Re: Help want to buy motel - Posted by ray@lcorn
Posted by ray@lcorn on September 20, 2007 at 14:20:09:
Ann,
I’ve been where you are and am living proof that your situation isn’t permanent. Twenty years ago I was broke from the failure of two businesses, headed toward a divorce, and was told I was unemployable. Just when I thought things couldnâ??t get any worse, they did. But I got through it, and coincidentally my first big break was getting an opportunity to be a project manager for a hotel/restaurant development.
You’ve got a dream, and if you believe in it strongly enough you’ll be willing to do the footwork. It takes a plan to change what you can, hard work toward putting yourself into position to seize opportunity, and perseverance to keep doing the next right thing when times get tough.
First job is to get control of your credit report. Your bankruptcy is a problem, but enough time has elapsed that it can be overcome if you have no derogatory credit since then. Most bank lenders will understand a divorce scenario, but that’s getting ahead of things.
If you do have issues since, then now is the time to clear it up. Use the credit repair techniques (do a search, there are a lot of companies that do this, but be careful of scams. Use the main and financing newsgroups for referrals) to get your report improved as much as possible. Once you understand the legal process of credit repair, get a list of your current creditors (not those included in the BK, only those since) and make a decision on how to best deal with each one. That may mean officially disputing the claim, working out a deal for payments or, some type of settlement.
Once the credit repair process is underway (it takes some time), start putting yourself in proximity to the dream.
Develop a clear and specific definition of the situation you’re looking for… say a family-owned motel where the owners are ready to retire in a year or so and would benefit from your expertise and past experience in the meantime. Then be willing to owner-finance your purchase. You might work for them for a time to learn the business, perhaps an arrangement to apply part of the salary toward purchase. Other options may include past contacts for partners or a private loan.
Then start looking for what youâ??ve defined. Leads may come from for-sale listings of small motels, or help-wanted ads (both local print and online) for management help. It may involve making several road trips to the areas that interest you. Get into the stream of people who can lead you to what you desire. Mention it to everyone you meet along the way. Never underestimate the power of networking.
Somewhere there is someone that needs exactly what you can offer. And I know from experience that once you take concrete steps toward your goal things start happening to make it real.
Best of luck,
ray
