Un-Financeable and Seller Wouldn't Carry the Note - Next Level Thursday

from Rental Property Owner & Real Estate Investor Podcast

In 2021, Jeremy Garcia's commercial realtor brought him a semi-off-market listing for a 14-acre vacation resort located on the shores of Lake Michigan in North Muskegon. The resort had been closed for two years due to Covid, and the seller's reported income pre-Covid didn't come close to justifying the $2 million price tag they were asking for. They also weren't willing to consider seller financing, which seemed to be the only way to justify their price since the lack of a financial history made the property un-financeable. So how were we able to close on this property in 2022? In this episode of Next Level Thursday, Jeremy and I break down the challenges we had acquiring this vacation resort and the strategy we employed to find a lender for an un-financeable property. You can find out more about Scenic Drive Resort and even book a stay by going to https://bookdreamstay.com/.

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This episode is 6 minutes long.

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This episode was published on September 7, 2023.

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