Thanks fat_lazy……That was very informative and your handle is certainly a misnomer!!…
I actually have a condo-hotel in a ski resort that I bought 5 years ago that has positive cash flow with 25% down that I am happy with…..So I am not foreign to the concept but at 440K for a studio making any kind of positive cash flow would need an average room rate of around 300/night (realistic for a 5 star hotel) but I would also need maybe 80% occupancy, which I think is a bit of a stretch…
You can’t get all the fees in advance, because of compliance/regulatory issues that prevent them from discussing the exact nature of the management split (don’t ask me why)..It was the same way with my other place…..
Thanks…..I was close to putting an offer in on the place in 2006, but the new remodel is just plain aweful with hideous bright red and light blue wallpaper..And the furniture looks like a bordello right out of New Orleans..(not that i would know personally…)
The story is someone bought the place then had to relocate, but it has the “staged” feel of a spec home with a near- sighted interior decorator..I would have to rip everything down to just feel comfortable….
I will just follow the price and see what happens…
Thanks…..I was close to putting an offer in on the place in 2006, but the new remodel is just plain aweful with hideous bright red and light blue wallpaper..And the furniture looks like a bordello right out of New Orleans..(not that i would know personally…)
The story is someone bought the place then had to relocate, but it has the “staged” feel of a spec home with a near- sighted interior decorator..I would have to rip everything down to just feel comfortable….
I will just follow the price and see what happens…
