That was some really good info about the condo-tels.
The reason that the developers are making a condo hotel, rather than doing it themselves is because loans for hotels are very hard to get. There were tons of problems for the lenders after 9/11.
So, if I didn’t know anything else but that…..I would choose to pass. Why do I want to take on the risk that lenders for the entire project are afraid to take on?
Plus there are so many variables that the developers can’t discuss with you because it is “not an investment”. Of course, everyone is buying it as an investment.
That’s my take. If I could get one of those at half off after it didn’t work for the first guy….then maybe…after I could look at the hard numbers for both income and expenses.
