#812 The Hotel Death Spiral: David Peters' Secrets on Hotel to Residential Conversion

David Peters is the principle and co-founder of Magnetic Invest, an investment firm that currently specializes in hotel to residential conversions throughout the US. Prior to the hotel to residential focus, David spent more than a decade running anumber of multifamily syndicates and prior to that was the owner and general contractor at LCS residential.

Connect with David: https://www.linkedin.com/in/david-peters-8334554 , [e-mail]

Quote: "If you don't have annual leases on 90% of your units, you can't get that 'fanny freddy' financing."

Highlights: 

8:00 - Hotel's Death Spiral

11:14 - The "Sweet Spot" Hotel Property

15:10 - The Rise & Fall of Extended Stay

18:51 - David's Process for Conversion / The Appeal

21:38 - Gauging Local Support

23:47 - How to Finance

28:00 - How David Sets Up Management

30:10 - Leases / Primary Clients

38:00 - Rental Rates 

 

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