Posted by Rich on December 06, 1999 at 23:13:29:
I wrote last week seeking advice on getting investment capital for a commercial property. The property appraised at $115k when I purchased it. Purchase price $65k. I have a friend who sees the potential with this property (bar/club in a college town and I own an elusive liquor license). He is interested in buying 49% interest in the property. I am thinking about asking $40k for his half - and we split any costs and split any profits 50/50 from then on out. But in the back of my mind I keep hearing the words of an old friend and sage who always said “never take on a partner…especially in the bar business”. I need the cash to do the renovations, and I can’t(and don’t want to) borrow any more money. I’m trying to sell one of my other properties to get cash, but that’s not happening quickly either. I did an extensive rehab on this property and just put it on the market, but this time of year is slow in the RE world around here, so it may not sell until Spring, if then. Any suggestions?