SWMBO and I were kicking around an idea I thought I’d follow up on. She and I used to enjoy staying in La Jolla at the Shell Beach Motel. It has since turned into a dive. I believe the place is now managed by another hotel down the street, and they’re running it into the ground. Broken appliances, dirty, surly staff – that sort of thing. Check out the reviews at Shell Beach Apartment - Motel (La Jolla, CA) - Motel Reviews - TripAdvisor.
The location is absolutely stunning. There's opportunity here, I just need to figure out the angle.
We’re thinking it would be a fun adventure to take over management of the motel. If we could get the owner to agree to a cash injection to get the place up to snuff, we would move in and stay on site permanently. I imagine the owner is paying essentially a PM fee to the managing hotel. We’d go in with the deal that they get their average three-year rental income as the baseline, and we’d get whatever we can generate above that, a percentage of which would go back to paying down the improvement loan. I know we can make the visitor experience much better than it is now. I’d really like to see this place return to its former self.
In the best of all possible worlds, we'd buy the place and do it ourselves.
How do I find the owner? How do I get hold of their P&L and Cash Flow statements? Does this sound like a compelling deal?
The location is absolutely stunning. There's opportunity here, I just need to figure out the angle.
We’re thinking it would be a fun adventure to take over management of the motel. If we could get the owner to agree to a cash injection to get the place up to snuff, we would move in and stay on site permanently. I imagine the owner is paying essentially a PM fee to the managing hotel. We’d go in with the deal that they get their average three-year rental income as the baseline, and we’d get whatever we can generate above that, a percentage of which would go back to paying down the improvement loan. I know we can make the visitor experience much better than it is now. I’d really like to see this place return to its former self.
In the best of all possible worlds, we'd buy the place and do it ourselves.
How do I find the owner? How do I get hold of their P&L and Cash Flow statements? Does this sound like a compelling deal?
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