Owner financed hotels for sale

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Ben Ertl

Ben Ertl

from Appleton, Wisconsin

posted over 1 year ago

Hi all,

I'm exploring an opportunity to by a hotel that my wife and I would live in.  My parents owned a similar property, I had helped run it throughout growing up.  I'm involved in the hotel industry career-wise as well.


I've been focused on multi-families for quite some time, but I'm really leaning on starting a hotel with my wife (we'd live in the house on the premises).  The sellers are retiring and are willing to do seller financing; however, they have plenty of money (150k) left on their current mortgage which they'd need paid off upon sale.

If the whole purchase price (350k) could be seller financed they'd do it, but they need that current mortgage paid off.  Has anyone run into a scenario of using private lenders to front the cash for the down-payment in conjunction with seller financing for a commercial property such as this?


Lots of information I'm not giving here: RevPar, occupancy, taxes, 30 units, location, seasonality, etc but I'd like to see about the financing viability first as a possibility if the numbers look good.

Saajan Bhakta

Hi,

I'm not 100% sure - but look into wrap around mortgage. Essentially, it means - you pay the owner which in turn he pays his existing $150k mortgage. I've heard of this before in the hotel industry. Not sure how they could pay off their mortgage upon sale as your down payment might be lower than $150k.

I'm also in the hotel industry (30 unit motel near Minneapolis) so if you need any advice or questions, I'f be happy to help.

Saj

Ron Flatt

Top Subjects:
Rentals and Taxes & Accounting

Ron Flatt

Investor from Hillsboro, Texas

replied over 1 year ago

You take the risk of it being called, but you can purchase subject to on an owner finance.  You would need to make sure that you take care of the note and an additional payment to them for their equity.  Another option is to borrow the enough to buyout the first note on a new loan, and then sign a personal loan to owners, (note:  if i was the seller, I would not agree to this, because all I have is your signature for collateral).  I am not sure of your relationship with owners, but you do need to make sure that you can make them whole.  

Miguel Planas

There are many options to buy.  I call this one a refi-purchase with partnert buy out. One would be to register as a partner with the owner(s) if it is a corporation.  You then refinance as a partner buy out.  Owners must agree to this scenario, the actual mortgage for $150,000 will be paid off and you will assume the mortgage being refinance. No need for owner finance.

Tim Swierczek

Top Subjects:
Traditional Financing, Flipping, and Real Estate Finance

@Ben Ertl Banks that finance commercial properties like this are much more willing to allow this sort of transaction without the loan being paid off.  I'd have the sellers ask for the permission to sell it to you with owner financing without the need for paying them off and see what the bank says.  If the bank says no, I'd ask a follow-up question "Are there any circumstances under which you would allow us to do this transaction without paying you off?"  Are you able to put any money down on the current loan which would further lower the lender's risk?

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@Tim [email protected] Planas  WOW, these ideas are very creative and I would've never thought to do either of these ideas.  Even simply asking the seller to talk to the bank and see if the due on sale clause can be avoided with more down payment or another scenario.

The partnership idea seems like I'd have to do a lot more research before presenting that idea. I don't want to scare these folks off. I think the property is under personal ownership of the couple, not an LLC or corporation.

Eric Mayer

Top Subject:
Team

Eric Mayer

Rental Property Investor from Clearwater & Daytona Beach, FL

replied over 1 year ago

I recently purchased an 8 unit with a combination of hard money lending and owner financing. I gave the seller a 15% down payment, transferred her hard money loan into my name (really just restarted the loan in my name,) and don’t have to give the seller any more money for 3 years so that I can cash flow. 

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@Eric Mayer Did you use the hard money for the down payment only after it was in your name?  If so, how did you go about putting that hard money in your name?

Did you personally know the seller to get a good deal on 3 years of no payments?

Eric Mayer

Top Subject:
Team

Eric Mayer

Rental Property Investor from Clearwater & Daytona Beach, FL

replied over 1 year ago

@Ben Ertl I should have been more clear. The 15% down was my own personal money that I gave the seller. 

I didn’t know the seller, but knew they were very motivated. I knew it was very risky for the seller to not hold the note so I offered full ask and used 2 of my other properties as collateral (Just the equity I have in them. She would get no properties if I foreclosure. Told her $50k each.) I told them I needed to not make any additional payments to the seller for 3 years if they want the deal to work. 

This was all on a conference call with the owner and a well known podcaster who happened to be her RE agent. I tried to use my Corvette and a diamond as collateral instead of the properties since that would cost me less. Was some fun negotiating. I love that stuff.

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@Eric Mayer Brilliant.  Thanks for clarifying.  For the 2 properties used as collateral, did you use the full equity of both?  Or a certain % of equity for both?

Eric Mayer

Top Subject:
Team

Eric Mayer

Rental Property Investor from Clearwater & Daytona Beach, FL

replied over 1 year ago

@Ben Ertl Thank you. It was one of my prouder moments. I would never personally owner finance a property to someone and not hold the note, but she was willing to risk it because of my track record and the potentially larger payday. We simply put a value of $50k each property in the contract. It wasn’t based on any percentages or anything. Just what I told them I had in the conference call. 

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@Eric Mayer Makes sense, thanks again.  I'm balancing two sides.  

1) Creative financing and maneuvering to get a larger property with a lot of potential (i.e. many units, owners don't do online bookings at all, positive Google reviews already (43 at 4.5 avg), etc).

2) Being more conservative and continue the residential, multi-family investing that I'm more familiar with and is obviously less expensive upfront.

The lifestyle change with a hotel is something that we would welcome as an adventure - my wife and I are both 26 and have very little overall debt vs income.

Being conservative isn't a bad strategy.  You just always hear the people who made a name for themselves get started with some awesome deal that took a lot of creativity / forced appreciation / etc.

Miguel Planas

Just keep in mind that the Lender want to be in 1st Position. You can always have a 2nd (Lender in Place) if there is enough equity to lower your down payment. If the hotel is doing great financially (Repayment Ability) there is even No Financials from the buyer except proof of funds for down payment and acceptable credit. In your scenario already have experience so that is covered. Sounds like a great opportunity

Oliver Carey

Here's a better way to structure the deal since they are willing to owner finance - SBA can fund up to 90% of the PP for 25yrs low interest as long as the property DSCR is 1.25 - use your funds or seller concessions for the down payment needed

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

I'll have to look at SBA as an option. I've been told it's hard to qualify and receive but if it's a viable possibility then worth investigating. Thanks!

David H.

Top Subject:
Team

David H.

Rental Property Investor from Portland, ME

replied over 1 year ago

@Oliver Carey

I agree with Oliver. SBA would be a great option. I’ve worked on similar situations as an SBA lender.

SBA 7a loans can be closed in 30 days with the right lender. It all depends on who you choose to work with. I’d try LiveOak Bank or Ready Capital for something like this.

Something to watch for with some SBA shops is some avoid rural areas and independent hotels.

Another thing about SBA in general is make sure you work with a “PLP” lender. Just ask them and if they don’t know they are one walk away.

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@David H. The hotel is definitely not in an urban town but it's not completely out there in the wilderness either.  An SBA loan to cover 90% (give or take) would be ideal combined with the seller financing if that is even needed.

I wonder if you could do an SBA for whatever the owners still owe on the mortgage and then have them finance the rest so that you'd be paying very little to actually buy the place.

David H.

Top Subject:
Team

David H.

Rental Property Investor from Portland, ME

replied over 1 year ago

@Ben Ertl

The structure would differ from SBA lender to lender. I think you could get structure in a few ways that would be beneficial to yourself and the seller.

Some SBA Lenders can structure up to 100% LTV (I know its crazy and I'm not sure how they pull it off, looking at you LiveOak). Most likely you would have to come in with 5% Down. Especially since this is a hospitality project which would be considered a special use property.

One issue with Seller Financing on SBA loans is the seller financing must be on full standby for the life of the loan in most cases. The seller financing must not exceed half of the required equity injection. Typically we see: 5% Down payment + 5% seller financing + 90% LTV. It really depends on the seller if they would be willing for such an arrangement.

You could (and I don't suggest this) use borrowed money (hear me out) for your portion of the down payment ONLY IF you are able to pay that borrowed money with outside income. I am working on a business acquisition with real estate and the $200,000 down payment is completely borrowed and being payed down with outside capital (the purchaser is a doctor). This is a very rare, very risky, and highly frowned upon method, but hey, its possible.  (spouses income can count as outside income for paying down borrowed equity injection) 

Ben Ertl

Ben Ertl

from Appleton, Wisconsin

replied over 1 year ago

@David H. Thank you very much for spending time helping me.  5% down with perhaps 5% seller financed would not be a big deal (at least not for me).

I'll reach out to LiveOak and see what they say - they might not cover my area in WI but either way I'm sure the conversation will yield some value.

The owners are looking to retire (although apparently aren't in a rush) so you'd think they'd be perfectly willing to do a measly 5% seller financed to find a buyer in an area that is not a "hot market".

David H.

Top Subject:
Team

David H.

Rental Property Investor from Portland, ME

replied over 1 year ago

@Ben Ertl  Happy to help Ben!

If you'd like a good contact at LiveOak just send me a message. My old boss who taught me everything I know in SBA is working as a nationwide lender at LiveOak. He is specializing in business acquisitions and real estate so I think he'd be a perfect fit for your scenario. If he can't do it I also got a few others guys I think would be happy to take a look.


Carlos Saavedra

Any update on this deal? I am in a similar circumstance and clearly the world has changes so its difficult to find a lender to refinance. Luckily my hotel has performed well enough to cover existing debt service, but refinancing would go a long way toward increasing cash flow.

Sours: https://www.biggerpockets.com/forums/311/topics/799079-30-unit-hotel-private-lender-seller-financing

SW Hotel Brokerage Co. - OKLAHOMA Properties

Please contact us if you need further information on any of the properties below.

Thank you
SW Hotel Brokerage Co.
Kevin Lambdin - Broker


For Information on the OKLAHOMA REAL ESTATE COMMISSION CONSUMER PROTECTION NOTICE CLICK HERE


New Listing: Knights Inn of Fairview OK - Possible Owner Financing

* 15 Rooms

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  • Nice Updates

  • Beautiful Pool

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    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]


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    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]


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    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]


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  • 2020 Revenue $489k

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    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]


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  • Indoor Pool

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    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - (918) 798-5776


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  • The Property has a Bar that rents for $2500 per month

  • Very good reviews on Expedia, Google and Booking.com

  • 2019 room revenue $340k area plus $30k rental income from Bar

  • Motivated Seller

    see their website at: Click Here

    Offered at: $ 1.2

    PLEASE DO NOT CONTACT THE PROPERTY, OWNER STATES TO CONTACT THE BROKER ONLY FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776


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  • Great Highway Frontage

  • Truck Parking

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    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - (918) 798-5776


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    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - (918) 798-5776


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    Kevin Lambdin - (918) 798-5776




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    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - (918) 798-5776


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    PLEASE DO NOT CONTACT THE PROPERTY ; OWNER REQUEST THAT YOU CONTACT THE
    BROKER FOR VIEWING OR INFORMATION

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin - (918) 798-5776


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    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact SW Hotel Brokerage Co.
    Kevin Lambdin Owner/Broker (918) 798-5776


  • New Listing - A-Ok Motel in SE Oklahoma Area

    A-OK Motel in SE Oklahoma Area
    Great location ; Very clean and well maintained, long term owner�


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  • City of Wilburton open to site redevelopment/conversion to multi-family living (apartments)



    PER OWNER DO NOT CONTACT THE PROPERTY ; PLEASE CONTACT THE BROKER FOR VIEWING OR INFORMATION.

    For more information or viewing contact Southwest Hotel
    Kevin Lambdin - Agent (918) 798-5776


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    Offered at: $2.8m

    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]



    New Listing: The Lonestar Inn & Suites by OYO - Erick OK

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  • GREAT potential for developing the 5 acres of land

  • Large Parking Lot

    Offered at: $ 1.2m

    Viewing is by Appointment ONLY through Broker
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]


  • New Listing - Valero Gas Station Store in Ringling OK

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    Solid numbers.
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    Viewing is by Appointment ONLY through Broker per Owner
    For more information or to set up viewing of the property contact:

    SW Hotel Brokerage Co.
    Kevin Lambdin - Broker/Owner (918) 798-5776
    [email protected]











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Unique 4 Star Hotel in Blackpool; Location: Blackpool, Lancashire, UK Description: The Old Coach House in Blackpool is completely unique when in comparison with any other hotel in the town. I envision a kiteboarding community being built here. 5+ acres "Turnkey" business. Contact: Cathleen Turner, Preservation North Carolina. Strickland's Pocono resort is no more. We specialize in: Oceanfront hotels and resorts for sale in the Caribbean and Latin America Caribbean oceanfront land for sale - for development, beachfront homes, or investment Oceanfront villas for sale in the Caribbean Many of our listings are "pocket listings" - meaning the resorts are. Resorts such as the Concord, Nevele, Laurels and Kutscher's attracted. Browse mobile home parks for sale in Michigan (MI). By 1930, that number had jumped to an astounding 23 million! With travelers abandoning trains and horses in favor of the Model T and the lure of the open – if often times bumpy, unpaved, and poorly marked – road, demand grew for a clean. Okmulgee in the early 1900s was a hub for the oil industry. 80 acres of land. Jul 09, 2021 · Especially abandoned homes, which were at one point a family's most private and personal space. 51% (goal is

    Sours: http://sfb-projektbau.de/abandoned-motels-for-sale.html
    How to Owner Finance a Property - Make Huge Profits with This Strategy

    Owner Financing

    What Is Owner Financing?

    Owner financing is a transaction in which a property's seller finances the purchase directly with the person or entity buying it, either in whole or in part.

    This type of arrangement can be advantageous for both sellers and buyers because it eliminates the costs of a bank intermediary. Owner financing can create much greater risk and responsibilities for the owner, however.

    Key Takeaways

    • Owner financing is sometimes referred to as “creative financing” or “seller financing.”
    • Typically, this type of financing is disclosed in the advertising of a property when owner financing is an option.
    • Owner financing requires that the seller take on the default risk of the buyer, but owners are often more willing to negotiate than traditional lenders.
    • Owner financing can provide extra income to the seller in the form of interest.
    • Sometimes, owner financing is known to help a property sell more quickly in a buyer's market.

    Understanding Owner Financing

    A buyer might be very interested in purchasing a property, but the seller won't budge from a $350,000 asking price. The buyer is willing to pay that amount and can put 20% down—$70,000 that they gained from the sale of their prior home. They would have to finance $280,000, but they can only get approved for a traditional mortgage in the amount of $250,000.

    The seller might agree to loan them the $30,000 to make up the difference, or they might agree to finance the entire $280,000. In either case, the buyer would pay the seller monthly, principal plus interest on the loan. These loans are somewhat common when the buyer and seller are family or friends or are associated in some other way outside the deal.

    Owner financing is for just a short period of time in many cases until the buyer is able to refinance to pay the owner in full.

    Advantages and Disadvantages of Owner Financing

    Owner financing is most common in a buyer’s market. An owner can usually find a buyer more quickly and speed up the transaction by offering financing, but it requires that the seller take on the risk of default by the buyer.

    The seller might require a larger down payment than a mortgage lender would compensate for the risk. Down payments can range from 3% to 20% with traditional mortgage lenders, depending on the type of loan. Down payments can be 20% or more in owner-financed transactions.

    On the upside, these transactions can offer the seller monthly cash flow that provide a better return than fixed-income investments.

    Buyers typically have the greatest advantage in an owner-financed transaction. The overall terms of financing are usually much more negotiable, and a buyer saves on bank-assessed points and closing costs when they make payments directly to the seller.

    Requirements for Owner Financing

    An owner-financing deal should be facilitated through a promissory note. The promissory note outlines the terms of the arrangement, including but not limited to the interest rate, repayment schedule, and the consequences of default. The owner also typically keeps the property title until all the payments have been made to protect himself against default.

    Some do-it-yourself transactions can be fully managed by the owner, but assistance from an attorney is generally advisable to ensure all of the bases are covered. Paying for a title search can be beneficial as well to establish that the owner/seller is, in fact, in a position to sell the property and that they can eventually release the title in exchange for financing some portion or all of the deal.

    Sours: https://www.investopedia.com/terms/o/owner-financing.asp

    Financed sale owner hotels for

    To say that she was beautiful is not Forty minutes drive, and we drove into some village. Another five minutes and we stopped near the house. I got out of the taxi first and looked around. The snowflakes did not boldly fall on the ground.

    12 Unit Hotel For Sale In St.Pete Beach - Owner Financing Available $968,000

    I tried to imagine Stormy evening. I returned from the store in half an hour. Having entered the apartment, I noticed that Alice was getting ready somewhere urgently: she took out clean dry jeans and a blouse and was about to put them on.

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    Since we lived on the outskirts of the village, it began almost behind our house. Quickly bypassing the stone walls and greeting Beam, our affectionate dog, I went to the fence, pushed the flimsy beam aside and crawled through the resulting gap. At first I came across only rare trees, but soon they began to surround me more and more.



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