Mark Simpson buys apartment complexes and converts them into boutique hotels. Hotels are harder to finance than apartments, so he acquires buildings with apartment loans instead. He started with a 13-unit building.
April 7, 2024
13-unit building
The issue I was having was the way I was able to take these deals down. For one, a lot of lenders weren't willing to lend really to give me the capital to fund on these deals because for one, a lot of these owners didn't then keep paperwork, right? So their paperwork was sucked a lot of. And then on top of that, I realized that the lending requirement when you want to fund hotels are a lot more stringent than traditional real estate lending requirements. And so, and so then I said, okay, let me just start, let me. How about I just purchase a regular apartment complex that's a lot easier to fund and then I'll just convert those into the boutique hotels that I envision. And so that's kind of what, what allowed me to open my eyes to say, okay, I'm gonna just buy apartment complex and just convert them to a boutique hotel. And I executed the play when I, when I saw, when I came across an opportunity for my first 13 unit building.
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