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Craig

Working My Deals

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I now have 2 properties, one a CA (mobile home) and today I got a straight option on a 200 year old INN in Petersburg New York complete working and rehabbed top to bottom. The owner had a stroke and her daughter is getting burned out working the INN. The owner wants $75,000 down and will finance the rest at 6%. She wants $175,000 total. I got the option on it.

Its fully furnished everything goes with it. It has a fully working 2 lane bowling alley in the basement, restaurant, bar and new kitchen and 2 bedroom apartment. 13 bedrooms 4 baths.

 

I found the deal in a classified adds website. Started emailing the owner and talked and we finalized tonight.

 

At the same time I am trying to get a straight option on a 15 unit apartment complex out of state. Does anyone got suggestions on how to do this? If it is possible.

 

Is it possible to do a straight option with the owner still able to sell the property by themselves. Maybe a clause added allowing that only. Any other way the option needs to be purchased.

 

Please check out this INN on my website any comments? I have open ears.

 

My Web page showing available properties

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Craig,

 

Great news. It's good to see all of your hard work and perseverance is starting to pay off.

 

Now go find some buyers and make some money.

 

Keep us updated.

 

Jeff

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Craig,

 

Great job signing up the inn! What's your exit strategy, are you looking to assign, double close or even buy it yourself?

 

Steve

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