It is acctually a Motel/Hostel having 11 Motel units and a 60 bed hostel. The deal is financed at 6.5% for 30 years with a 2 point fee.The Lender loves the idea all I had to do was show him the 5 year projections. The key to this property is it was bought to be torn down to build condos in 2004. The plans to build the condos took 3 years to get…[Read more]

I Myself am actually in the process of buying a motel, I found it to be a buyers market for sure. The area I am looking to buy in has a huge tourism market that has risen because of the violence in Mexico, but the property values have dropped. I have secured 3 million in financing I'm just short 150k or so. But I don't plan on leasing the property…[Read more]