Came across a highly profitable gas station for sale, just buying the business and not the real estate.
Have fair credit (650) and would like some ideas on how I could raise $50,000. I welcome your advice
and input. Thanks in advance.
About the only way I can think of to get that sort of money is bank loans or investors. If you have a business plan it would make you more likely to be able to get a loan or investment. My question is, wouldn't you need to get more funding then that? If you are buying the business, wouldn't you also need a place to sell gas from, initial employee wages, money to bring in gas for people to buy? Those are all things I think would need to be considered before you get funding.
Just some thoughts that I hope help,
Couple of suggestions:
Try your local banks and see if any offer SBA loans - then try that route. But, without the real estate, I don't think you will have much luck with a bank / SBA loan unless you have positive cash flow now (personally) and the business is really, really cash flow positive.
There are several non-bank lenders that could help you. We offer a free search engine for business loan companies and products as well as information and other resources for those seeking business loans on our site at Business Money Today. No cost to use.
You could also ask the current business owner to finance it. Offer 10% down and the let the business pay the remaining over time.
Lastly, most people in your situation bootstrap by asking friends and family for loans or investment or take another lien on their house or even tap out personal credit cards. As long as the business can cash flow enough profits to cover these payments you should be OK.
Best Of Luck!
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