this is my first time to try out your boards. thanks for any help you can offer. sorry for the length of this post but there is alot of info to share. ok here is the situation.
first, me and my father own a small hotel. we are in the process of selling it to a non-profit organization. this non-profit organization has classes that it conducts on faith based health in GA. they average around 120 to 180 people a week coming through thier classes and they all need a place to stay. they own some accomidation, but are looking to add to it. they have been the primary source of our occupancy. well, we are looking to move back to texas which i will get to in a sec. the property has 12 suites. we have a contract to sell it for 450,000. however the non-profit is finding it difficult to find financing. they are looking for atleast a 90% and would like 100%. the income of the property more than supports that and would probably appraise at 500,000 - 550,000. we have another interested party, but we really believe in this non-profit and would like them to have it.
ok, next we are looking to buy an apartment in texas. it is in a growth market. the city has one of the best ratings in texas in terms of growth, jobs, and occupancy rates. city wide they are averaging 98.7% the specific apartment we are looking at has 80 units. it grosses nearly 500,000 a year. it nets 20,000 - 25,000 a month before debt load with us being the owner manager. we have a contract on the property for 2mil. we would like to put 300.000 - 500,000 into the property over the next few years with 100,000-200,000 now on exterior improvments and the other in upgrading units as they become empty. we think with this we could up gross to nearly 600,000 a year. the property should be worth 4mil when we are done and should appraise for 3 mil as is. it is in the hottest part of town less than a mile from the shopping mall, new retail corridor, new restaruants and entertainment, one junior college, one major college, and ten miles from a major medical school. not counting the many buisness that are opening up. once we sell the hotel we will have 200,000 to put down on the property. the concern is that we will not get the hotel sold before we need to close on the apartment. are there any loans that could fund all of the 2 mil and let us put our cash into the remodel once we close the hotel? is there a way to get the remodel into the note? what am i looking at in options.
a little about us, we have been in property investment for 15 years. we have done everything from flipping houses to rental property. my father is a degreed accountant and i have a degree in buisness and computer science. he have much experience in managment, maintinance, and accounting so we are well suited to running this property. if there is anyone out there who can help us get either of these closed please contact me by email at email@example.com
thanks for your time
need help on 2 loans. apartment and hotel.
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