How to fincance a resort?

Question

Hey BP,

I was wondering how someone starting out could finance a 2.8 million dollar resort. Interested in how someone would go about this. I found a resort close to home that I would really be interested in running, but I'm not sure how someone goes about owning a property this large. Thanks!

Ryan

Glenn R. · Answer

Change your last name to "Trump"!  ;)

Michael Le · Answer

Hi Ryan S., the answer is probably... you can't... unless you have a lot of experience running this type of resort. You'll have to bring either money or experience to the table. You have to convince both the bank and your investors that you know what you're doing before either of them will give you any money. Even if this is a good deal people will want to know how you know it is a good deal. If you know someone else already doing this, perhaps you can bring this deal to them and get involved in this field through them.

Ryan Sajdera · Answer

That seems like the answer to most of my financial questions! haha

Ryan Sajdera · Answer

So, on a smaller scale, people start up million dollar businesses with business starter loans. Anyone ever use a business starter loan?

Jeff B. · Answer

Advice:

• Be realistic, 
• start small (seeding your experience), 
• grown in reasonable steps (increasing your experience), 
• branch from REI into operation of a business with staff

AND then consider taking on a significant project like a Resort.

Ryan Sajdera · Answer

It seems to me like trying to get a job that requires X amount of experience, but the only way to get that experience is to have that job. haha.  I didn't know if anyone had any relative advice or experiences to share with a beginner.

Jay Hinrichs · Answer

these are usually owner financed with HUGE down payments..

How to fincance a resort?

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