đź’ˇ : Check the occupancy reports for the last 12 months to see seasonal trends before making an offer.
: Understand if you are buying the land and building (freehold) or just the right to run the business (leasehold). buying a motel
The process began with months of searching for the right property. They finally found the "Blue Pine Motor Lodge," a mid-century building that had seen better days. The owner was ready to retire and offered a competitive price, but the Millers knew they had to be careful. đź’ˇ : Check the occupancy reports for the
They hired a specialized motel broker and an accountant to dive into the finances. They spent weeks reviewing three years of financial statements and occupancy reports to ensure the business was actually profitable. During their due diligence, they didn't just look at the books; they walked the property, checking the back areas for signs of neglect and ensuring the building was structurally sound. They finally found the "Blue Pine Motor Lodge,"
Financing was the next hurdle. While banks are often eager to lend for motels because they are seen as solid investments, the Millers had to present a rock-solid business plan. They secured a loan and officially took over the keys on a rainy Tuesday in April.