i am a residental builder/developer and i have found this peice of property its a hotel with a 18 hole golf coarse, and over 250 acres of developable land. im pretty good at building and selling homes but not in running a hotel or coarse. i need some imput on this.
i am also looking for an investment company to help with the deal. Thank you in advance
Be careful with Golf Courses. As a lender we have financed several. They are getting overbuilt, generally. There are too many courses out there now. Some courses are shutting down.
The hotel business is also tricky. The over cap rates can be great on these properties, but you need to be careful.
Are you doing a residential development. The development and sale of the lots can be lucrative? is the market strong? Any competition close to you?
Happy to help any way I can.
thank you for your input,
to let everyone know a little more about me ive been in the constrution field for about 10 yrs. i was deployed with the national guard for 9/11 and after that i started my own buisiness as a framming company. since then i have found a local investor to invest in my sub-division in Ma (6 new construction homes on 11 acres). so i am somwhat new at this.
right now im looking for more deals/projects, but i also need more investors (hard money) reason for hard money being is i dont have good credit, since being deployed. my wife couldnt afford our bills when i was gone, and its been hard to build our credit up since then.
so im looking for lenders who dont check credit but look at the deal itself to see if it makes sense (will it be profitable) like the investor i found here in Ma. but they only invest in select areas of mass. and i want to reach more areas. like the hotel idea or others.
if anyone can give me advise on the hotel and finding investors to back me please help
Thank you very much
Jon
Jon,
You may want to advertise either here on REI or in your local paper for investors. Most hotel lenders want experience for conventional lending.
Let us know if you need any assistance.
Best of Luck!
whats REI, i am mostly looking for the land there would be 513 possible units on this project 84 condos, 168 patio homes, 111 town homes, 150 single homes. plus the hotel and golf course all for 13.5 millon it sounds like a great project. but my current local investor wont finance in any other state but Ma.
Sorry. I was referring to this website - REIClub.com.
For any investor/lender, you would need to have an Executive Summary prepared for their review. As you know, it should include the who, what, where, who and when of the deal.
We are happy to help in any way we can.
so should i pursue this idea? the project seems very profitable. but i dont have good credit is it possible toget the 70$ ltv from an apprasal and getting cash out to operate the business? and can i put my soft costs into the loan? payments for the construction in an escrow account? what do you think? also should i try to lock up the property while im making the summery and researching it? so it doesnt sell to someone else?
Rather than try to go over all of this via im posting, let’s schedule a time to visit.
where and how? i live in Ma. or do you mean on the phone or a chat room?
Let’s set up a time we can visit on the phone. Perhaps Sunday or Monday.
Look forward to speaking to you.