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/.
Rental Property Owner & Real Estate Investor Podcast