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Renting a property

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Jeffreyjohn527 started this discussion 17 years 1 week ago

Hello to all here at Hostel Management....

I am starting a hostel in the US and am trying to rent a property but the problem that I keep running into is that most landlords want nothing to do with a hostel being run out of their houses. Any ideas on what to do here?

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seematt

16 years

I rent, and for me it was the best course. $40K required to buy existing hostel business, which I was able to do by maxing out credit card lines. However after 5 years, I pine for my own property. One that I can fix up and take care of. Here the landlord is responsible for lots of things according to the lease, but does very little (he didn't get to be a multi millionaire by being nice to his tenants).
One problem, with a new use (ie. from commercial retail to lodging) you'll have to comply with new fire codes and generally that will include sprinklers, central fire panel, monitoring, etc. Be sure do ALL the research first!!

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Mikehattan

15 years

tell your landlord that you're setting up a bed and breakfast, then market it as a hostel .... they're very similar, but a bed and breakfast sounds less offensive ...

I would not recommend initiating a business relationship based on a lie. As a landlord I would take a very dim view of this kind of behavior.

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aboriginalhostel

15 years

I would not recommend initiating a business relationship based on a lie. As a landlord I would take a very dim view of this kind of behavior.

It's not a lie. Rather a way of explantion about what a hostel is like. Many people have no clue about this definition at all, mostly because they haven't been in one. Many property owners think just because there are some strangers share a room together and stay on a budget, maybe they can't afford a decent hotel room, ergo they won't care and run the property down. This is just an allegation. As a hostel owner for seven years, I can assure you that.

We take care of our business more than any other tenant would do, especially as WE PROVIDE a service and our reputation can't afford to lose customers by not keeping up everything top notch.

Can I ask you to describe us in few words what would you expect from the ideal tenant to tell you if they'd like to open a hostel in your property?

Just to help all these people out craving for feedback... Your help is highly appreciated! ;)

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Vald

13 years

Buy it. It is always more financially sound.

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