All Forum Posts by: Reginald S.

I have a buyer's list Rick however most of them unfortunately just don't play in this league (price range). I have acquired about 98% of them from the ‘for sale’ adds that I run in my local news paper for $10,000-$45000.00 deals on average. However I did do a little research on four other hotels that are located in my town and their assessment value ranged from $800,000.00 - $2,000,000.00 and none of them have a restaurant. Oh and the reason why it’s being sold is in my opinion because the seller does not know anymore about the hospitality business than I do. He owns a couple of businesses and houses in the area and apparently thought that the hotel biz would be no different. He basically confessed to me that he bit off more than he could chew. When I asked him how many rooms did the hotel have he didn’t even know for sure. He himself purchased the hotel about four years ago from a previous owner who was renting the rooms out as efficiency apartments and charging a monthly rent. His operation was eventually shut down by the county which resulted in him selling the hotel to the current owner.

No guys I actually backed out of the deal. I told the seller that I did not buy listed properties and for him to feel free to give me a call back when his listing expired if his agent was unsuccessful at selling his property. My decision to back out of the deal was mostly based upon my inexperience at the time and a lack of funds. Much success to you guys though!

Hello all! I'm a wholesaler who lives in South Carolina. I got a call the other day from a potential seller that owns a nearby 75 suite hotel that he would like to sell asap. In addition to the 75 suites, the hotel also has a restaurant, ballroom, private party room, a large extended stay suite, and an outdoor swimming pool. It is located on a major hwy next to a I-95 exit. The property has been vacant now for about four years and the county assessor has valued it at $300,000 as it has been trashed by squatters and seems to be at the beginning stages of succumbing to neglect. The seller who seems to be very motivated is asking for $100,000 cash but will do an owner-finance for a bit more. So here in lies my issue, I don't have any experience what soever with 'commercial' property and am looking for an experience investor (particularly someone who has experience with buying hotels) that can partner with me on this deal or at least guide me through the process. If you believe that you can help me with this deal, please PM me asap. Thanks... PS. Any tips or advise posted here on BP will be greatly appreciated also!

That's correct Shannan. In order to be approved for most if not all 'Transactional funding,' you will need to show them a signed contract between you and your buyer so they can be assured that they will indeed be repaid. 

Hey thanks Bob for the very encouraging words! I'm up and running now and I don't think that I could have gotten where I am today without the encouraging support that I received from people like yourself. Thanks everyone for all of the encouragement, guidance, and support.

Hey thanks Chris, I really appreciate the referral and I'm sure Palmetto State does too. However through much prayer and belief we found a local attorney who called his tittle company to verify if wholesaling was legal.  They responded back to him with a thumbs up and we've been up and running ever since.  Thanks again though, we need more like you man!

Guy as long as you are not entering a deal where the contract is "non-assignable" such as with most bank REO's, etc., you should be able to make your contract legally assignable simply by adding the words "and/or assigns" behind the "Buyer's" name on the contract. 

Example: "(Seller's name)__ Seller, acknowledges and agrees to sell the real property listed below to (your name/buyer)____ or assigns, hereinafter called Buyer-"

Wording your contract similar to the above will make your contract fully assignable but subtle enough to keep your your seller from hitting you with a million questions. As you may already know, always seek the help of a legal professional to make sure that this information is applicable where you live. 

Hope this helps. Much success!

Congrats Marcus! They say a journey of a thousand miles start with the first step. Celebrate my friend for you are well on your way! Keep learning and asking questions, trying the things that make sense, and tweaking your original process as you continue to  learn and grow. In a shorter amount of time than you think, your calculated actions will give birth to a working routine and your working routine will give birth to confidence in both yourself and the process. And finally that confidence will deliver to you the success your persistent actions deserve. God bless!

Thanks Neal. I'll keep you guys posted...

Thanks Nathan.