condotels (by Nicole [PA]) Sep 23, 2020 10:06 PM
condotels (by Robert J [CA]) Sep 23, 2020 11:49 PM
condotels (by J [FL]) Sep 24, 2020 7:31 AM
condotels (by J [FL]) Sep 24, 2020 7:31 AM
condotels (by Nicole [PA]) Sep 24, 2020 1:01 PM
condotels (by Oregon Woodsmoke [ID]) Sep 24, 2020 1:13 PM
condotels (by J [FL]) Sep 24, 2020 4:53 PM
condotels (by Nicole [PA]) Sep 24, 2020 7:52 PM
condotels (by J [FL]) Sep 24, 2020 8:31 PM
condotels (by myob [GA]) Sep 25, 2020 7:20 AM
condotels (by Still Learning [NH]) Sep 25, 2020 7:42 AM
condotels (by Nicole [PA]) Posted on: Sep 23, 2020 10:06 PM Message:
does anyone have experience with these? Looking for positives and negatives on the actual day to day operations, not necessarily the money aspect --72.70.xxx.xxx |
condotels (by Robert J [CA]) Posted on: Sep 23, 2020 11:49 PM Message:
I know of someone who invested in condo's during their construction. Before the building was completed the developer went bankrupted. The building went up for auction and my friend purchased the entire property. Then finished the construction.
The real estate took a dump. The units couldn't be sold as condo's. So my friend changed the working status as apartments for rent, but every year paid the fee's as a condo property. This was just outside of the Beverly Hills City border.
Then the owner decided to see if he could market them as condo's once again. He learned if he rented them as condo's, he could receive a much higher rent than as a apartment.
Then later down the line sell some of the condo's to his renters and carry back the mortgage.
He sold over half of his units to his tenants and the rest of the building were short term rentals -- in those days they didn't have airBnB's.
So it was like a Hotel, but long term.
One year I saw a monthly spread sheet.
Condo's rented out as an apartment went for $1,995 per month.
Condo's rented as Condo's went for $2,290 per month.
The Condo's rented for short term (furnished) went for $2,600 per month.
And the Condo's that were rented funished like a hotel, went for $3,000 a month -- or $99 per night, with a minimum booking.
I know this doesn't exactly answer your question but is on the same track... --47.155.xx.xxx |
condotels (by J [FL]) Posted on: Sep 24, 2020 7:31 AM Message:
I'd think while COVID is around, the room cleaning and prep could be a challenge? --72.188.xxx.xxx |
condotels (by J [FL]) Posted on: Sep 24, 2020 7:31 AM Message:
I'd think while COVID is around, the room cleaning and prep could be a challenge? --72.188.xxx.xxx |
condotels (by Nicole [PA]) Posted on: Sep 24, 2020 1:01 PM Message:
J - that's one of the upsides ... all that falls on management and I don't have to do anything. I'm considering this in resort area.
I stayed there a few weeks ago (didn't tell a realtor or the desk folks that I was sort of 'mystery shopping' them). Rooms remained empty supposedly for 24 hours between guests. I saw the cleaning going on daily and there was nothing that shouldn't have been done during regular times at an upscale hotel.
For example, one of my concerns is say there are 50 of the same style room in the building. During peak season all are rented. During slower times, how do they determine which rooms get rented? In theory, one could be vacant for weeks/several months and another have guests with no vacancies. --72.70.xxx.x |
condotels (by Oregon Woodsmoke [ID]) Posted on: Sep 24, 2020 1:13 PM Message:
I would think that management fees would vacuum all the profit out of it.
They are probably difficult to sell if you want out. --76.178.xx.xx |
condotels (by J [FL]) Posted on: Sep 24, 2020 4:53 PM Message:
Nicole,
Interesting. I thought people would be avoiding hotel type situations right now, but maybe not? --72.188.xxx.xxx |
condotels (by Nicole [PA]) Posted on: Sep 24, 2020 7:52 PM Message:
Oregon - the money works out, at least on paper.... management fees included. There is also considerable wiggle room for what they state (and have the records to prove) and what my needs are.
You might be right about selling as the inventory is more than other types of properties. I don't believe banks like to finance these. A lot of people buy them for themselves to use and then rent them when they don't need them. Mine would be solely for investment purposes.
J - I've been on vacation two times since June, both in vacation destinations. No vacancies anywhere. However, some places were closed down completely... my understanding was those places had staffing issues.
There has to be a huge down side ... I just can't figure out what it is.
--72.70.xxx.x |
condotels (by J [FL]) Posted on: Sep 24, 2020 8:31 PM Message:
Thanks Nicole. I've been wary of going to a hotel since this began, since they have been vectors for bedbugs (and probably other things) in the past, it seemed like they could be for COVID too. Plus I wasn't clear if they were even open. But it sounds like if there was going to be a big outbreak at hotels we would have heard about it by now. --72.188.xxx.xxx |
condotels (by myob [GA]) Posted on: Sep 25, 2020 7:20 AM Message:
we've been traveling from GA to the east coast and then down to the panhandle. WE ONLY DO AIRBNB'S.
we do the bnb's cause we bring our own stuff-- we don't have to shop when we get there.
One thing people may not know airbnb are in some hotels. For example Seychells in PCB-- its run by Windam hotel group but individuals can own and do own units they rent our with airbnb.
We love it and only use airbnb. 3 days at an airbnb-- 2bd 2 bath on the beach. 658.00 for 3 nights-- all in. Res with windham at same place over 900.00. just an example.
The trick: read the star comments-- very important and the no show policy. --99.103.xxx.xxx |
condotels (by Still Learning [NH]) Posted on: Sep 25, 2020 7:42 AM Message:
You should be able to ask for the rental history on the unit as well as for the building overall. If you are not planning on using it and the money works, one question I would have is costs of maintaining the building and do they appreciate or do most people buy as a way to vacation and mitigate cost of ownership with rentals. Some also offer “shares” like a quarter share and every four years you get it for big holidays or spring break week. If you plan to use it yourself, some require the dates you will use it a year in advance and do not let you just pop in and use it if it is vacant without a charge and some simply won’t allow that. --107.77.xxx.xx |
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