All Forum Posts by: Leo McDonald

@Joel Owens it's not my preferred method but may be the only option we have before we can go that route.

@Nik S. That was the initial idea is to save oney from the investment and invest into multifamily homes. If we like the income of the restaurant we will select and vet a person out to manage it for us so that we can continue forward but check in on it from time to time.

@Tim Johnson to put it lightly without disclosing to much info. I am new to this industry so naive in some things but learning. My partner and I are asked to come into a back office for a meeting to discuss the financials of this business we were looking into. They said okay we will show you the invoices. Now what I didnt know is that there are a lot of businesses in Portland that only claim so much on taxes but write off a lot as loss so that they get considerable write offs and returns.

So when I asked if we could discuss the tax info the broker and owner left the room immediately to talk privately. My thought was we didnt want to purchase a store with a lot of back debt and the bank wouldn't approve a loan without that info. When they come back they shut the office door this time took a more serious posture and asked us if we were tax guys. I started to wonder if they were going to attempt to stop us from leaving the meeting but managed to defuse the situation with a bit of wit. We left with out an altercation but it was apparent the broker was trying to cover the owners tracks.

@Greg Dickerson so what is considered high end business?

I am used to people conversing more honestly Portland seems to be a honey pot of crooks between business owners and their brokers who are equally guilty.

@Greg Dickerson thank you. What do you mean by underwrite a deal?

Very frustrated when brokers dont have access to financials. We're in place for a business loan but sellers in the Portland area are not giving access to financials to a lot of business. What can I do?

@Don Konipol thank you. These are things that were considered.

@Jay Hinrichs this is good information. My partner and I are reconsidering and looking at self storage and mini marts thinking it would be more reasonable.

@Scott Mac thank you I completely understand that there needs to be a cash reserve. My partner and I want to invest into a restaurant to get our investing business up and running. Yes we would be managing the restaurant myself especially would be their full time until a good manager is vetted.