07-12-2007, 05:45 PM | #1 (permalink) |
Join Date: Jul 8 2007 Location: ny Age: 43
Posts: 151
Rep Power: 17 | Finance advice So what is the best way to finance buying an existing salon. Lets say I pay 170k for the existing biz, and have 20-25% to put down what are the best loans? I heard the SB loans are not the way to go. Any advice? |
07-12-2007, 05:51 PM | #3 (permalink) |
Just imagine Derf Join Date: Jul 13 2006 Location: Not sure
Posts: 8,460
Rep Power: 50 | Re: Finance advice 2nd mortgage.
__________________ "When obstacles arise, you change your direction to reach your goal; you do not change your decision to get there." www.sunbodiestanning.com Are we having fun yet? |
07-12-2007, 06:04 PM | #4 (permalink) |
Join Date: Jul 8 2007 Location: ny Age: 43
Posts: 151
Rep Power: 17 | Re: Finance advice Well I dont' like to put all my eggs (money) in one nest. Its not smart. Use other peoples money, that's what I taught. Yea, I could do a home equity loan but I hate putting my home at risk. Would commercial loans work for this? Or any other kind anyone knows of? |
07-12-2007, 11:02 PM | #9 (permalink) |
Team TanTalk Join Date: Jul 13 2004 Location: Menomonie, Wi. Age: 82
Posts: 3,145
Rep Power: 22 | Re: Finance advice If your bent on buying a tanning salon, have as little debt service as possible. Possibly, the only way to stay afloat is by paying cash. You then have take into consideration the return on your investment. Think this through real careful and maybe you'll decide to put your money into another less risky business. If only I would have tried the pizza business instead of tanning 2 1/2 years ago. My initial buildout and equipment expense would have been a heck of a lot less and I'd be making good money for my efforts. As it stands now, I'm going down the tubes; not because of debt service, but because in making less than $100 per day average, I not making enough to pay the fixed expenses. Oh how I wish I had the $250,000 plus in the bank making 1/2 % interest. I'm telling it like it is and you can take it for what it's worth to you. No bull, some people are making good money in tanning and some say they are. Don't believe either, because things can change in a heartbeat and you have entirely different demographics.. |
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