The business I'm interested has been owner/operated from the same man for 21 years and he just wants to retire. The business isn't dying or anything, he's just ready to pass the torch. He wants 100k for the building (which is valued at 131k) and 100k for the business and all its inventory. Most banks say that for a 200k loan I need 20% down, but I just can't do that. The seller may be willing to put up 10% as a down payment but that is a long shot.
I've seen online some sites that offer huge loans that they call "unsecure loans" with no paperwork and quick access. Are these traps that I should avoid, or should I take the money if I can get it.
One good way to get into financial trouble is to want something you can't have because you don't have the money. You may want to buy the business, but you don't have any money to do so. What happens if something is urgently needed for the business and you have no cash, no collateral, no … Read more