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- Aug 15, 2016
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recently been looking at a diner for sale.
I am mainly into real estate investing now, however this seems prime as:
-the owner wants to sell it and its real estate included (huge lot with car park all around the side and rear).
he and his uncle have been chained to it full time for years and want to retire.
-it's not on the market but he will sell it for 1 million (I can probably go lower).
It turns a steady 100k profit each year.
-there is a 500 unit apartment building being build across the road two blocks down that will increase the customer base a lot, im also thinking i could add deliveries and add more income.
-my partner is also building a 20 unit home for seniors next door above his existing unit.
I am approved for a 90% loan on this if i go ahead with this.
option 1: my plan is to run the diner as usual with the possibility of building an apartment complex above the diner as the lot is very large and it has the zoning.
option 2: run the diner as hire a manager so i can be more hands off and expand to take out and then once revenue has increased, sell it off. Even better a developer may want to buy my lot at a larger price.
option 3: build an apartment complex on the lot, keeping the diner and a new retail unit on the main floor.
Is anyone here in the restaurant business? I am trying to figure out how hard it will be to take over and if i can actually eventually be hands off and if i am missing anything here. all opinions are appreciated and happy new year to everyone
I am mainly into real estate investing now, however this seems prime as:
-the owner wants to sell it and its real estate included (huge lot with car park all around the side and rear).
he and his uncle have been chained to it full time for years and want to retire.
-it's not on the market but he will sell it for 1 million (I can probably go lower).
It turns a steady 100k profit each year.
-there is a 500 unit apartment building being build across the road two blocks down that will increase the customer base a lot, im also thinking i could add deliveries and add more income.
-my partner is also building a 20 unit home for seniors next door above his existing unit.
I am approved for a 90% loan on this if i go ahead with this.
option 1: my plan is to run the diner as usual with the possibility of building an apartment complex above the diner as the lot is very large and it has the zoning.
option 2: run the diner as hire a manager so i can be more hands off and expand to take out and then once revenue has increased, sell it off. Even better a developer may want to buy my lot at a larger price.
option 3: build an apartment complex on the lot, keeping the diner and a new retail unit on the main floor.
Is anyone here in the restaurant business? I am trying to figure out how hard it will be to take over and if i can actually eventually be hands off and if i am missing anything here. all opinions are appreciated and happy new year to everyone
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