I am very new to investing. I have read many books, but never took action on it. Today is my first day of actually getting started. I looked in the paper for some type of opportunity that would bring me some type of passive income.
I ran across an ad that said Laundry Business, approx 2500SF, turn-key, all equip included. I decided to take action and call.
When I called, it was an agent representing someone else. He said the owner was selling due to major health problems. He said that the asking price was $165,000, but he could get the owner to go for $135,000. I never gave an offer. He said there were 27 washers and 15 dryers in the building.
He said the owner could not keep up with the business. He was opening late and closing early. He said the business is in a good location, but needs new management.
It is in a busy area with a very big parking lot that I could lease out to someone for a little extra money. Maybe a bar-B-Que vendor or something.
I asked him if the owner had a mortgage on the property. He said yes. Then he asked me why. I told him that I wanted to know everything about the property in order to get the financing that I need.
He said that the owner does have a mortgage, but he did not know how much the mortgage was. He also stated that the seller would pay of the mortgage with the proceeds from the sale. He said the loan was not assumable.
He wants 20% as a down payment.
I am very new to this and I need step by step advice on what I should do next. I need creative real estate techniques and thoughts from experienced investors on how to go about acquiring this property. It seems like a good investment that can help me build a column of assets.
I need help on everything, from creative techniques, to creative financing, to paperwork, to negotiating a good price, to whatever else, to closing the deal.
Please advise me…I am but a Young Grasshopper searching for food, because I am young and hungry.