Financing

[Zaheer Jabbar]

Dear Biggger Pocketers(lol),

Here is my situation and brainstormed it as best as you can:

There is a two unit commercial business - hot dog and food which I would assume grossed about ten thousand a month. The sized of the Property is: building -4032 square feet and land is 2500 SF, Taxes: $5,119.00. I am not aware of any liabilities nor do I know of any bad debts of the Business. The owner is asking for $225,000.00. And only with an offer, they would release the accounting of the business.

My research(compt) showed that the property value might be about 170 or 180. I think a good offer would be about 160, since you would want to buy with some equity in the property.

Here is my situation: between me and my nephew, we have about $28,000 cash and about $42,000 in equity of a newly purchased investment property. We knew of this business deal after the purchasing of the property.

The banks are giving me a hard time because of (1) I am only in the 3rd year of my bankruptcy discharged. The bank said I have to be in my Fourth year. (1) My nephew can't get a joint mortgage with me because he work and lives in Canada. His house has some equity.

We do not want to exhaust all our cash reserves..

Please give me some Ideas. I am a beginning investor. I purchased my first property and closed on the 15th of this month. The house is about to rent for 750.00. I did the rental myself. Thanks to you Guys.. I did the research as to how to advertised and pre-screaning. I am so glad that I am becoming so independent. I was going to give this property to a property management, but i thought to myself: if I am going to do this business, I better learn how to do it myself and so it worked. However, where the bigger boys play, I need some sound and practical advise on that commercial property. Give it your best shot.