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i'm seeking 100% owner financing? i'm interested in owning and operating a laundry facility in maryland.

tyra bedford

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The BAF Group LLC
MD

Tyra, as a Broker, I would tell you that what you are looking for is very nearly - but not completely - impossible for you to find. Laundries are one of the most sought out kinds of businesses there are. We can sell them in about 24 hours of getting a listing, to Cash Buyers. (Okay, 24 hours is a slight exaggeration, but not by much!) "Cash Buyers" means they don't need to go to a bank, much less ask the Seller for financing.

I don't mean this to be insulting, but why in the world would a Seller take a deal that is 100% Owner Financing, for almost any sale? There are two (2) reasons that I can think of. The first is to someone who has worked with the Owner for years, and he wants to pass it on to someone "in the family", and for whom he wants to reward for years of loyal service. That's not you, as a Buyer off the street.

The second reason he might do that is if the business is so bad, so lacking in assets, so lacking in Tax Records that demonstrate viable Profit or Cash Flow that it is unsalable in any other way.

Moreover, even if you found such a person, what Landlord is going to allow you to take over a Lease, when you apparently have no money to support your purchase. Getting a Lease is like getting a Loan: You have to prove your financial capability, in order for the Landlord to agree to Lease you the property. So, you are not asking ONE person to give you 100% financing, you are asking both the Seller and the Landlord to risk an enormous amount on you, a complete stranger.

What are your chances of walking up to people on the street and asking them for $250,000 or so, and getting it? That is what you are asking for, when you ask the Seller (and Landlord) to give you 100% financing.

Dec 16, 2009

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