I'm looking for someone to help me purchase a 5 room motel/house in Thorp, Wisconsin.
We've been praying about moving to this area to be closer to family and this seems to be the answer.
The current owner is motivated to sell because her elderly mother is terminally ill in Louisiana.
Here are the facts as I know them --
1. The asking price is $299,000
2. The property includes a 2000 sq ft house and a 5 room motel
3. It's a well established business -- one of two motels in the town and 1/2 mile off of major highway through the state.
4. I have no debt but damaged credit due to failed business attempt 6 years ago.
5. There is a sign on the highway but other than that very little advertising and yet the owner tells me that CC recipts are $25,000 and she keeps refering to lots of cash which she's probably not reporting.
6. It's paying for itself and supporting the owner --
7. I have absolutely no money for down payment.
Here's what I need --
1. Money for a down payment and living expenses for 1 year
2. Advice on what specific kinds of documentation to ask for.
Here's what I have --
1. A strong desire to move to Wisconsin from OKC with my family
2. Experience with designing a website to be used for Marketing purposes
3. An existing loan application with the local bank that currently holds the note. They are waiting on an official offer to purchase which I'm waiting to fill out until I can get someone to invest the down payment or advice on other financing ideas
4. A willingness to live on a bare minimum salary for several years until hotel business can support one.
Here's what I don't have --
A skeleton in a rocking chair that I call mother. :--D
We've been praying about moving to this area to be closer to family and this seems to be the answer.
The current owner is motivated to sell because her elderly mother is terminally ill in Louisiana.
Here are the facts as I know them --
1. The asking price is $299,000
2. The property includes a 2000 sq ft house and a 5 room motel
3. It's a well established business -- one of two motels in the town and 1/2 mile off of major highway through the state.
4. I have no debt but damaged credit due to failed business attempt 6 years ago.
5. There is a sign on the highway but other than that very little advertising and yet the owner tells me that CC recipts are $25,000 and she keeps refering to lots of cash which she's probably not reporting.
6. It's paying for itself and supporting the owner --
7. I have absolutely no money for down payment.
Here's what I need --
1. Money for a down payment and living expenses for 1 year
2. Advice on what specific kinds of documentation to ask for.
Here's what I have --
1. A strong desire to move to Wisconsin from OKC with my family
2. Experience with designing a website to be used for Marketing purposes
3. An existing loan application with the local bank that currently holds the note. They are waiting on an official offer to purchase which I'm waiting to fill out until I can get someone to invest the down payment or advice on other financing ideas
4. A willingness to live on a bare minimum salary for several years until hotel business can support one.
Here's what I don't have --
A skeleton in a rocking chair that I call mother. :--D
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