Posted by Mike Collins on February 05, 2001 at 16:52:21:
Find another operator who wants to lease the building for use as a day care center. Make it a triple net lease and make sure you cover their mortgage payment. Plug in some upside by allowing “additional rent” if the tenant hits a certain profit level. Once the place is leased, it should be easier to sell to an invesor, rather than just a daycare operator.
Good luck.
Daycare Prison - Posted by John Minnis
Posted by John Minnis on February 05, 2001 at 16:42:13:
Here’s the deal:
I have two aunts in a small town in southern Illinois, about 45 minutes from St. Louis, who some years ago started a daycare for kids. They found an old church that was suited to the job. It has running water, two kitchens, bathrooms, of course, an open area upstairs and almost living quarters in the basement.
Anyway, my aunts are older now and would like to get out from under the business, which barely paid the bills anyhow. They’ve had several couples want to buy the business, but the banks are not interested. My aunts now seem trapped. They can’t just close the daycare because it at least pays the mortgage. But they can’t sell either.
I was thinking maybe they could do a land contract or owner-financed deal. What do you all out there think?
Re: Daycare Prison - Posted by dewCO
Posted by dewCO on February 05, 2001 at 18:32:33:
Try this on the commercial part of this forum as well as the financing part.