Posted by Walter on January 28, 2009 at 08:56:13:
Thank you! I understand your point.
Help To Structure NO Money Down Deal On A Hotel - Posted by Walter Wright
Posted by Walter Wright on January 23, 2009 at 16:24:39:
Investor Needs Help To Structure NO Money Down Deal On A Income Producing Commercial Property
Iâ??m looking for ideas/suggestions on how to structure a fair NO Money down deal to purchase an income producing Flagged Hotel. I will not inundate you guys with all of the property information, but I will try to provide enough details to solicit some NO Money down scenarios.
Asking Price for 409 room Flagged Hotel, 5 miles from major International airport - $10,500,000.00. Owner will carry a 3 year note for 60% of asking price at 6%.
Hotel will require about $6,000,000.00 in upgrades for rebranding.
I will obtain a loan for $20,000,000.00 to purchase and rebrand hotel.
Hotel value after rebranding, about $40 to $50 million.
The hotel currently does not perform very well because the owner is running it himself without a management company, and little to NO marketing.
If more information is needed to make a feasible NO Money Down suggestion, please email me at walterwright@qualitycapitalgroup.com to discuss more about the property.
Re: Help To Structure NO Money Down - Posted by Mike
Posted by Mike on January 24, 2009 at 07:38:13:
Also, see if the owner will carry 75-80% since it is not performing. I have had cases where the owner would carry 100% if the property needs repairs or in your case rebranding of the hotel name.
Re: Help To Structure NO Money Down Deal On - Posted by Mike
Posted by Mike on January 24, 2009 at 07:34:53:
Shoot me an email. We may be able to partner on this.
Re: Help To Structure NO Money Down Deal - Posted by cam
Posted by cam on January 23, 2009 at 21:16:21:
It ain’t gonna happen. Doesn’t matter how much
information you provide.
Re: Help To Structure NO Money Down - Posted by Walter Wright
Posted by Walter Wright on January 24, 2009 at 11:57:06:
Mike,
Thanks for responding to my post.
I’m sure that the owner will carry 75% he is very motivated,we may want to offer a little higher interest, maybe 6.5% or 7%. This is a great opportunity for any investor, only if the investor have the funds to remodel the hotel and get a good management company in place.I’m open for a JV, because I know that this is a very solid investment with unlimited potential. I feel obligated to tell you that, this is a long term investment for me, I am not looking to purchase low and sell high. I’m in the process of building a commercial portfolio, and I would love to have a partner thats looking for solid investments. We can draw up a JV contract for 3 or 5 years if you’d like.
Re: Help To Structure NO Money Down Deal On - Posted by Walter Wright
Posted by Walter Wright on February 21, 2009 at 17:29:13:
Hello Mike,
Thanks for your response. Sorry it took so long for me to get back to you, but I’ve been very busy with two commercial properties opportunities. I don’t have your email address to discuss this in more detail. Please provide your email address and I will begin dialog with you about my deal. Seriously! this is an excellant opportunity.
Re: Help To Structure NO Money Down Deal - Posted by Walter
Posted by Walter on January 26, 2009 at 12:45:57:
Thank you for your professional response!
Re: Help To Structure NO Money Down - Posted by Paul Youngblood
Posted by Paul Youngblood on February 17, 2009 at 14:46:46:
I would take a look at a JV deal…however,I would need complete,consise details on this project.I understand that you are looking to build a portfolio of solid investments.I’m not going to go into details here,so send me what you have to my e-mail address,and we’ll put our heads together on this one.I have access to a hard-money lender who might be interested in this type of deal.
Re: Help To Structure NO Money Down Deal - Posted by brandoncbsre
Posted by brandoncbsre on January 27, 2009 at 09:51:36:
Walter, please dont berate regular contributers of the board.
Cam was not wrong in her response. You are asking for a $20MM loan when you only need $16MM…no financier is going to give you that going into the deal unless you are cross-collateralizing this property with some substantial asssets as well.
Be leery of anyone who says that they can do this without collateral other than the hotel. There is a good chance that they are either lying to you or the investors that they represent.
Good Luck to You
Re: Help To Structure NO Money Down Deal - Posted by Paul
Posted by Paul on February 17, 2009 at 14:55:53:
In response to Cam…I don’t care if she posts 100 times a month,that response was a little over the top,I mean if you are going to automatically cut someone’s legs off…at least start at the ankles,don’t be so apt to kill something before you know all of the details,and I’m thinking there may be a little more to it…if it don’t fly,then it don’t fly…simple and plain.