406: Inside Our FIRST Commercial Real Estate Deal (A 13-Unit Hotel!) w/Tony & Sara Robinson

Real Estate Rookie

BiggerPockets

Business, Education, How To, Entrepreneurship, Investing

4.7 • 1.8K Ratings

🗓️ 15 May 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

What goes into a commercial real estate deal? You’re about to find out! Fortunately, buying one of these properties isn’t quite the jump from residential real estate as you might expect it to be. Whether you’re a new investor or own several rentals, YOU, too, can buy a commercial property! Welcome back to the Real Estate Rookie podcast! A few months back, we chatted with Tony about his new thirteen-unit hotel in Utah. Since then, the hotel has officially launched, and today, we’re joined by not only Tony but also his wife, Sara, to discuss the ins and outs of this enormous project. With months of planning, rehabbing, and problem-solving in the rearview, they break down the deal from start to finish—sharing some of their biggest successes, as well as some important lessons learned. If you’re interested in commercial real estate investing, you don’t want to miss this episode! You’ll learn how to create a budget for a large renovation project, choose a model for paying contractors, get better reviews for your short-term rental, and form a seamless partnership with your spouse! In This Episode We Cover How the Robinsons planned, rehabbed, and launched a thirteen-unit hotel Implementing self-check-in convenience on a commercial property How to create a watertight budget for a large renovation project Effective strategies for managing and paying your contractors How to divvy up responsibilities when investing with your spouse How to get MORE bookings (and keep your property occupied year-round!) And So Much More! (00:00) Intro (02:43) Managing & Paying Contractors (09:43) Numbers on the Hotel (15:37) HUGE Lessons Learned (18:49) Self-Check-In Challenges (25:11) Building a Team & Getting Reviews (28:41) Working with Your Spouse (35:17) Connect with the Robinsons! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-406 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode number 406.
0:05.0	So you bought and rehabbed a motel.
0:08.0	What goes into taking a property on this size live
0:12.0	and what could possibly go wrong. My name is Ashley
0:15.1	Care and I am here with Tony J Robinson.
0:18.3	And welcome to the Real Estate Ricky podcast where every week, three times a week
0:22.1	we bring you the inspiration motivation and
0:24.4	stories you need to hear to kick-start your investing journey.
0:26.8	We are back with a follow-up episode to 367 where Tony walked us through what went into buying a boutique motel that has the potential to bring in over $500,000 per a year.
0:41.0	We covered everything from finding the market to permits and contractors.
0:46.2	So it's actually been a few weeks since they launched their no front desk guest self service check in approach.
0:54.2	So today we will get into the final design
0:56.5	and what they have learned since taking this property live.
0:59.8	We will get into the tech, the operations,
1:01.9	and some numbers on this deal.
1:04.3	You guys, today we had to bring in somebody else,
1:06.3	because Tony cannot answer all of these questions on his own.
1:10.0	We had to bring in his partner, his wife,
1:13.2	Sarah.
1:14.2	So welcome Sarah to the Real Estate Rookie Podcast.
1:17.6	Ah, so excited to be here.
1:19.6	Thank you guys so much.
	...

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