DariusM
07-08-2004, 11:27 PM
Hello,
First let me say my quick read through of this forum has been very informational and entertaining. I hope to get some good responses and to generate some creative thinking.
Background Info:
I have spent 5 years working for internet development companies doing marketing and web design. 2 years ago I got into residential real estate investing and purchased and sold several homes. I am an entrepreneur in spirit and love the idea of a living, breathing business to pour my attention and creativity into.
I have recently partnered with a guy that owns a smaller night-club (about 3k SQFT) who has been up and running for 2 years. He bought and ran the club on a shoestring budget and has always wanted to go bigger.
We hit it off and work well together. We're looking at a few places to purchase, renovate and "go big" with.
I think we found a great opportunity in a nightclub that has been pretty trendy and has superb location. We found the place because we were looking at another nightclub that was on the market and is owned by the same guy. He is apparently selling most of his clubs. (He owns 8)
I've organized many residential purchases, but never any commercial / business purchases. What are some creative options for purchasing?
Owner-Financing: What is a typical down payment? Length of Terms? Interest?
We haven't sat down to talk numbers with him yet, but what things can we do to have a better understanding of a proper purchase price?
Rough number wise, we think that after purchase the club will need 150k + to rebrand and remodel.
We have the experience to run a club, the drive and passion to make sure it gets don well and the means in reach to make it a reality.
Are there any wise words of advice? Information sources I should check out?
P.S. Anyone know crax's email address. I'd like to see if he's like to invest ;)
First let me say my quick read through of this forum has been very informational and entertaining. I hope to get some good responses and to generate some creative thinking.
Background Info:
I have spent 5 years working for internet development companies doing marketing and web design. 2 years ago I got into residential real estate investing and purchased and sold several homes. I am an entrepreneur in spirit and love the idea of a living, breathing business to pour my attention and creativity into.
I have recently partnered with a guy that owns a smaller night-club (about 3k SQFT) who has been up and running for 2 years. He bought and ran the club on a shoestring budget and has always wanted to go bigger.
We hit it off and work well together. We're looking at a few places to purchase, renovate and "go big" with.
I think we found a great opportunity in a nightclub that has been pretty trendy and has superb location. We found the place because we were looking at another nightclub that was on the market and is owned by the same guy. He is apparently selling most of his clubs. (He owns 8)
I've organized many residential purchases, but never any commercial / business purchases. What are some creative options for purchasing?
Owner-Financing: What is a typical down payment? Length of Terms? Interest?
We haven't sat down to talk numbers with him yet, but what things can we do to have a better understanding of a proper purchase price?
Rough number wise, we think that after purchase the club will need 150k + to rebrand and remodel.
We have the experience to run a club, the drive and passion to make sure it gets don well and the means in reach to make it a reality.
Are there any wise words of advice? Information sources I should check out?
P.S. Anyone know crax's email address. I'd like to see if he's like to invest ;)