Updated almost 3 years ago on . Most recent reply
Vacant Land near Blue Mountain Ski Resort
Investment Info:
Other buy & hold investment.
Purchase price: $85,000
Cash invested: $85,000
10 acres Vacant Land in PA's Act 319 (Clean and Green) at the last traffic light before the Blue Mountain Ski Resort. Land is zoned Resort Commercial allowing for a hotel, convenience store or similar businesses. Clean and Green means I have reduced taxes in holding the property, back taxes would be due if it were to be developed (maybe $20K). A small price to pay for what might be a very successful hospitality development.
What made you interested in investing in this type of deal?
I am encouraged by the expansion of the Blue Mountain Ski Resort, now a 4-season destination. Lack of nearby hotels/inns is one of the biggest challenges for the resort and hopefully someone will find this land as the ideal spot.
How did you find this deal and how did you negotiate it?
Saw a sign on the property.
How did you finance this deal?
Cash purchase, used a SBA loan, using our vacation home STR as collateral.
