The Hotel Investor Playbook Lessons Learned from a Failed Motel Deal | Tanya Rooney E14
Jan 21, 2025
In a candid conversation, Tanya Rooney, a savvy real estate investor and short-term rental expert, shares the rollercoaster of her failed motel investment. She dives into vital lessons about spotting red flags during due diligence and emphasizes how partnerships can mirror marriages. Discover the critical role of community support in business and the importance of hands-on experience over just theoretical knowledge. Tanya’s insights provide invaluable strategies for anyone aiming to navigate the challenging waters of hospitality investing.
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Buying A Roadside Motel
- Tanya found an 18-unit roadside motel in Wisconsin and entered a partnership after repeated diligence and underwriting iterations.
- She invested sweat equity and rebranded rooms but discovered revenue and operational gaps once live.
Hotels Come With Baggage
- Hotels carry operational baggage and community memory that short-term rentals don't.
- You must overcome past reviews and local perceptions to reset a property's reputation.
Define Partnership Roles Up Front
- Clarify partnership roles, expectations, and contingency plans before committing.
- Define who will pick up slack if a partner becomes unavailable and document responsibilities.