Entrepreneur Wanting to Start A DayCare
I want to start off by saying any advice would be greatly appreciated!
Where to start; I have a very specific location in mind to start a daycare because the need is guaranteed business.
There is a current property for sale offering an exciting business and SFR in the listing: The current business is a warehouse I'd love to turn into a daycare with my own specs.
The problem: To purchase the property and renovate would be about $600K / to have a cushion myself for staffing a loan requirement would be about $700-$800K
Now I've meet with lenders whom would be willing to fund the entire amount with a down payment of 15% of the asking with is great but the starting capital of $150K I don't have.
A: Is it a good Idea to search for funding for the $150K to get the remaining funding?
B: Am I being to specific on the location/property? Could the home be used as cross collateral?
C: Is this a realistic goal? Now I did projection planning and the daycare would net annually at $650,000.00 per after the 1st full year with a modest number of children.
Thanks