Vaguely remember something about their name but too long ago. So it sounds like part of what they do is act as a buyers agent, selling off the plan, developer, builder, finance broker, property manager, etc, is that right ? How does 3% compare with buyers agents’ usual charges ? Anyone ?
Time to update.
Unfortunately since mid March 2020 with Covid, the motel sector has suffered considerable losses. Various Govt assistance packages helped like Jobkeeper and CCoC re rent etc, but in simple terms – stop travel and you kill motels. Travel confidence was damaged by relentless heavy media doom n gloom, and border closures stopped…[Read more]
You need to sort out your finances first, before you go shopping so you know what price bracket to search.
For loans – Offering assets which would be difficult to seize & sell under default conditions won’t help loan applications. Suggest you find an expert Finance Broker – there are some in this forum.
There are plenty of buyers for…[Read more]
Hope the cut in cash rate last week is good for all forum members ?
Any downsides ?
Great for buying or selling motels as banks have been tight lately and this should help.
Our motel leasehold is still for sale although price is very low. Too much irresponsible and unnecessary discounting in local motel tariffs has hurt the market.
Good buying…[Read more]
Welcome to the Forum. Yes it’s full of very helpful and experienced people for which I’m grateful.
$300-$400K could buy a good leasehold around $700-$800K mark at 30% ROI. Banks usually want 50% dep but check with finance brokers on this forum for current accurate info on finance. Check lenders LVR re property to see what % of your…[Read more]
If you own the leasehold, then you can sell it to the landlord or anyone else, provided you comply with the terms of the lease. Usually the lease terms say the landlord must approve of the purchaser as a prospective tenant, and also the landlord must be given the first opportunity to buy it at the agreed settlement price, (first right of…[Read more]
The concern in overseas locations should always be investment security, continuing visa and licencing approvals, 51% is scary, been there. Paradise beckons, some places are graveyards for unwary entrepreneurs. No doubt there are ways around the obstacles in every location. Good luck.
Motel industry has sure changed over the last 2 years.
Online success now decides the business outcome unless its a motel next door to a people magnet like Rod Laver Stadium or some other major attraction. Definitely going to the AO there in Jan 2019, it’s on the bucket list.
If you’re considering an investment in this area, there is upside in…[Read more]
thecrest replied to the topic Capital gains tax rollover for a commercial property – what are my options? in the forum Commercial Property 3 years, 11 months ago
Great post, also affects us as having sold a motel with the CGT factor.
How is the 15 year exemption applied ? Is it applied to the one business or can it be applied where we have been substantially in the same business class for 15 years, similar to the rollover, where CGT can be deferred and it can be rolled over if one is buying…[Read more]
Banks should be able to give you some ball park figure based on knowing your circumstances and by you giving them an example motel showing costs, turnover, age, condition, size, facilities like pool, restaurant, land size, historic figures, SWOT analysis etc. You need them to give you an indication of how much $ you can go shopping…[Read more]
thecrest replied to the topic Looking to lease out my small motel in 2 years time – good idea? in the forum Commercial Property 5 years, 6 months ago
Making any progress ?
Motels sell quickly if listed at market price, with clear clean figures over min 2 years.
Great pics essential.
Buyers usually check all the major brokers’ websites plus realcommercial and a few others, so biggest not necessarily best.Happy just to help on the Forum, or contact me, no fee, busy selling my own…[Read more]
Remember you don’t have to agree to move out before your fixed period of the lease expires, you can stay if you want to. Of course, the new owner can give you notice to vacate on the expiry date Feb 17.
thecrest replied to the topic Have you ever "mystery shopped" your real estate agent sellng your house? in the forum Help Needed! 5 years, 6 months ago
Mystery shopped a local rental agent to find a property to rent. Requested an inspection on a rental property but was told they would be done as an open house for half hour sometime next week. I asked again saying I’m time poor because of the demands of my motel business, but same response, still no action. It would seem they want a process not a…[Read more]
Welcome to the forum.
Fortunately you have time to plan ahead while running the motel and assessing the market in your area to find your niche.
ABS stats may show the averages in occupancy, revenue and star ratings.
SRA (Star Ratings Australia) can assist with design planning to ensure the final refurbished product reaches the desired…[Read more]
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