Tradefair & Financials
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ok this is the story i am in a partnership wee own the betting shop and a flat up stairs wee owe bank 100k morgage,wee got a flat to wee both put in 7k about a year ago 2 bed wee got for 85k should of being 100k got a very good deal.there is a sitting tenant just pays morgage.i would like the shop on my own and give him the flats,shop worth 150k,flat 100k dont want to be in partnership anymore.i am the lisence holder.what do you think i would need to give him to get the shop?wee lost 6k other day he wants to get out off shop,i think i could make a go off it on my own.would never do partnership again
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give him 25k and the flat, though you (or he) might want to get valuations etc first.
otherwise a 2 person auction, eg you both bid for the asset but the highest bidder has first option to buy at the lower bid.
otherwise a 2 person auction, eg you both bid for the asset but the highest bidder has first option to buy at the lower bid.
think i will get the 3 properties valued,then go to accountant see what they have to say cheers
wee owe 100k on shop and flat upstairs worth around 250k,other flat bought for 85k put 15k towards between us worth around 100k,must be about 65k left on morgage both got tennants can someone give me a clue of a figure please so i can get the shop
What the rental income is on the shop and flat will give you an idea as to what they are worth.
shop 1000 a month,flat upsatair 500,other flat 380 never put it up but could put it up to 500 easy.
what would you take the shop or flats? the flats are cert but betting shop is a bit of a gamble
The problem with the shop is if the bookies closes down. Can it be anything else? Plenty of empty shops all over the place. The flats will always be rented.
think it would make a good chippy or something like that plenty of parking after 17.30.
sell up the other flat (on market or to your partner), should give you enough equity to buy the shop and flat which probably are worth more if they aren't broken up.
or just put everything on the market just to get an idea of value, maybe you'll even get a decent offer.
or just put everything on the market just to get an idea of value, maybe you'll even get a decent offer.
thanks for that hard to sell anything at this time seen alot of places on market for long time
Have you approached any of the chains about buying your shop?
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