Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

6
Posts
2
Votes
Luther Young
  • Groton, CT
2
Votes |
6
Posts

Awesome deal dilemma

Luther Young
  • Groton, CT
Posted
My family and I have been going to this kind of rustic cabin campground for a few years now. The place does well but the owner is old and wants to sell. well, because he knows me and my family, he has offered us an amazing deal on this property. Here are the specs: 20 acres On site manager's house 8 cabins with A/c and running water Sits on a river Many many areas for improvement to raise prices. (kayak and tube rentals, laundry, place roads, etc.) Sale price - $450,000 Rental prices: Cabins - 2 - $215 per night - 1 - $175 per night - 2 - $145 per night - 3 - $125 per night Primitive Camping - $30 per night This place also doubles as a hunting lodge during hunting season. Has private river access. Here is the dilemma. 3 years ago I had a personal foreclosure, so I'm no longer eligible for a normal mortgage...well, not for another 4 years. I know this is an amazing deal due to the price that the owner is offering me and my family, but I've reached out to all of my family members and none of them are really in a financial position to help with the purchase. I personally have about $20,000 to put down on this. Are there any types of loans that people know about for making a purchase like this that I don't know about? I'm very new to the investing game but I know this is an outstanding deal and I don't want to miss out!

Loading replies...