Jul '23 • General discussion
How to Buy a Hotel with NO MONEY DOWN
{I did these 3 Steps with my Staybridge hotel in Indiana - see PHOTO}
Step 1: you need a motivated hotel seller. Given the $247B worth of hotel mortgages that are maturing this year - 2023, we will have a lot of hotel owners going into foreclosure and therefore, they will be motivated
Step 2: Offer these owners to do OWNER FINANCING/ Joint venture deals. You take over the mortgage payment and operations of the hotel.
Step 3: In a lot of these cases, you will still need to bring CASH to the table. Why? You may need the cash to bring the loan current. You may need the cash to do the PIP or renovation of the hotel so their lender will agree to refinance the loan. Or, you may need some cash to pay for the negative cashflow while waiting until you can refi when interest goes down.
How do you get the cash if you don't have any? You can raise the cash from private investors.
How exactly do you do this?
I will talk about that in my next post. If you want us to tag you so you don't miss it, Comment below and Joe Bisping or Sheena Paredes will tag you so you don't miss my next post.
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How to Buy a Hotel with NO MONEY DOWN
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