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I’m am having difficulty in tracking down an experienced motel legal firm and an accountant specifically in NSW, to assist me in my proposed motel acquisition. Specialist’s who know the motel industry well I am finding to be rather allusive, and don’t seem to promote there services widely, especially in NSW.
Can any forum members pass on any recommendations here?
Thanks
PhilfellaPhilfella
Email MeHi thecrest,
After Googling relief managers, I’m now thinking this is something within my capability.
I am now planning to broaden my search to include going concerns, and also will take onboard your feedback regarding the motel market. I very much appreciate your recommendations and encouragement.
Many thanks again
PhilfellPhilfella
Email MeThank you thecrest,
The feedback you have given is very helpful, you recommend buying a freehold in excellent condition, which has been our main goal, but in saying that it seems we are going to have to be very patient and very persevering to obtain such a property.
As so far I have been disappointed by the low supply of available quality investment freeholds over the period we have been looking.
I don’t know if this existing motel market is a favorable buyers market or not, you may have an opinion on this?You also mention “create a carefully planned lease, sell it only to an excellent tenant, and treat it as a partnership”, I assume you are implying the purchase of a going concern, both leasehold and freehold, and then separately selling the leasehold.
This is something I have not considered, it would certainly open up a bigger market to choose from.
But I think also would be challenging having to negotiate a sale condition that allowed for a delayed settlement until a suitable lessee was able to be put in place.
Or alternatively, having to operate it personally for the period needed to find a good tenant to purchase the leasehold, something I certainly have no experience in.Thanks
PhilfellaPhilfella
Email Me
