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| Tanning Biz Newbies Are you a future salon professional and new to the Industry? |
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02-13-2006, 01:20 PM
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#11 (permalink) |
 Join Date: Apr 21 2004
Location: Frisco, TX
Age: 57
Posts: 623
Rep Power: 5
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Re: HELP! Dream or Nightmare?
Buy the property. Real-estate is a great investment. You will pay less if you own it and banks love it when you own the property that your business is in. Please email the address to me and I will pull and evaluate the demographics and send them to you. Please reference this thread.
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02-13-2006, 01:30 PM
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#12 (permalink) |
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I love Derf!!
 
Join Date: Aug 16 2004
Location: nunya
Age: 43
Posts: 3,215
Rep Power: 93
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Re: HELP! Dream or Nightmare?
Sounds like a great deal. If you bought the building, which was a great price IMO, and you decided that running the salon wasn't your thing, you could still rent it out and make great money.
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02-14-2006, 02:03 PM
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#14 (permalink) |
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Join Date: Apr 21 2004
Location: Frisco, TX
Age: 57
Posts: 623
Rep Power: 5
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Re: HELP! Dream or Nightmare?
Send me an email. steve@smuconsulting.com
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02-14-2006, 04:30 PM
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#16 (permalink) |
 
Join Date: Dec 12 2005
Location: Virginia Beach
Posts: 113
Rep Power: 3
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Re: HELP! Dream or Nightmare?
I just borrowed $80K on a 10 year loan that is $1283.00 a month.
FInd out from your bank what payments would be, I personally wanted to pay off mortgage fast so I went with 10 years, add in what you have invested for the other salon I think you said $20k so $100K Loan is what you are looking at now! less the income from the side $300-$600 and the rent for the apt $600?? You could have your mortage paid for!!! I'd die for this chance! and if for some reason you wanted to sell, it would be up and running, or you could just lease out the tanning, get a manager..... Lease with option to buy if you have a signed contract now would be good also. But you don't want to drag your feet and someone else offer to buy now. remember this is money in their pocket now! BEST OF LUCK! I know it's scary, but real estate is definitaly the way to go! and you'd be able to pay off your mortage with not only your business, but other resorces! |
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02-15-2006, 11:35 AM
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#19 (permalink) |
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Join Date: May 18 2005
Location: Ontario, Canada
Age: 32
Posts: 156
Rep Power: 5
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Re: HELP! Dream or Nightmare?
Get the building checked out and inspected. If an old lady had been running it until she died was the building neglected or have any code issues. Check into that with a fine tooth comb, if that comes back ok jump on it IMHO....
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02-15-2006, 12:12 PM
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#20 (permalink) |
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Join Date: Feb 6 2006
Location: Pennsylvania
Posts: 7
Rep Power: 0
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Re: HELP! Dream or Nightmare?
Thanks to everyone for your responses and support!
We have had the building checked and it is presently "to code", however we heard something about within a years time the town is going to make it so the electrical boxes on all properties have to be relocated to the outside of each property (not exactly sure what that means), but we would have that written up in our lease that if we were to decide to purchase the building -- the original owner would have to pay for that to be relocated (could cost around $3000). I think if he agrees and we have that in writing, the deal sounds pretty good. Any other precautions? We are definitely new to this biz and I would welcome anyones warnings and I'd love to hear your mistakes -- hopefully I can bypass a few. I definitly believe in learning from my mistakes, maybe I can learn from yours?!?! |
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