While Schitt's Creek viewers may be disappointed in the fact that the show has come to an end, they can still indulge their fandom in another way: staying at the show's iconic motel. The property will be going up for sale this fall, and while its rooms aren't currently available for bookings, a new owner could change that.
The question is: Should that new owner be you?
The pros and cons of owning a famous property
The upside of buying the iconic Schitt's Creek motel, or any other famous property for that matter, is clear: Fans of the show will no doubt flock there if rooms open up, which means you may be in line for quite a bit of business. Not only that, but you'll probably manage to command top dollar for the experience of staying in a well-known landmark.
If you invest in the Schitt's Creek motel or a comparable property, you might also benefit from revenue streams outside of overnight bookings. Guests may be interested in tours of the motel, for which you can demand a modest fee. Furthermore, there may be advertising opportunities for you to capitalize on -- any given company might ask to shoot a commercial on location.
On the other hand, there are downsides to owning a famous property like the Schitt's Creek motel. For one thing, you may be so inundated with booking requests, at least initially, that you don't know what to do with yourself. Granted, there's a lot of hype around the show right now due to its recent sweep of the Primetime Emmy Awards, and given that Schitt's Creek continues to be a Netflix (NASDAQ: NFLX) mainstay, its popularity is unlikely to wane in the near term.
Furthermore, if you buy the famous motel, you may find that it attracts too much attention, thereby taking away from the guest experience. And that could end up being a tough thing to manage.
Finally, guests who book a room at the motel might expect some sort of immersive experience -- one that you're not equipped to provide. And if guests feel like their expectations aren't met, they're unlikely to book a repeat stay. In fact, you could wind up with a bout of bad publicity on your hands through no fault of your own.
Be careful when buying a famous property
Whether you're toying with the idea of buying the Schitt's Creek motel or another famous property or home, be sure you know what you're getting into. And also, expect to pay a celebrity property premium of sorts.
Of course, that leads to another issue: It's hard to assess a famous property's market value because while the Hollywood factor might initially boost its worth, that won't necessarily be the case long after you buy it. As such, you could wind up substantially overpaying for a famous property, which could, in turn, eat into your profits.
Jesse Tipping, the current owner of the Schitt's Creek motel, doesn't know yet what he'll list the property for. But he's confident he'll find a buyer without difficulty.
Unfair Advantages: How Real Estate Became a Billionaire Factory
You probably know that real estate has long been the playground for the rich and well connected, and that according to recently published data it’s also been the best performing investment in modern history. And with a set of unfair advantages that are completely unheard of with other investments, it’s no surprise why.
But in 2020 the barriers have come crashing down - and now it’s possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you.
To get started, we’ve assembled a comprehensive guide that outlines everything you need to know about investing in real estate - and have made it available for FREE today. Simply click here to learn more and access your complimentary copy.