3.2 million ask. I know virtually nothing about commercial land loans, but I suspect your monthly payment would be in the 15k-20k per month range to service the loan.
I think you would need to find other uses of the facility other than just motorsports. Maybe open a new REDBULL distribution center? Especially during the racing off season. Fortunately, if it doesn't sell for a while, likely the current owner will keep allowing autox there just to get some money coming in for it. Even better if the current owner stops paying their taxes and it goes to government auction.
BUT it would be the top-of-my-list if I had $3.5 mil to blow on a house...
sounds suitable for rallysprints and rallycross as well.
Also, those buildings could make an amazing garage space.
Buy a Fiesta GRC car and charge $5K to shoot your own Ken Block video. One person per day would easily cover the loan and operating expenses. $20K to do it in the Hoonicorn.
In reply to pinchvalve:
nope, I'd burn through that $5k in tires alone with a GRC Fiesta for a day.
Is there enough room to build a 4x4 course or a motocross track? That could add some revenue.
Actually the numbers aren't that bad. Say you could get them down to $2MM sale price. Assuming you have $1MM in the bank and borrow $1MM (you'd have to put something like 50% down to get a loan on a distressed property like this). The monthly payment would be something like $5000. So then say you can rent the site out two weeks a month for autocrosses at $1500 each. Then you only have to come up with another $3000 per month in other uses to break even. Of course this only works if you aren't already highly leveraged and can view the $1MM you're putting down as an investment. Winter would be tricky, how much snow do they get up there? What elevation is it at? Is it possible that you could get snow-making equipment and make a snowmobile park? Definitely could do rallycross in the Winter.
