A whole lot of First Times....

[Wesley Thompson]

Greetings BP Community!

My partners and I are very close to locking up a contract on 5 cabins in East TN (not near Gatlinburg). They're fantastic properties with great history and the seller is financing. This is my first time negotiating a deal this size, my first time into STRs, first time likely raising capital, and since it's my first time utilizing seller financing; I would like to solicit any input for the deal framework. The Purchase Price, Down Payment, rate, and terms are all decided. Now we're just into the details such as pre-payment penalties, transfer of OTA profiles, direct booking site transfer, closing timeframe, and escrow money. Anything else I should consider before locking in the contract?

[Luke Carl]

Lots of mistakes will be made. Such as taking the sellers booking. Don’t do that :) read this forum and you’ll find just about everything you need!