Does anyone know a way to buy a business with no money or equity?

Question by d_geffre: Does anyone know a way to buy a business with no money or equity?
I made an offer on a local bar/nightclub with a contract for deed. The seller is ready to work with me, but owes $ 84,000 to the previous seller. Is there any way to get $ 84,000 without getting an investor. I just bought my house so there is no collateral there. My care is worth what I owe on it. I have no other forms of collateral. I have good credit, but can’t think of a way to get $ 84,000 as a down payment (she will CFD the rest of the purchase price to me on the terms I requested). Thank you for any help that you can provide.

Best answer:

Answer by T D
You could try and tell the bank that you have given her payments that amount to 20%. You could take over the business and pay her bills untill the amount that you have paid is equeal to 20 or 30%. If the seller will let you do this, and she probably will I suggest you tell her you want to buy the business but need to run it for 6 months while you work on getting a loan to purchase the business. Thsi is good for her because selling a business is tough right now and she has few other options. You get to run the business at no real risk to you and see what the heck you are getting into. why would she have a problem with that as long as you are running the business and paying the bills on time? Why would this not work for you? you get to buy the business down the road by using the monthly payments under your control as a type of equity down payment. The secret is that it also buys you time to find out if you want to own the business. I have to tell you that 95% of the time the business looks enticing up front but the actual ownership is something altogether differant.

Give your answer to this question below!