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NOTABLE! How to Buy A Ferrari for $20K

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sparechange

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I wanna know where he found a 2006 360...
 

biophase

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Actually it's not the reason you're thinking (my apologies for bumping it up with respect to your recent "activities") but I look forward to reading whatever you report!

MJ, let's hear your story!
 

MJ DeMarco

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Jeff Noel

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I need to read more on the process of purchasing an existing business. This thread really got me interested (maybe not for a Ferrari to begin with, but a nice Kia (lol) ?)

All the businesses for sale in my area are exotic restaurants (sushi, chinese food, etc.). From what I heard from my friend who owns a restaurant, it's a LOT of work to manage that kind of business, especially in the state they are (really old buildings - 1940s).

Does anyone have interesting books or ebook or anything on the subject of purchasing an existing business ?
 

Argin Gerigorian

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So a few weeks ago I'm looking at this 2006 Ferrari 360 Modena in red with nice wheels. Asking price is about $100k. I'm not one to spend $100k on a car, because every time I've had money I've put it into investments. So my other thought was I should just buy an investment condo which returns about 8% per year.

But then I came across an ecommerce store for sale for $100k which puts out $100k a year or $8k a month.

This got my thinking. Why would I ever pay $100k cash for a car or buy real estate if I could purchase online stores like these?

So I did some numbers and I could do the following:

Buy the store for $100k
Take the $8k monthly
Which is $6k after taxes
Buy a Ferrari with $3000/mo payments
Buy a home with $3000/mo payments
Why wouldn't this work?

And why doesn't everyone do this?

Poke some holes in this plan please or else I'm going to implement it this year. :)

Wow that's a great price for $100k, what website did you buy the business off of?
 

YoungPadawan

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Man @biophase , you are a rockstar. I've been reading through your old blog and this reminds me of the website that you started to buy yourself a pair of hiking shoes. An excellent value-adding philosophy to have. :thumbsup:
 
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Jeff Noel

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Wow that's a great price for $100k, what website did you buy the business off of?
I don't know if it's similar in the US, but here in Canada, most RE agencies list commercial properties and also businesses for sale. There's probably websites dedicated only to the business part, but I didn't find any (didn't really search either).
 

Jonathan Hoch

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How the f*ck am I showing up on this forum so late to the game. Great thought process. And I'll always love the blue 575 from Bad Boys II. Cheesy movie, awesome car!
 

Champion

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Well... its not as easy to get a $100k loan to buy an online store as it is to get a $100k loan to buy a house or to buy a car, no?
 

biophase

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Well... its not as easy to get a $100k loan to buy an online store as it is to get a $100k loan to buy a house or to buy a car, no?

Probably the same amount of work to get a 100k business loan or a 100k mortgage.
 

Champion

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Probably the same amount of work to get a 100k business loan or a 100k mortgage.

Definitely not the case in Germany! Maybe in the US it is different though.

Maybe I will move to US, use this method and then export the car to Europe and drive with it haha :D

The mindset and idea as a whole is great food for thought though, thanks a lot!
 

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