I’m in the process of inheriting a commercial property from my grandfather and am in need of some business ideas. In the past the property has been ran as a bar and is currently being run as a motel, but most revenue comes from tenants renting the rooms out monthly. There are about 9 usable rooms and they are very small, only being rented out at about $600 a month. That being said, after collecting rent, paying the mortgage, garbage, and utilities, it does not profit much. The property still has the front set up in a bar layout it’s just vacant and not being used. I want to be able to benefit as much as possible when this property is passed down to me. i’m not opposed to putting money into renovating. Any advice is welcome. TIA
Inheriting a mortgage from a grandfather is weird IMO not sure of the legal factors or what on that. How small are the rooms actually? If you give us a general layout we can go from there and get you more info. The people who rent hotel rooms long term are either broke crackheads or wealthy people who enjoy the amenities. You need to draw that fine line and profit from the wealthy. Get that bar open and host live music. Is there a pool, conference area?