Does anyone see anything wrong with this plan about buying hotels?

[Account Closed]

This is fast forwarding abut 5 years until I can have the down payment and qualify for a loan for a hotel. I would be looking at hotels in the $4 million dollar range. Currently, there are hotels at this price that profit about $1 million per year.

I will do this once. Then, I will use the income to save for more down payments and qualify for more loans to buy hotels that are slightly larger. I will continuously work my way up until, 30 years from now, I am buying $300 million dollar hotels.

What do you think?

I know lenders that work on stated income, so I do not need two years of tax returns to show a bank.

[Dustin Hawks]

John Farmer I loved the spirit of the original post. I hope to see Farmer international organization all over fortune some day. As for the Hotel Business, I worked in it for many years out of college & margins aren't what you think they are and it is an extremely labor intensive business. My guess is that if the property is only half occupied because they don't have the $$ to fix it up. That would lead me to believe that the stated profit margins are as about as accurate as your stated income with these lenders.