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Did you tie up this property yet?

I'd get over to the owner ASAP and work up some sort of purchase and sales subject to all the documents being furnished to your satisfaction.

I don't know why you are waiting for more documents to make your offers. I wouldn't.

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Yeah, I know, but something is making me hesitate. The deal seems a bit too good to be true which is why I want to see everything up front before making any kind of committment. The thing that I keep coming back to in my mind is that the property has been lease/optioned twice and neither person made it work. Somehow I just can't figure how that would be possible unless the payments on the least agreement were ridiculously high or something. I dunno, I just wanted something a bit more. I should probably just get it under contract. I know you're right.

Edit: Part of it is that I want to verify the motel income. All the rooms are full now, but I want to be sure that they're STAYING full all the time, or at least have a reasonable vacancy rate. Seller claims that the rooms are always full, but sellers tend to ....well....lets say exagerate. Since the motel income makes up so much of my gross, I wanna be sure that the income is correct.


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Last question, is the motel self-managed?

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There is a manager in place that oversees the entire property. She gets a free apartment and $600 per month. I don't know what kind of job she is doing, but the place seems like its kept up very well. The manager has a decent situation for herself, and I'm sure that she'll want to stay on. I haven't asked her yet though.