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Or is it better to build a hotel?

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Posted by money, filed under make money. Date: May 7, 2008, 8:16 am |

3 Responses

1. *Miz.Q.T. PIE Says:
   May 7th, 2008 at 8:16 am

   well, i would say start with the apartments first, you know get ur feet wet with understanding the real estate business. let the apartments teach you how to deal with managing the finances and all other business legal applications and administrative applications that way when u get ur hotel you will already know what to expect……( such as zone codes, building inspectors and so forth………….hope this helped

   P.S. depending on how many units the apartment have and the amount of the expenses that are put in will only determine how much profit u will make…..that is where deciding how much rent will be for ur tenants come into play.

2. ladytoobusytotalk Says:
   May 7th, 2008 at 8:16 am

   Depending on location. Some locations are not suitable to build right now. Some cities have many motels and apartments.
   The answer to this question is "depending on location".

3. Ron Berue Says:
   May 7th, 2008 at 8:16 am

   IF you're referring to building and then renting them: Its a VERY lengthy process.
   You have to buy the properly zoned ground, make plans go to meetings, get the project approved, arrange financing and complete the project.

   YOU MIGHT be able to get approval to begin renting before the project is completed.

   IF you're writing about buying an existing complex or a small apartment house, when you buy the property, you earn you're profit.

   When you properly manage the property or have the property properly managed for you, you keep your profit, AND add to it. You also keep your sanity!

   Whichever path you go down, IF you allow the tenants to have their way, you or the agent does not properly screen them and/or prepare the proper lease, you will surely lose your profit and possibly a part of your sanity.

   Thanks for asking your Q! I enjoyed answering it!

   VTY,
   Ron Berue
   Yes, that is my real last name!

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