ICG Posted September 22, 2022 Share Posted September 22, 2022 (edited) Overlook Motel in Eagle Lake, Maine is for sale ... I might be interested if the #'s work. Have you stayed there? Trail access, was it decent? Were you happy with the place / location,? Any idea how long this place has " really" been for sale ? Happy to see any comments, just found it listed a couple hours back ... Sometimes there's plenty of dirt swept under the rug, if you know where to look. Thanks Edited September 24, 2022 by ICG Title change Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted September 24, 2022 Gold Member Share Posted September 24, 2022 I believe I’ve gone by it crossing the lake other than that don’t know nothing about it. I will say damn that’s a lot of $200 a night room stays to make that 4.3 million investment payoff. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted September 24, 2022 Share Posted September 24, 2022 My bid bought a motel some yrs back . More so his buds did not trash his house on big weekends lol . He deff did not need it to succeed or even break even . That said even when he attempted to sort of work it after a full remodel it was a loosing proposal. After a bit He said fuck it rented to a few regulars who knew where the keys were and to guys looking for long term . Pretty much to to pay for propane and deduct the place as a buisness loss. Tough to make a decent living off of a motel Quote Link to comment Share on other sites More sharing options...
ICG Posted September 25, 2022 Author Share Posted September 25, 2022 On 9/23/2022 at 9:07 PM, 800renegaderider said: I believe I’ve gone by it crossing the lake other than that don’t know nothing about it. I will say damn that’s a lot of $200 a night room stays to make that 4.3 million investment payoff. Let's see . . . 11 rooms starting at $ 96.00 5 Cabins maybe $ 200 a night? 365 days a year, PRAY 🙏 for 50 percent occupancy. Town Assessment at 100 percent $887,980. Pay a 20 year mortgage at 7 percent. Salary for house helping / management / groundskeeper , / book keeper + accounting. Town Taxes. Heat / Electric bills. Water + Sewer bills Property Insurance - ( commercial policy's are expensive) Property + Building maintenance? Who know what extra surprise bills there are? Wide spread between Revenue v. Accounts Payable. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted September 26, 2022 Share Posted September 26, 2022 8 hours ago, ICG said: Let's see . . . 11 rooms starting at $ 96.00 5 Cabins maybe $ 200 a night? 365 days a year, PRAY 🙏 for 50 percent occupancy. Town Assessment at 100 percent $887,980. Pay a 20 year mortgage at 7 percent. Salary for house helping / management / groundskeeper , / book keeper + accounting. Town Taxes. Heat / Electric bills. Water + Sewer bills Property Insurance - ( commercial policy's are expensive) Property + Building maintenance? Who know what extra surprise bills there are? Wide spread between Revenue v. Accounts Payable. You will be lucky to have 100% occupied 5 long weekends a yr And lucky to have 50% 150 days a yr most week days will be 99% empty except for the random looser renting long term and he will prob be working off some of that rent around the place . Motels are a tough go especaly if you are going to owe on it . Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted September 26, 2022 Gold Member Share Posted September 26, 2022 8 hours ago, ICG said: Let's see . . . 11 rooms starting at $ 96.00 5 Cabins maybe $ 200 a night? 365 days a year, PRAY 🙏 for 50 percent occupancy. Town Assessment at 100 percent $887,980. Pay a 20 year mortgage at 7 percent. Salary for house helping / management / groundskeeper , / book keeper + accounting. Town Taxes. Heat / Electric bills. Water + Sewer bills Property Insurance - ( commercial policy's are expensive) Property + Building maintenance? Who know what extra surprise bills there are? Wide spread between Revenue v. Accounts Payable. Obviously I don’t know the actual numbers and I don’t own or have any interest in owning a business so this is just guessing on what I see. The place is listed for 4.3 million I just don’t see it working anywhere near that number. The rooms booked at 50% what you were hoping for so 11 rooms at 96 night for half the days a year 192,720. The cabin rooms at 200 night half the year 182,500 for a average of 31,268 month taking in. So say you put down a million and get a 3million dollar loan at the 20yr 7% you suggested is 23,258 just p&i a month. Now add another 15k yr/ 1250month in taxes per ad. Guessing 2k? month pay housekeeper,3k? Manager, grounds, accountant, insurances, utilities and maintenance who knows cost all that??? . To me the numbers don’t make sense at the asking price or close to it you’d be barely breaking even if not losing money paying near that price. I guess it could work if you put a large sum down at the listed asking price. Now if it was 1 maybe 2 million I’d be little more optimistic. The place looks decent enough and has good reviews on google so that’s a plus. https://www.mainelistings.com/listings/ME/Eagle-Lake/04739/3232-Aroostook-Road/1530113 Quote Link to comment Share on other sites More sharing options...
ICG Posted September 26, 2022 Author Share Posted September 26, 2022 (edited) .... Edited September 26, 2022 by ICG Error Quote Link to comment Share on other sites More sharing options...
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