what happens in the case of a disaster, god forbid what if it burns then what would the location still be worth 800k? im just asking because i know when my step mother had a spot in a strip location if something were to happen she would be reimbursed through insurance for what she owned but that wouldnt help the owner of the location at all even if he was payed for the burned buisness it would be enough to rebuild, but not make up for lost rent for the months it took to have rebuilt.
jay, your unpunctuated stream of consciousness posts hurt my brain.
I have it insured for $700K I think and the investor would get a copy of the binder for his records/peace of mind.Also as stated above,I could cover it if it was empty if I had to.
Sencondly,there are 3 buildings on the property.Two of which are 400 ft away from each other.I think there is very little chance of the whole site burning down.
:tup: This man has his stuff covered… PM me back sirrrrrrrr :lol:
so is the owner your father? if he is not then its not your fathers hotel, simply the hotel where your father works.
his father may own the hotel and not the land
Update The guy actually contacted me again about doing this so I thought I would try this up here again before I threw it on CL.Seems like the Deal is MUUUUUUCCCCCHH better now too as the stock market has tanked,Banks are paying something like 3% and bonds and T-bills are at record lows.
I’ve since collected another $100K in rents since I posted this as all tenants are still there and have 0 plans for leaving/closing(actually did have one die last month so I will have an opening once the estate finishes cleaning out the place.He only paid $650 for 2,500sq ft retail space so the rent will be at least 50% higher for the next one).
Anyone looking for a safe place to put some money?
I am. PM me with details.
2% CDs arent doing it for me.
edit: I just read the thread. Im not interested in long term ATM, but great offer for anybody who is.
Talk about putting all my eggs in one basket… how about a couple houses to start with haha? I got to get back in touch with you though, I feel like this is the right time to start finally doing things. BTW that yatch club sold for like 200K more then we thought it would lol.