Oklahoma Hard Money Deal - Close

750

16 deals

Oklahoma

Purchasing residential property. I intend to operate the facility as an Adult Day Care Center generating $1MM in annual sales with a 30% Net Profit. The location consists of 22 acres of lake front property approximately 20 minutes from McAlester Oklahoma which is the regional hub of the area. It is virtually impossible to find lake front property of this quality in the area. The existing facility consists of over 12,000 square feet with approximately 7,400 climate controlled. It is a "high end" structure consisting of a rock facade, metal roof, multiple fireplaces, hot tub, sauna, granite countertops in three kitchens, wood and rock flooring, crown molding, a 3 slip boat dock, boat ramp and other amenities associated with a high end property. The seller recently discovered he has a terminal illness and has priced the property at a substantial discount to ease estate planning while he is able to attend to such matters. I have my assets in a irrevocable trust where I am not a beneficiary. I have over 34 years of experience in the medical industry in which all enterprises operated successfully and have extensive experience in finance from start-up stages to multi-national operations. It is anticipated that the property will be able to carry all future expansion endeavors anticipated. Finally, while I have already received commitments from persons that will utilize the services to insure a positive cash flow, it is anticipated that it will take approximately 2 months to address any deficiencies discovered during the State Site Visit, although, no deficiencies are anticipated based on visiting other facilities throughout the State. The total purchase price is $599,000. I was just notified that the seller's son might consider carrying one half of the note. I am not under contract simply because I don't do that unless I'm sure I can get to the end zone. I think it will appraise at about $700K as residential real estate but much more as a business concern. The property could not be replaced for less than $1MM and there simply is not a similar lake front piece of property in this area.