Hello my fellow DG followers..
Long story short, a partner and I have recently decided to try to purchase a small business. Using my home equity lone I would have a small amount to put down but my partner has absolutely no money at hand. Given these circumstances we thought owner financing would be our best and possibly only option since most banks would require around 20% down. The owners recently dropped the price from 120K to 99K. After speaking with the seller we found that he was trying to sell it before April in order to buy his dream home he has had his eye on. The good news is he is willing to carry the paper but requires 30% down!!!!! So basically I wanted to reach out to all of you and see if you had any ideas for us. Any way we can present an offer to him that would make him take significantly less up front? I am brand new at the owner financing method so anything would help. I thought we could possibly offer a 1 year contract with an abnormally high interest rate perhaps???? Thank you all in advance!!!