Flipping properties is not as easy as it looks on TV
Yes, restaurants are a risky business, but there are plenty of successes as well. Fear of failure is not going to keep me from doing what I want to, as long as I have all my ducks in a row.
Yes, Miteymite, I agree with you about the value of the equipment. In this case, it is the cherry on top of a great location with excellent market demographics. All items on the menu will be made on the premises, no pre-made frozen, processed foods will be served. It will also have an extensive kid`s menu which is sorely lacking in this market.
lulusdiner2/26/2008 8:31 AM
Hello, I am new here, although the question I pose is not. My restaurant concept will fill a niche that is currently not being addressed here in Tulsa. I have a business plan complete with financials, extensive food service experience, and a passion to bring my concept to fruition.
Now for the reality check - I have poor credit, no collateral or assets, as they are all tied to my husband.
I have found an existing restaurant for sale that is only two years old, has $300,000 worth of FFE and is sitting on prime real estate. I have a real estate license, and if someone would buy it and lease it back to me, I would make $25,000 in commission to put into the business. I am also looking for $50,000 to be loaned to me, which will be paid back in full, with 7.5% interest in 18 months.
If this sounds interesting to anyone, I will be very appreciative of the help. Any comments and advise will also be welcome. Thank you!