Posted by jtp on January 31, 2006 at 23:30:06:
This I’ve got to see! Did you get this deal done?
Need Help with “Flipping” Hotel … - Posted by PJ
Posted by PJ on December 01, 2005 at 14:48:48:
I know 2 owners of hotels that are looking to sell asap.
I know 2 people who are looking to buy a hotel asap.
I was thinking of a way to put them together and make some profit.
I have flipped many houses by “assignment of contract”
Is it possible to do something similar in this situation?
For example:
Owner wants 1.5 million for hotel.
I know a buyer willing to pay 1.6 million for this hotel.
Can I just create an assignable contract with OWNER to buy for 1.5 mil and then assign my contract for 100k ?
anyone done this kinda thing before ?
Re: Need Help with “Flipping” Hotel … - Posted by Walt
Posted by Walt on December 05, 2005 at 18:01:40:
You can finance it as a business purchase and I think we can find a way to roll some profit in for you. The option is the way to go and I think it can be used for this if presented properly. Packaged this way, you could get 100% financing for the buyers if the cash flow is right. Feel free to contact me for more details.
Walt
solution@ev1.net
Re: Need Help with “Flipping” Hotel … - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on December 01, 2005 at 16:52:20:
“Purchase option”.
Search the term and you will know what you need to do.
Re: Need Help with “Flipping” Hotel … - Posted by PJ
Posted by PJ on December 02, 2005 at 21:41:00:
I did the search on purchase option, but it does not relate to my situation.
My assignment fee will be $100,000 in this deal.
The buyer does not have $100,000 cash to pay me at closing.
The buyer will most likely want to FINANCE my fee into his Loan to purchase the motel.
So, how can this be accomplished ?
Will a traditional commercial lender allow a 100k assignment to be financed ?
Are there other ways of doing this deal ?
Re: Need Help with “Flipping” Hotel … - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on December 05, 2005 at 07:20:38:
If they can’t come up with 100K for the assignment fee than how are they going to come up with the 30-40% downpayment?
Re: Need Help with “Flipping” Hotel … - Posted by Mike
Posted by Mike on December 05, 2005 at 11:58:46:
Start calling around to commercial lenders and see if they allow an assignment fee.
>>>If they can’t come up with 100K for the assignment fee than how are they going to come up with the 30-40% downpayment?
<<<
Who says you need 30-40% down for a downpayment? If any of your buyers want to make an attempt to live in the hotel you may be able to get 100% LTV, higher rate though.