Updated over 16 years ago on .
Questions about a possible purchase
I have the opprotunity to purchase through owner finance a very large hotel/motel. The people that own it traded other properties for it, on the county records it says they purchased it for $1m. They told the realtor to tell me to really really embarrass them with an offer- to humiliate them. They are asking 2.2m. It is approximately 75,000 sq.ft. and is in need of some repair; i.e. new roof and some carpet and paint, etc. The property is located in a tourist town where the tourism has seen better days. There are a lot of motels for sale in the area but none of this size. I am not wanting to use it as a hotel but for the rehab I am wanting to start. The contractor said it should cost about 20k for repairs but I know my luck and I am thinking more like 50k. What would be the most productive offer for both me and the people I am purchasing it from (besides free for me) as far as intrest rate and price? I want to make them an offer they can't refuse without cutting my own throat. Thanks!