Episode #66 - Deal of the week - Twinsburg, Ohio

TL;DR

This podcast episode discusses a unique motel/hotel property located in Twinsburg, Ohio, and the hosts analyze its potential value and investment opportunities.

Transcript

hello everyone and welcome to the learn from us podcast we're here as always in our beautiful studio in Richfield Ohio I'm here with Andrew and Paul hello boys hello South you thanks for acknowledging me this time oh you're great we are in Richfield any crossroads world headquarters the crossroads fits cuz it's friggin hot as hell in here don't get... Read More

Key Insights

• 🤨 The property is an unconventional combination of a house and motel/hotel units, which raises questions about its classification and potential usability.
• 😑 The hosts express skepticism about the potential rental demand for weekly rentals and the overall rental income of the property.
• 👾 There is a suggestion to sell off the house separately from the motel/hotel units, exploring the option of converting it into a wedding venue or other event space.
• 👻 The hosts emphasize the importance of thoroughly analyzing expenses, including taxes, insurance, and potential maintenance costs.
• 🥳 The property's location near the Turnpike and with a traffic count of approximately 9,800 per day is seen as a potential advantage for attracting guests.

Questions & Answers

Q: What is the layout of the property?

The property consists of a four-bedroom house and two separate buildings with a total of 15 units.

Q: Are there any limitations on the use of the property?

The hosts speculate that the property could potentially be converted into studio-style apartments, but further investigation would be needed to determine any legal restrictions or limitations.

Q: What are the rental rates for the units?

Each unit rents for $150 per week, which the hosts find to be a unique selling point but question the demand for weekly rentals in the area.

Q: What are the potential expenses and renovation costs for the property?

The hosts estimate renovation costs of around $10,000 per unit, which would amount to a significant investment depending on the number of units to be renovated. Further information on expenses is not provided in the content.

Summary & Key Takeaways

• The property in question is a combination of a four-bedroom house and two separate buildings housing a total of 15 units.

• The hosts express confusion about the layout and classification of the property, considering it to be a motel/hotel.

• There is speculation about the potential value and feasibility of converting the units into studio-style apartments.

• The hosts consider the price, amenities, and traffic count of the property, raising concerns about its rental potential.