[realitygrill]

We rent bunk beds in shared rooms, mostly to people on fixed short term stays -- interns, visiting academics, founders in accelerators (particularly 500 Startups as they're extremely close).

We're selling the company itself.

[bsvalley]

Do you guys own the rooms or are you renting them out, then subleasing them to people at a higher cost per head? There might be some legal issues in this case?

[bluehat]

The company holds a lease on a small apartment complex

[mattbrewsbytes]

Why sell at all? I get that you want to focus on your startup but if time is the issue, then just hire someone to competently manage it like a property manager of sorts to setup renters the same way you do now. Pay them out of the $90k profit and you should still have profit left over for not much work at all.

Also, rents only go up right? The longer you hold the property lease it the more passive income you get.

[jklein11]

How long is the lease for? I really don't know the space that well but I would imagine it would be hard to get a premium for a one year lease. If its true that the major value add the lease is the one thing of value.

If you look at it from the buyer's perspective, they would be paying you for a job that pay's roughly 90k per year.

This is just my $.02 but I think it makes sense to hire someone to run this full time. For 90k + free room and board I would imagine you could find someone very competent to take it over. You would get the profits and likely make your business more marketable.

[bluehat]

If the company was still owned by us I do not believe a $90K salary is a given, especially prior to that person going full time to run the company at a higher efficiency.

We have reason to believe our lease is good indefinitely.

We think there are other things of value in the company than the lease. Starting one of these places yourself isn't cheap, easy or quick. Making sure your dorm is listed in new hire/intern/founder material takes time and connections, generally from former residents.

It also takes experience and skill to properly lay out houses and incentive structures which motivate residents to cooperate and be good to each other. Some of our systems are pretty elaborate. For example: we manufacture large batches of dish sets and silverware each with a different animal. Residents are assigned an animal, and only allowed to use the dish set with that animal. This has lots of utility: it means residents have to clean their dishes before making more dishes, it creates personal responsibility around abandoned dirty dishes so the kitchens do not become hellish, and it mitigates the variation in the definition of "clean" one might find between an undergraduate intern and a doctor doing their residency. We also believe it is a key piece of what has helped prevent the dorms from ever having a flu outbreak.

[le-mark]

> We have reason to believe our lease is good indefinitely.

This is the lynch pin for the entire enterprise; I'd want to see proof of 5 to 10 years remaining on the leases. Otherwise, too much risk. Note I'm not interested, but advise caution!

[godot]

Hey, how should I reach out to you if I'm interested? Can't find a PM function on HN, maybe email?

[bluehat]

[e-mail]