How to Buy a Motel

Prove to a lender that you are capable of running a motel. Even if you are interested in purchasing a small motel, in addition to general management skills, you will need to understand basic bookkeeping and accounting concepts, be able to create a budget, keep accurate financial records, promote a favorable public image of the motel and communicate well with people.
Find out as much as you can about the motel you are interested in buying. Ask how long the motel has been in business and how long it has been under the management of the current owner. Ask why the owner is selling. Ask for the motel's financial records for at least the past three years.
Get the advice of an accountant or attorney who can examine any financial documents related to the day-to-day operation of the motel. Choose someone knowledgeable in the hospitality industry who can help you determine the value of the business. Take a look at other motels in the area. Educate yourself as much as you can about the local competition.
Make an offer once you verify the financials. Make the purchase contingent upon you getting the financing. Know what you can afford going in. This is also the time to specify any other conditions of sale. For example, you might request that the current owner make certain repairs or alterations before the date of closing. The overall condition of the property is a critical factor in determining the price.
Negotiate a sale price, amount of deposit and a settlement date. A sales contract signed by the seller gives you the option to buy the motel subject to each of the conditions as specified in the contract. Don't be afraid to negotiate the selling price. While most sellers expect to receive offers lower than what they are asking, be both realistic and fair in the offer you make. Although the final price a seller will accept varies in each situation, some sellers will accept as much as 20 percent lower than the asking price.
Secure financing. Even though a lender will consider the motel itself as one form of collateral, you may have to put up your house as additional security. Aside from having good credit, the lender will want to see proof that the motel will generate enough cash flow each month to pay the bills, including any loans secured to purchase the business. If you can show that the motel takes in more income each month than the money it pays out in expenses, you should be able to qualify for a loan. Lenders typically consider the motel industry a safe investment.
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How to Make Money Fishing in Hawaii (5 Steps)

Become a charter captain. This option requires the most equipment. However, it also offers the most income potential. As a charter captain, you derive income from both the charter fees you charge as well as from the fish you are able to sell commercially. To become a charter captain, you will need to obtain the appropriate licenses from the Coast Guard, the National Marine Fisheries Service (NMFS) and the State of Hawaii. The licenses will vary by your target species, the number of passengers you hope to carry, and the type of fishing you do.
Start a commercial fishing operation. Hawaii is a large consumer of fish, so there is definitely a commercial market for fish and seafood in the islands. Similar to a charter business, a commercial fishing operation is equipment-intensive. You will also require a license from the same entities as you would for a charter business. Unlike the charter business, you would spend more time fishing and less time trying to sell charter shares on your boat. A blended approach, in which you fish commercially on days when you have no charters, may be a good compromise between the two options.
Enter fishing tournaments. The islands of Hawaii are home to several large fishing tournaments, such as the Maui Jim Classic, that are known to pay hundreds of thousands of dollars in prize money. Despite this tremendous upside, you will face fierce competition and run the risk of having wasted time, fuel and a large entrance fee only to come home with a t-shirt.
Try inshore fishing. If you don't have a boat, there are still ways to make money fishing in Hawaii. Spearfishing for commercially viable inshore species, such as octopus, is one way to limit your equipment costs while making money. Spearfishing can also yield the occasional surprise as larger pelagic species, such as yellowfin tuna, often wander close to shore in Hawaiian waters. Using a cast net or fishing pole to target fish like tilapia and moi can also yield a salable catch.
Target fish for the aquarium trade. Catching fish for sale in pet shops and aquarium retailers is a big business in the islands. Hawaii's beautiful reefs make it an excellent location for catching aquarium-bound fish. Many reef fish are protected or off limits, but others like the yellow tang, Hawaii's most valuable inshore species, are abundant.
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