Looking for equity partner for a motel deal in beautiful Southern OR

[Vik P.]

I  came across a motel deal in southern OR and I think the numbers look very good. Unfortunately I am relatively new, don't have enough down-payment (even with seller carry) and have no experience with a motel/hotel investments. 

The seller is ready to do 10% seller carry and I can probably do 3 to 4% down with some partner equity with new financing.

I would like to work only with someone who has experience with hotels/motels specifically as I have heard lenders are very picky when it comes to lending for hotel/motel and require experience from the borrower/partnership to even look at a deal.

Here is what I know about the property -

Asking price - $575k

10% seller carry behind new financing.

Total of 16 rooms + 3 bedroom owner's/employee quarters

The property went through a lot of renovation in 2013

2014 room revenue - $182,250

Expenses and COGS - $83,979

NOI - $98,271

Cap rate of about 17% with an absentee owner business

Independent motel and does not have third-party/franchise agreements

eligible for USDA financing but as I mentioned before the new borrower has to have experience with hotel/motels.

Thanks