As most others who have posted topics on this forum, I too am in need of some financing and cannot get it. Credit is shot from recent Bankruptcy. However, now I'm debt FREE and don't owe anyone and have money to play with.

I'm in the process of taking over an Auto Repair business that has been in the family for many years. Over the last few years my relative that is currently running the business has began to slack off for a lack of better words. The business has a great cash flow but is being poorly mis managed money wise. The building that the business is in is currently being rented month to month and the owner of the property has passed away. This leaves a CPA and the owners 2 children in charge of the property and they want to sell it. I do not have an exact worth on the property but I know the taxes show around $50K for the market value and they least they'll take for it is $55K. I've offered to pay them their asking price ($64,500) $750 per month, I pay yearly taxes, and at the end of either 3 or 5 years have a baloon payment to pay the note off in full if they'll owner finance it for me. I will also clean the place back up and make it what it used to be. The CPA says this is not an option because he owns 50% of that property and wants his money now. I've gone in circles trying to find someone to finance this place but because of their asking price versus market value as well as my recent bankruptcy, nobody wants to touch it. I know I can make this business what it once was but I hate to start spending money cleaning the place up, advertising, etc. and out of the blue be told the place is sold and I have to move with nowhere to go. Just curious if anyone has any suggestions as to where to go for help?

Go to your bank where you have you business accounts and offer them a mortgage in exchange for cash to buy the building. Find out what they will loan to you and offer that for the building...no more. If that bank is not open to finance you, go to another bank...in this environment, there is a bank which will do this deal. They WANT your deposit account.

Just an update, the property is actually worth 75-80K not the 50K that I originally threw out there. The asking price for the property is $64,500, bottom dollar is $55,000, straight from the CPA's mouth.

I sent a formal offer to the CPA in charge but do not think he will take it. The offer was to pay his asking price of $64,500, no questions or negotiating. I'll pay $800 per month for 36 months as well as 7.5% APR. At the end of 36 months I have a lump sum payment of just over $49,000 if they'll owner finance. Essentially they'd make $9,500 straight off the top plus another $13,000+ in interest. I would consider that a small chunk of change for not being out any money on a 3 year investment but I'm still not sure he'll go for it.

I spoke to a couple of local banks and they're telling me the same thing, because of the recent bk, they cannot help me. So if there is anyone out there who reads this that is interested in dealing, contact me @ bigjackhut@yahoo.com!

Where else can I go for the loan? The only thing I can figure is an investor to buy it and sell it back to me at this point. Any other suggestions?