All Forum Posts by: Chris M.

Hi guys, we have a family business that has existed for over 35 years which I have been managing for the past 12 years. The business has been profitable for the past two years and has made close to half a million in revenue in some years. The business has a registered customer base in its ecommerce website of over 17,000 individuals, an email newsletter list of about 17,500 active subscribers and a social media following of over 60,000 followers. It is an established brand in its industry with name recognition and decades of respect.

After the pandemic started in 2020, the business had to start taking on debts in order to fund core business operations. Now in 2024, it has become difficult for the business to continue operating while satisfying all necessary debt payments. If these debts are paid off, the business could prosper with a proven track record of generating significant amounts of revenue and profit.

We are currently working with an established business broker to sell the business and the asking price is $180,000. This amount would be just enough to cover the debts and business broker fee. I would get no financial gain, but the knowledge that the family business would survive and continue would be enough for me.

As part of the deal, I am willing to work with the new owner(s) of the LLC for free for up to 6 months to help transfer over all operations, contacts, contracts and accounts along with continuing the work that I'm currently doing for the business.

If any of you are interested in purchasing an established family business that has existed for decades and has shown a profit in multiple years (including the past two years) please send me a message here on BiggerPockets and I can connect you with our business broker to share more details.

Thank you for reading, I truly hope that we can find a buyer so that our family business can continue for many more years.

Bump, any thoughts on this would be much appreciated!

Hi guys, I am self-employed with a business which is a single member LLC and no employees other than myself and pass-through taxation. I have a question about contributions to a Roth Solo 401(k) plan. If my business shows a loss for the tax year, can I still contribute to the Roth Solo 401(k) or can I only contribute based on the NET income shown on my tax return? For example if the tax return shows $5,000 NET profit, that's the maximum I could contribute to the Roth Solo 401(k) plan?

Thanks for any information on this. 

 Thank you! Are there any resources for finding local meetups in my area? 

Hi guys, I've been thinking about investing in real estate for many years now but haven't taken any real significant action. To this day I still do not own a house. Part of my problem is that I'm self-employed in a very difficult industry and the business has a significant amount of debt so I have not been able to qualify for a traditional mortgage due to my debt to income ratio. At this point I just want to get involved in any capacity in a real estate investing project even if it means hammering some nails or sending out letters. Is there anyone who needs extra help on any projects? I will work for free just to get started on this journey. I have lots of experience and skills with marketing, social media, websites, e-commerce and customer service. Thank you for anything guys... I really want to get started. 

 Thanks, Chris, just sent you a "Connect" request which I guess is necessary before I can send you a PM on here. 

Hi guys I currently have a 43.34 acre lot of land (technically it's two parcels) that I've been paying $429.46 per month for since January of 2021 and I also put a down payment of $3,674.00 on it. The agreed-upon price was $35,000 (with 7% interest added for doing owner financing) and the final payment will be made in January of 2029. Unfortunately I have run into some financial difficulties recently and I'm trying to figure out if there's a way to sell this contract to someone else to recoup the money I've already paid into it and get rid of the monthly payments? I listened to a real estate audiobook where the author did something similar - he was in an owner financing contract and if I recall correctly, he signed a separate agreement with another individual so that their payments covered his monthly payments.

Really appreciate any feedback on this idea. I would prefer to avoid losing all of the money I've already put into this parcel if possible. 

Hey guys, the past few years have been frustrating for me - I am self-employed and qualify in every way for a mortgage except for NET income because I write off a lot of expenses for tax purposes. Being in a tough industry with slim profit margins, we usually try to minimize our tax bill each year. Is the answer really to take the tax hit for a couple years, then hope that it's enough income to qualify? Is NET income exclusively derived from tax returns? Whenever I've spoken to bankers/lenders in the past, NET income is the wall we can't get past. Is private money my only option? We don't really want to wait 2 more years to show the amount of NET income needed on tax returns. 

I can easily afford a house payment each month and am trying to find a house for my army veteran mom. She has had a hard life and deserves to settle down to live her final years in peace. We are seeking something modest, 300k tops, but NET income on my tax returns continues to be the bane of our existence. Should I try to find a co-signer? No one in my family can do it. Private money? Any ideas would be sincerely appreciated, my mom will most likely have to move this year due to the landlord selling the property she currently rents.

Hey guys, I had a question about business lines of credit: is there any negative impact, perhaps on the business credit score, by opening many lines of business credit? To me it seems like a good idea to have many lines of credit for financial flexibility as long as you stay on top of paying them down on time. Basically my question is: is more business lines of credit always better assuming the terms are decent and you're responsible with the credit?

Hey guys, just wanted to say thanks again for all of your input and advice. We decided to cancel the deal. It was to be an out-of-state purchase, and moving my mom there would have been a big effort, and after discussing it with her more she decided she did not want to move that far away. I still wanted to buy it myself as an investment property, but with funding sources so limited I did not want to put myself into a very difficult situation with my business in order to purchase this house. 

While I'm disappointed in some ways, relieved in others, I did learn a lot during this process. Definitely feel more prepared as we are actively looking for another opportunity and determined to purchase our first home this year. Truthfully I wanted to buy my first house 5-6 years ago but the market in Oregon became so insanely overheated that it was unrealistic for us. It seems to be cooling now.

Many of you posted a lot of great tips and links to resources I had not heard of before and I will be exploring these and thank you for it. If any of you are interested, I've got some key factors: time, determination, persistence, intelligence. If any of you are looking for a partnership where you would act as the lender, I am more than determined to purchase my first investment property before the end of 2019.

Thanks guys and have a great week.