4.6 • 682 Ratings
🗓️ 13 May 2024
⏱️ 9 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.6 | So I'm 27 years old and I work from a family business. My second job is an ICE business |
0:11.5 | and the owner is wanting to sell within the next two years or so. The sale will come |
0:17.5 | with the building with existing tenants and the ice company itself. |
0:21.6 | He's asking for $1 million. |
0:23.6 | As a married 27 year old, running from my parents with no meaningful form of assets besides vehicles |
0:30.6 | and what we have in our savings and investment. |
0:33.6 | What do you think the best way that I can get a loan that big for that size? |
0:40.3 | Me and my wife currently are living at my parents' house. |
0:44.3 | We have no form of debt besides, or thanks to you, no debt. |
0:50.3 | We work hard to pay off all of our student loans and credit card debt and everything. We do have one car loan right now that we're trying to knock out as quick as possible. |
0:59.3 | But like I said, no form of assets or anything like that. |
1:07.2 | Well, I'm a little bit confused about the part where you listened to me for years, and then you just asked me how you can borrow a million dollars. |
1:17.9 | Right. |
1:18.8 | That's a little bit inconsistent, isn't it? |
1:21.0 | I mean, you kind of know I don't do that, right? |
1:24.7 | Yes, it is. |
1:25.6 | And with the other previous colleagues, I was thinking, maybe I should change |
1:30.6 | the word from borrow to be able to obtain the business for that price. So I do apologize. Let me back |
1:38.2 | out. What is the best route for somebody in my shoes to be able to obtain the business? |
1:42.6 | Okay. Well, I mean, there's, you don't have a million. no bank's going to loan you this, okay? Like you said, you don't |
1:48.0 | have the assets, you don't have the income. You're not bankable. A banker would just, |
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