My "new" plan?

Question

Ok, here is my new idea on my drug rehab.  Let me know what you think.  There is a hotel for sale at an awesome price.  It has everything needed and would be great to start the rehab until we out grow it and then we can turn it into an after care home.  If my partners who have better credit than I do purchase the hotel (they would be for profit), then the center (which would be non profit) rents the hotel how would that work?  Or should the center be for profit also and then start a foundation that is non profit that gets funds to help kids pay for their stay in the rehab?  See I am telling you this is all I think about!

Renee Allen · Answer

Ok I am wondering something.....  the hotel's listing has expired.  How long until I can go to the owner and ask deal with him myself?  Isnt there a time limit on this?  And I wonder if he would owner finance the property to me.  What would be a good deal to offer the guy if I am wanting to turn it into a rehab?  I would not make any changes to the buildings except security cameras.  What would be a good intrest rate to offer him for owner financing?  Just wondering your thoughts on this.  I really appreciate all the help y'all are giving me on this.

Cyrus Uible · Answer

That's a great idea and there is probably strong demand.  I just saw a property owner where I live convert a 6 bedroom property into a "rehab house."  He's making some serious cash flow, though he had to do some political work with the neighborhood association.  Seems to have gotten it all through.

Dean George · Answer

Sounds like you are willing to be creative, which can be an advantage in many situations.

That said, I think many will tell you here that this isn't either a 'great idea' or a 'bad idea'

Things either pencil out, or they don't.  Again, being creative allows more ways to try and make things pencil out, but it doesn't change the basic tenets of purchasing price, borrowing costs, etc etc etc.

Those are all just sums of math that you would need to crunch for any scenario.

I am sure you could post some general numbers here and see what the experts thought, but it will be neigh impossible for any of us to say good deal or bad without numbers.

Andrea Hewitt · Answer

I admire people who have goals that will help others. 
You did not say anything about you background, or if it involves social work of any kind, but I admire what you want to do, and I wish you the best of luck in your endeavor.

My &quot;new&quot; plan?

My "new" plan?