Coeur d'Alene investor venturing into first commercial deal

Coeur d'Alene investor venturing into first commercial deal

Rental Property Investor · Coeur D'Alene, ID · Member since 2017 · 12 posts · 1 vote

Venturing into my first commercial deal here in CDA, a motel in nice location. Purchase around 500k, has 14 units, 5000 sqft, 1/4 acre lot, nice shape but could be 800k+ motel with 100k upgrades. Has excellent cash flow potential - easy 2% rule but much bigger in peak season. Bank loans unlikely however, so seeking advice on how to get this deal done. Thank you 

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Specialist · Denver, CO · Member since 2017 · 60 posts · 137 votes
7y

@Brian Oberholzer First option I would explore is seller financing, then checking with local credit unions. Best of luck! 

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  • Real Estate Coach · Coeur D Alene, ID · Member since 2013 · 458 posts · 295 votes
    7y

    @Brian Oberholzer

    I recommend reaching out to PMC.  I have numerous other private money contacts as well if you'd like to grab coffee and chat.

  • Specialist · Denver, CO · Member since 2017 · 60 posts · 137 votes
    7y

    @Brian Oberholzer First option I would explore is seller financing, then checking with local credit unions. Best of luck! 

  • Rental Property Investor · Coeur D'Alene, ID · Member since 2017 · 12 posts · 1 vote
    7y
    @David Clinton III thanks David. I'm pretty new to the forums. Can I leave my number?
  • Real Estate Coach · Coeur D Alene, ID · Member since 2013 · 458 posts · 295 votes
    7y

    it's best to Connect with me and send a private message.

  • Investor · Post Falls, ID · Member since 2016 · 16 posts · 15 votes
    7y

    Hi Brian,

    Sounds like a great deal!  One option is hard mone financing. If you have attended the local meetups ou ma already know some lenders.

    If not, @David Clinton III is a great resource and I can also recommend one who I have worked with via PM.

  • Member since 2019 · 1 post · 0 votes
    7y

    Hi Andrew, I am new to this but have worked with David Clinton, a great guy. Interested in learning more about your work with hard money lenders. Thanks.

  • Realtor · Spokane · Member since 2018 · 2 posts · 1 vote
    7y

    Hi Brian — did you end up getting this deal closed ?

    David - I just bought a house In Coeur d’Alene - we need to catch up 

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