Buying A Hotel In Everett

If you’re looking at the real estate industry in Everett and commercial buying you may or may not have already considered buying a hotel. This is a completely different form of real estate since it is in the hospitality business, but it is a very lucrative career for someone that wants to take the real estate game up to a higher level.

Hotels are not often put on the market due to their high cost. In most cases hotel deals are made behind the scenes between influential companies and investors. It is certainly something to strive for, however, if you are interested in this service industry and would like to try something new and exciting.

Motels

Sometimes you’ll run into a motel that’s been run as a mom-and-pop industry at the side of the road or even a small motel inside the city. Some of the motels in Everett have been around for years and are sitting on prime real estate property. If you have any interest in investing in a motel you can talk to a real estate agent about this kind of business venture. An agent is in more of a position to hear through the grapevine when a motel could possibly be sold, either as a business or as a location.

The hotel industry risks

There are a lot of risks that go along with owning a hotel. Vacancy rates can be a problem and lower the profits to the extent that the business is no longer viable. If you are looking for a small Everett motel to run and own your best bet is to look for one in a location that would automatically attract customers. Advertising will also help get in the traffic, and you should enlist the help of an advertising agency to help get your business off the ground quickly.

If you’re looking for something different and exciting as an investment opportunity, you may want to consider buying a hotel or motel in Everett. If you are interested in managing the hotel yourself, it is a good idea to have previous experience in the hospitality service industry. If you want to become an owner you’ll have to look at the profit potential if a manager is hired to run the entire operation. Find out what youragent thinks about this possibility and ask him for any advice he has to offer.

Related posts:

1. Basic Checklist For Buying A Condo in Shoreline (6.3)
2. Bothell Home Buying Goals- Looking For the Follow Through (6.2)
3. Buying Your First Shoreline Home – Co-Buying Options Part 1 (6.2)
4. Buying A Condo In Shoreline – Digging Deep Before Setting Pen To Paper (5.5)
5. Frequently Asked Questions about Buying A Condo In Seattle (5.4)

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One of my clients is buying a home in an older neighborhood off Mukilteo Blvd. in Everett. Her title report records the CCR (also known as CC&R), which stands for Covenants, Conditions, and Restrictions. CCRs are intended for the home buyer, who reads through the covenants and decides whether to agree to them.

This particular neighborhood covenant was signed, dated, and notarized on February 18, 1944. The CCR states that the covenant is binding through January 1, 1960, and then automatically extended “for successive periods of ten (10) years” unless a majority of the owners vote to change said covenants in whole or in part.

The CCR contains the usual stipulations about residence size, as well as rules pertaining to the construction of “Out Buildings.”

There’s even an item about “Noxious Use of Property,” which designates that “no noxious, illegal, or offensive trade, or use of land shall be carried on… or anything which may be, or become, an annoyance or nuisance to the neighborhood.”

Item 9

But one item really caught the attention of the home buyer. It was Item 9: Racial Restrictions. It states:

“No race or nationality other than the White or Caucasian race shall use or occupy any building on any lot, except that this covenant shall not prevent occupancy by domestic servants of a different race of nationality employed by an owner or tenant.”

The home buyer – a single Caucasian mom of two bi-racial sons – was absolutely shocked. Understandably, she did not want the Racial Restrictions on the title report, so I called the title company and they removed Item 9 from the report.

It’s intriguing and more than a bit disconcerting that these types of restrictions remain on title reports today.

Racially Restrictive Covenants

Prior to the 1960s, many covenants were used for segregationist purposes. However, African Americans openly defied these covenants, and in 1948, the U.S. Supreme court ruled racially restrictive covenants unenforceable, in Shelley v. Kraemer.

However, private contracts kept them alive until The Fair Housing Act of 1968 banned discriminating on the basis of race or color.

What’s in a CCR?

Typically, CCRs cover the following topics:

• Exterior paint colors
• Required siding
• Pet restrictions, including rules about barking dogs, unchained pets, livestock and poultry, and breeding for profit
• Road maintenance fees
• Easement rights (such as a pathway for power lines)
• Storing RVs or dead vehicles on the property
• In-home businesses
• Clutter
• Tree-cutting
• Outdoor television antenna (whether they’re allowed, and if so, placement of antenna)
• Parking
• Garage use (some CCRs specify that garages are to be used only for parking vehicles, not as storage units, home offices, or man caves)
• Maintenance of joint property (such as a neighborhood swimming pool or playground)
• Fencing (whether fences are allowed, and if so, which type and how high)
• Set backs (how far homes must be from streets and interior lot lines)
• Home rentals
• Common areas (times at which exercise rooms, tennis courts, or pools can be used)
• Trash (where trash receptacles must be stored; how soon cans must be taken in from the street after the garbage is collected)

And, of course, there are rules about how to change or void the covenants!

Chime In

Does your home’s CCR contain any unusual rules? Please share them.

Housing Hope of Everett, WA

A great example of a local company contributing to their Community! Let’s help them out!

Housing Hope Gift Card Drive - March 1st thru March 31st, 2012. 8:00AM to 5:00PM Monday-Friday

The Western Washington Medical Group Family Medicine is collecting gift cards and rolls of quarters for HOUSING HOPE OF EVERETT to help struggling families using emergency shelter and transitional housing or critical services.

Help someone less fortunate than yourself!

Who: Western Washington Medical Group
Location: Western Washingon Medical Group Family Medicine - 3rd Floor Family Medicine Receptionist
Address: 12728 19th Avenue SE, Suite 300
Everett, WA 98208
Phone: 425-225-2755
Email: jgregerson@wwmedgroup.com
Website:www.wwmedgroup.com/centers/familyMedicine/
Cost: $10-$25 gift card

It's now March 1, 2012. My oldest child is 18 years old today!! A milestone in the Arcos family. Another milestone in the family is the continuation of our remodel. We're almost ready to start sheet rocking. Next week we'll be installing insulation and then sheetrock.

Since I last wrote about the remodel, we've had rain, snow and more rain & a little more snow. We had our share of water leaks through our roof & water coming up into the basement from a freshly cut trench in the front yard. Sigh!! But we'll all be better off in the long run. More elbow room for this family.

The new deck over the garage is a decking system made of aluminum planks. The planks are about 5" wide and have built in channels to divert water to the gutter on the north side of the deck. It's a pretty cool system that has a nice warranty.

The radiant floor heating is up and running. It's nice to walk around the house with bare feet and have warm floors. It's especially nice to step onto a warm cast iron shower floor first thing in the morning.

Back in the Rain After visiting Everett, Washington!

Wow - time flies quickly when you don't stay up to speed with your connections on ActiveRain. I've been out of town and out of touch, but am back at work after visiting the town of Everett, Washington.

What a great town. I should have connected with some AR folks to really make it special, but didn't have enough time. That may be the next thing I do when I re-visit the area.

You can imagine what it's like to travel from the desert and cactus to such a different place. And having spent 30 years in Kansas, this is a double whammy!

Some of you may have been to this area and know the restaurants there. This photo was taken at a little coffee shop near the Port of Everett.

I also visited "Anthony's" for some great clam chowder; "Ivar's" in Mukilteo for some tasty oysters; and Lombardi's Italian for the most amazing Lamb Meatballs and pasta.

So Everett, you're a nice town and if you're looking for a realtor in the Scottsdale/Phoenix Metro Area, feel free to give me a call!