Apr 30 in General discussion
Bought a Hotel with No Money Down???!!!
This one was a pre-foreclosure that I bought during Covid.
The owner of the hotel told his bank that he was willing to go into foreclosure and just return the key to the bank.
The bank was in a state of panic and got a broker.
The broker in turn called hotel operators to see if someone was willing to take over this hotel.
My hotel operator was one of those people whom the broker contacted.
My hotel operator told me about the deal and even helped structure the deal.
We told the bank that we'll assume the mortgage. The bank even waived the customary 1% assumption fee.
In other words, we got the hotel with $0 downpayment!
I love to buy houses, apartment buildings and hotels that are in the preforeclosure stage. Why? I can do 1 of these 3 things:
- I can assume the mortgage and pay the back payments (if there are); or
- I can buy the mortgage note at a steep discount; or
- I can negotiate a shortsale and create equity
Do you want to learn all three techniques? Tell me in the Comments if you want to learn more.
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Bought a Hotel with No Money Down???!!!
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