1997 Hotel partnership purchase

[Mike Jacobson]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Crookston.

Purchase price: $30,000
Cash invested: $30,000

Bought into a partnership of a 50 room Hotel in Northern MN. 4.76%. In 2008, some partners wanted out. I purchased an additional 15% for $150,000. Now with new ownership group the hotel was paid off in Feb. 2018. Now partnership splits the money that used to go toward P & I. Dividends are paid on any profit beyond that.