OfflineOkay here the description:
$1.8 m price firm. excellent location first hotel on the strip. Foreclosure due to bad health, lender finance, operating, $300,000 down, 8% interest only first year. Land worth $1 million + $10,000 per room Vs new at $60,000 per room (17 cents on the dollar) 5 story interior corridor, 1st hotel on the strip top floor jacuzzi kings, indoor pool , built 1985, 10 million visitors a year. about a mile to new convention center and lake minutes to Dollly Partin, Andy Williams Lawrence Welk and 50 other live entertainment theaters ( seat up to 3000 each), Silver Dollar City amusement park. new jet service airport soon. Repo - no financials . 2.2m appraisal www.bransongrandroyale.com
Location Description:
1 hour from Springfield You will hard pressed to find this nice an interior property at such a good location for so little money down anywhere.
Top floor rooms are jacuzzi kings, lobby, breakfst room, corridors recently updated, stone and glass exterior, newer roof, electronic reader board.
Notice- The owner here is motivated. He is asking for $300,000 down. How would you make an offer and not pay a penny down? Would you ask the owner to seller carry?
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
WOW Jason! find out what is owed on it.maybe you can offer less than he is asking even if he says the price is firm. I guess you can ask him if he can go the route of no money down. But if he is in forclosure you may have to atleast bring it current.
Or can you go HML and refi later to get them out.
I think what he owes is going to be the key to your deal.
Good luck.
Richie.
Since it is commercial they may want to see VOD. I don't know a lot about commercial but commercial is a whole new animal compared to common RE.
Do you have a source to help you with VOD? I have a place that can even give you immediate 60 to 90 day seasoned VOD.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I don't have a VOD source. If you have one that I could use that would be great. Thanks..
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
My friend Ryan contacted me a couple days ago and let me know of his new company Total REI. They have lots of lenders to do the "one day dough" and also they have a way to put money in your escrow and make it look as though it has been there for 60 to 90 days or more if you need. That seems to help with the seasoning law. Click on the Commercial link and read.
http://www.totalrei.com/index.html
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Thanks Sistreat. I will definately look into this.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Does Ryan's company work like Costal? All 50 states? Double closings?
Just curious...
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Just curious...
Dawn
I am pretty sure he does. Go check out the web iste. He offers more thatn back to back closings. Seems like a good deal he has going.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"