My husband is managing this property since 5 years, and having experience of management for 15 years. He is not only managing it but having all responsibilities, the owners are there only on first of the month to get the account and profit. He is also a partner of 2.5%. He is paying the tax and loan from the bussiness too. If we don't have enough money for downpayment are their any chance or way to buy this bussiness. Is there any loan available for the person who is experienced but not money. How can we buy this bussiness, we are having excellent credit.
2007-02-15 06:53:01 · 2 answers · asked by MRosy 1 in Business & Finance ➔ Renting & Real Estate
Talk to the seller, it is very common for commercial properties to be sold as "seller financed". Talk to a bank, they might offer a loan for say 70% and the other 30% could be picked up by the seller. It's just when you finance the entire thing, you might end up with negative cash flow from this business as new mortgage payments are guaranteed to be much larger than what the current owner is paying now.
Good luck.
2007-02-15 07:05:38 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
What state is the motel in, and if possible would the current owner accept a partial payment plan for about 10 to 20 percent of his asking price. E-mail me if you want more info
2007-02-15 15:27:36 · answer #2 · answered by HBSL621 3 · 0⤊ 0⤋