I am interested in purchasing an existing property/cabins/pub
I am looking to see if anyone has any experience in purchasing or currently owns something along these lines? It is currently being used as it should be and units are rented out nightly and bar/food section is fully operational. It is a popular tourist destination year round.
[{"id": "fev0e2d", "text": "This is a real thing. Check out Connected Investors or in-person multifamily/ commercial meetup groups. There's a lot of very accessible information out there. Good luck!", "replies": [{"id": "fev39qb", "text": "Excellent, thanks for the point in right direction", "replies": [], "depth": 2}, {"id": "fevsinl", "text": "cool stuff but can you explain a little more about Connected Investors? Just saw their website and they make it sound like people who have money are looking to loan it to other people, to make money off of what? The Interest on that loan? What I'm trying to understand is what benefit the person who is lending gets from this service?", "replies": [{"id": "fewaz18", "text": "Lenders get 12%+ return on the loaned amount, sometimes plus a % based fee, all backed by a real asset they can foreclose on.\n\nI've used the site for networking in my area and finding off-market deals; investors prefer to find off-market deals \"on sale\" from retail prices. Bigger Pockets has some benefits like that too. But their platform is primarily for single family homes (up to 4 units, conventional).\n\nAlso, check out LoopNet or RedFin for properties and to connect with a realtor to work your specialty", "replies": [{"id": "feycyq5", "text": "interesting but are you saying I have to first find the off-market deal and then go to that site? im a bit confused on that part", "replies": [{"id": "feyqxdq", "text": "I don't understand your question. Lending, people come to you. To buy, you should talk to people and join forums to find off-market properties. You can go to any forum like that before you have anything and start connecting, studying. And learning.", "replies": [{"id": "feyup77", "text": "I have the property in mind. It\u2019s not a matter of finding this type of place. I\u2019m more so looking to see if anyone currently owns something similar and what their experiences have been.", "replies": [{"id": "feyuyb1", "text": "Check connected investors to try to talk to some people or other specialized forums. Most big cities have real estate meetups at which you can talk to fellow investors.", "replies": [], "depth": 7}], "depth": 6}, {"id": "fez2xjs", "text": "sorry let me see if I can explain my question a bit better. On that investors website, how will the investors know that I can pay them back? I mean, you have to somehow show them the property you want right? They wouldn't just lend out money to random people without ensuring those people could pay them back right?", "replies": [{"id": "fezyerq", "text": "Correct. All lenders work their own way. They may have someone walk the property, they'd want documentation /financial backing on you, and they'd want your deal analyses/cash flow plan on the property.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fev1hfn", "text": "I\u2019d have an attorney read each lease with a fine tooth comb. If leases require tenants to provide financial reporting, get at least historical for the past three years. Your bank will require this for financing. \n\nCheck reviews online about each business. I\u2019d even send over someone whose opinions you value to grab a bite/drink and rent a cabin. \n\nVerify the tenant entities are in good standing with the Secretary of State. \n\nPull a Lexis Nexis on the primary business owners. \n\nCheck the health department records for violations.", "replies": [{"id": "fev3r1n", "text": "Thank you for the info, I will start with this list. My bro in law and I are waiting to hear back about financials from property owner.", "replies": [{"id": "fewb4x6", "text": "Check how much the owner owes on the property to. This can help with negotiating. This is publi record info, unless it varies by county/state. County office and/or register of deeds.", "replies": [{"id": "fewciy1", "text": "They are allegedly selling due to health reasons, I am waiting to get the financials", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]