367: How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 14 February 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Commercial real estate investing might seem intimidating, but in many cases, this kind of rental property is even easier to buy than a single-family home. After two failed attempts, our own Tony Robinson unlocked the blueprint for buying commercial properties as a beginner! Welcome back to the Real Estate Rookie podcast! Recently, Tony took down his very first commercial deal—a thirteen-unit property he plans to transform into a hotel with self-check-in convenience. But this huge triumph didn’t come without a few costly mistakes. Before landing his “golden goose,” Tony missed out on two properties and lost thousands of dollars in the process. By his third attempt, however, he had cracked the code! If you want to scale your real estate portfolio and become a full-time investor, buying a commercial property might be your best bet. In this episode, Tony dives into the numbers and projections for his new hotel, as well as the biggest takeaways from his experience. He also shares how to find a market for a niche property, how to raise private capital for a large deal, and why it’s easier to approach an owner about seller financing on a commercial deal! In This Episode We Cover: How to buy commercial real estate as a novice investor Finding the right market for your niche property How to raise capital to take down even bigger real estate deals The five factors that determine if you can compete in a market Why you NEED to develop your network before buying commercial real estate When to hire your first employee for your real estate business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” Why Self-Storage Beats Rental Properties Commercial Real Estate Fundamentals for Successful Investors Scaling from Single Family to Commercial Real Estate Find Your Next Commercial Property: Crexi LoopNet BizBuySell Check the full show notes here: https://www.biggerpockets.com/blog/rookie-367 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 367.
0:05.0	Today's guest, we are going to be talking to someone about buying a motel.
0:11.0	We're going to learn how this is actually achievable for a rookie investor like you or me.
0:16.5	And we're going to talk about a couple failures they had and how much money they lost and also we're going to go through how they made it possible to
0:26.4	purchase this 13 unit motel. I'm Ashley Kerr and today I am solo. I am joined by the guest Tony Robinson.
0:37.1	Tony Robinson welcome to the show.
0:39.8	Ashley Carer I'm so excited to be here and I think that might be the best
0:44.4	podcast introduction I've ever had in my life.
0:47.0	Even with all the stutters?
0:49.1	Even with it with like the mic check.
0:51.0	Oh, we got something coming through? Yeah, I love that. That was good.
0:54.4	Besides that, I still do need you to do your co-hosting portion. So please tell us what is the
1:01.0	real estate rookie podcast? Well, Ash, I'm super happy to do my usual co-hosting responsibility.
1:06.2	So this is the real estate rookie podcast where every week, multiple times a week,
1:11.0	we've been you the inspiration, motivation, and stories you need to hear to
1:14.5	kick start your investing journey. And like I said today, I'm actually sharing my own story. I'm sharing some stuff going on in the world of Tony
1:20.3	Robinson, some things that I've done, and hopes that we can inspire some of you,
1:23.8	Ricky's out there to maybe swing a little bit bigger for that first or that second deal.
1:27.3	Yeah, so Tony, we're going to be talking about a motel that you purchased and I'm sure a lot of you already thinking what does this have to do with me I'm a rookie
1:36.4	investor I only have one deal well Tony's gonna talk about how that is actually
1:40.9	achievable so Tony what made you first of all want to purchase a motel?
1:47.0	It was actually advice from Brandon Turner and I think I mentioned this in the podcast before
	...

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