Sep
08
I have a question regarding commercial mortgages?
By
I have found a business, and property that I am interested in buying. However the business that was there a pub/rest just closed the doors a couple of weeks ago. I am trying to figure out the process to purchase, and if it is possible to purchase. Also I have two years of w2’s, but I didn’t make alot of money, this is why I want to go into business for myself. Anyone have advice, I do have the down payment needed.
Repossession
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2 Comments
April 30th, 2009 at 6:57 am
If it closed down..there should be a number on the door or the property. Call that number and ask them if the property is up for sale. If it is for sale then tell them you’re interested in purchasing. They’ll probably give you an application or tell you to fax over your resume/experience. They might also ask you what you plan on doing with the property. And of course they will check your credit score. Good luck!
Hope this helps!
May 2nd, 2009 at 2:36 pm
You need to avoid the online predators. Deal only with reputable banks and mortgage companies (such as Countrywide).
Marty, from Premier Loan Sharks has been hunting for victims here for awhile. You need to avoid giving your credit information to online predators. Identity theft is a serious problem, as is simply fraudulent loans.
Fortunately Yahoo deletes him after he is turned in for showing up again at the temptation of praying upon peoples naivety and financial woes.
You need to have a realestate broker look into the property you are thinking about buying. The building and the business may not (likely they are not) the same. Most often the business was leasing the building from an owner. If you want to buy both you have to make two seperate deals. If you buy the business you also buy the existing lease.
You can find out at city hall who owned the resterrant. The county tax essosor can tell you who owns the building (or that broker, he likely has direct access into the tax database).
You don’t really need a lot of money to open a business. You do need a solid business plan for the loan though. Write out on paper your costs and expected profit. You can operate for 3 years with no profit, but you have to have that in “the plan”.
Since it sounds like you are rather inexperianced with business you might want to take a class at your local community college, they are very common. They will teach you how to come up with a proper business plan. The inability to make a good plan sort of indicates to the bank that you are unprepared and a bad risk.