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Updated over 3 years ago on . Most recent reply
What kind of loan do I get to purchase a small motel?
Hi, I'm a newbie real estate investor considering purchasing a nice twelve room motel with a strong track record of repeat guests. The asking price is $625k. It's located in a USDA qualified area, and my husband and I have high credit scores and are VA qualified. I'd like to finance as much of the cost as possible, but also want to take advantage of the historic low interest rates. We currently have $80,000 in cash to work with. Additionally, my family would be on-site owner/managers. Owning and running such a place has been a long-time dream, and this place appears to be turn-key. How does a loan for this kind of property work? What are the loan options? Thanks in advance!
Most Popular Reply
Hi Justin, thanks for responding! It sounds like you could provide very helpful information. As it happens, I have decided not to pursue this opportunity right now; I'm working on a house hack instead. I'm glad to know though that are are ways to do this like you described. If I ever decided to go down that road, I'll look you up. I really appreciate your reaching out and offering ideas!
Lori Brock