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I want to buy a business in Arizona prefebly in the Scottsdale/Phoenix area. I dont want restraunt or something fickle and risky. So I was thinking of a property managment business or car wash/service station. Both tend to be stable can be lucrative and arent 24/7 retail business like a 7 eleven. I am qualified up to 750k with a SBA loan. Is this a stupid idea. I am relocating from another part of the country and want to work for myself down there. Am I being stupid?
No you are not being stupid, but stupid is as stupid does. Here is what I mean, if you want to own a business, I think you should move first and have a chance to look around, then perhaps go and work for a business you want to buy, maybe just for 3-6 months, just to have a chance to learn it. After that, if you still want it go ahead and buy it. The problem with just buying it, is that you're moving from another part of the country, you don't know what is good location what is not, the money may even have different value here and what seems as a great deal to you (say if you move from New York) could be absolutely outrageous in Arizona. So, whatever you do DO NOT DO IT Doraville A HURRY. I know a lot of people who dreamed of their businesses, but I know they would be millionaires by now if they DIDN'T start their businesses. The decision to start a business was not stupid, but they all did it in a hurry and made a whole bunch of costly mistakes. Good luck.
Actually Arizona would be a great place to invest in right now, people are moving out of Cali to AZ, WA, OR! I think it would do good!
Sounds risky but to make it you got to take risk i would start small as little investment as possible to see if it is going to take off