during quiet times. Some need full time groundsman. Usually parks require more land than motels.
Motels. No permanents. Usually less maintenance depending on the age of the motel. Must cook breakfasts for guests. More complex resv / booking systems than parks. Expense of refurbishment every 7 years or so. Tourists, corporates, travellers. Larger motels have only one residence and one residential management couple but more office staff & casuals.
Bottom line is worth focussing on – ROI.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
