Why Buying the Abandoned Motel for Airbnb Isn't Going to Work 👎(but more OBX projects to come!)

Summary

Richard Fertig discusses the decision to abandon a motel conversion project in the Outer Banks due to local regulations restricting renovations to 50% of the property's appraised value, making it difficult to bring the property up to code while remaining financially viable. The team emphasizes the importance of doing thorough due diligence before purchasing a property and building relationships with local officials to understand local regulations and how they impact projects.