bodypainter

We are okay financially - I think we scored around 800 last year when we refinanced our house and again a few months ago when we bought the car. I make good money, more than enough for us to live on. As for the down payment, I figured we'd probably take a 2nd on the house. As for money left over each month, I max my 401(k) and we probably throw $500 a month in savings. Of course about once a year we buy something that depletes that so it's not like we have huge buckets of money in the bank. If we really tried I think we could save $1000 a month.

This convenience store we're looking at has a $149,000 asking price. The agent says it nets about $65,000/year for the current owner. I am hoping that means bottom line profit after everything but of course I haven't seen their books or tax returns yet. Anyway, 20% would be $30K and I believe we could swing that for a good bet.

As for this being 'her baby' I mean I want it to be her store. I will do whatever needed financially but this is to be her job, her business, her baby. I'll keep my job. I like that concept because she wants to contribute to the household and if she could really pull in $65K a year after taxes and all that effectively doubles our income (as opposed to her working for someone else for peanuts). That would greatly help with my true goal of not having to work for wages until the day I die.

I also thought there might be some loan guarantees available to her as a female owned business. I've crawled the SBA website but there's an overwhelming amount of stuff there. I guess I need to spend a chunk of this weekend and make a business plan. Sounds like I'll need a convincing one to take to the bank. Also, I'm a veteran so I should probably check the VA to see if they can help.

Thanks for the advice and feel free to throw out any pearls of wisdom you care to share.