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Updated almost 7 years ago on . Most recent reply
350,000 invest and should I buy a business or 2 rental homes stoc
Hi,
I was not clear in my first message. I have 350,000 in my savings and lost my job due to family emergency. Now I am in San Diego and am interested in purchasing a cafe which serves unique Kina Hawaiian coffee . Its been established since 2009 and was sold in 2016 to 2 friends and they are having issues and fights and want to sell. The gross was 480,000 2017 and net of 80,000 with owner working 25 hours and no advertising and 7 part time employees.
They are asking 250,000 with rent being 5,000 a month till 2024 and anther 5 year option at market rate at that time . I owned a couple catering business and have experience and will eliminate a couple employees and should net 10,000 a month .
Is this a good investment as it will take 2 years to get money back plus always issues like AC, repairs and stuff. Its a great area surrounded by million dollar condos, and convention center and tourists . Thanks
I am also about to pass my real estate exam and want to purchase a couple properties and rent. But this may be a long term solution.