3.9 Million Dollar..... Deal?
looking, with very little info as of yet, for some very basics on what to look for and where to go with a ... deal... that i am looking at, the property is a VERY nicely placed 5.33 acres on a natural inlet has bar, cafe, and small campsite business already setup, it also has a nice 80 launch marina to boot, it is very poorly managed at present and still manages to turn a profit (or so im told, still waiting for paperwork) but things such as rented campsites dont get paid for neither do launches at the marina, business has been on the market on and off for a while now and several deals seem to have fallen through on it. it has an AWSOME quiet resort upgrade posibility with almost all of the acreage being oceanfront with beach.. being VERY VERY new to this REI stuff i feel as though i would be biting off quite a chunk to chew, however i can also see the long term benifits of doing so "if" i can survive the tide so to speak ... any suggestions would be GREATLY appreciated
Thx in advance
CR
[addsig]
Okay, you would need to first get all your figures in order. If you don't have the experience in managing restaurants or the like find qualified partners who do.
Besides, are those other businesses owned by the property owner or is this a single net/ triple net operation in place.
If so, how long are the leases on these other ventures on this site ... if not owned wholly, why did those other deals fall through? Alot of dilligence will be needed on your part. How did they arrive at their asking price? Do your homework and go forth with all deliberate speed.
Good Luck