Hotel conversion to apartments

[Pheniox Engum]

Hi everyone,

I’m looking at a hotel to GP and pay a mentor $150-$300k on exit or 3% stake towards the long term exit. Ideally would be 52 or so unit conversion. Around $2 mil ask, seller finance is an option, further terms not negotiated yet. There are 100-150 hotel rooms. About 45-30 minutes away from Madison, Wi and man amenities. Needs remodeling however has lots of to value add and exit great. I’ve done many units just none of this size before/over 16-24 unit dealings. My background - Owned a construction business some small GC projects, been a RE Broker, ran a brokerage with pm underneath doing 350+ units(majority of the legwork/thinking), and sold over 150 deals in 3 years. I should be able to fund raise the needed amounts but would be nice to have a partner with experience and connects. 

Does anyone have experience with this or can refer someone to reach out?

Please share this.

I also wholesale in Wi, OH, IN, FL, and TX

If anyone is interested in providing capital let me know! Minimize risks and maximize profits.

- Pheniox Engum.

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