Suggestions - Posted by James

Posted by Bill Gatten on January 21, 2000 at 12:18:04:

Contact Lee Summit of 1 800 599 9979 (California Senior Citizen Services).

He’s an investor who I’ve worked with on numerous properties. He is presently planning to get into Limited Care Facilities for the aged and will soon be (if he’s not already) looking for properties like the one you described. He’s asked that I do some research on the subject (and for available properties) for him…and, quite candidly: I don’t know my ground from a hole in the glass about that concept, much less the business. He could have asked my Doberman to do the research, and gotten just about the same degree of expertise.

Let him know I referred you (it’ll make him think I’m doing something).

Bill Gatten

Suggestions - Posted by James

Posted by James on January 21, 2000 at 09:27:24:

I have been a real estate investor for some time. I currently have a problem with a property and was wondering if anyone had some suggestions on how or what I could do with it. To make a long story short, another investor and myself leveraged quite a deal on an old three story hotel in a small town. The hotel had been operating up to two years before we bought it. The problem arose through a partnership which I was contributing the bulk of the money for renovations and my partner could not or would not do so.
We now have an old hotel, eating up taxes and we are not talking very much. It has been on the market for some months now, but no deals have been finalized. I have a very successful start up company that I run and just do not want to deal with this albatross. Basically I would give it away and take a loss, but I was wondering if anyone had other ideas to utilize this building. There are no rooms in this town to rent, but there is also a need for low income housing - mental health or homeless people. Does anyone know how I could possibly turn this building over to a non-profit corporation and have that corporation apply for grant monies or something from HUD to renovate this historic building into a residence for people? Or just any suggestions to help me out of this partnership and utilize this building?

Thanks for any ideas or advice.