This hotel is selling for 12 million but it has a net income of 1,500,000.00 every year since the restaurant was added to it. It also has plans to put in a night club which all ready approved by the city of Miami. NOI will be released when the MFA, LOI AND POF are signed. I will forward you a new MFA for them to sign and notarize if there is interest.
Why would anyone sign an MFA or submit LOI w/o knowing what the actual NOI is. Too many deals out there to waist time on unreasonable protocol. We have players for this but will not engage unless we "know what where buying". Thx
This hotel may be sold already, it is sometimes tricky to purchase property. On the one hand the seller wants to know who the buyer is, and wants to sell quickly. On the other hand the buyer wants accurate information and little red tape, and also wants to buy quickly. I find that engaging myself quickly is advantageous, and that everyone wants things their way. Protocol is different for many deals of course. I thought the NOI was mentioned? My marketing skills leave much to be desired.
I share the same thoughts as Steve Stern and Daryl Crabtree, in addition what is the market value of the property? None of these offers will ever work unless all information regarding the transaction is revealed to the principal.