advice on a new start

Discussion in 'Lawn Mowing' started by little country, Feb 4, 2003.

  1. little country

    little country LawnSite Member
    Posts: 9

    Im starting back into lawn maintenance this year in WV.I use to hv a good bizz in north east PA till I went through a bad devorice.I lossed everything even credit. has anyone ever had to restart w/nothing. All I need is one 54" walkbehind,where could a feller get help on financing one w/devoriced credit. I stll hv my weedeaters and blower. thats all i need to start.
     
  2. mag360

    mag360 LawnSite Silver Member
    Posts: 2,446

    Suburban Power Equipment in Delaware has a sweet expo coming up in march. Don't know if you would want to make the drive but it may be worth it. 2 years ago i picked up a scag turf tiger 25hp 61inch advantage for $8000. Financed me at 18 yrs old with absolutely no credit history. I'll check the date and directions and post them in case you're interested. (they sell just about everything--Dane Scag himself was there first year i went)
     
  3. brentsawyer

    brentsawyer LawnSite Senior Member
    Posts: 663

    Welcome to Lawnsite, I'm sure in time you will find its info invaluable. There is lots of info and almost every subject has been talked about so using the search is a great way to get alot of info fast.

    Anyways, sorry to hear about you troubled times. It seems like you will be starting out like many of us did but with one more minor obstacle. Since getting credit has everything to do with your ability to repay it, your credit score will determine most of this. However, starting a business with alot debt and no background is difficult for anyone so I would not look into buying or financing a $5,000+ mower and additional $$ for misc. equip. Even if you were able to get financing, it would probably be in the neighborhood of 18%. One way to prequalify yourself is to get your credit score online and procede from there asking questions to dealers or banks, last time I heard, dealers were offering more flexability in credit but were crarging a decent premium for the added risk. However, I would consider buying something used and depending on the time or $$ you want to invest or can invest and consequently make, go from there. Also get one CC and use it 1-2 times/month on small purchases, this will quickly show banks that you know how to use credit and will not use it excessively, believe, nothing works easier or better.

    I'd look in the local classifieds like I have so many times and look into buying a good all purpose mower, belt or hydro depending on avail $$ mine was 36" and then a second was 48", both belts. You could find a good used belt for average $$$ around $1,400 depending on brand, age and condition. Add at least $800 for a hydro. This should do you well for the first couple years meaning that you won't need anything else until the income warrants more, or time dictates it. I'm sorry I can't provide more but until I know more, I'm like others are pretty limited. Or if you do own your own house or have other means to capital, look into them, but like all debt be careful, I just got a line of credit and pay a meager 3.74% int., but I use it the same as I would if it were cash, because that is really what it is.
     
  4. devildog

    devildog LawnSite Senior Member
    from sc
    Posts: 270

  5. Barkleymut

    Barkleymut LawnSite Bronze Member
    Posts: 1,117

    BrentSawyer- 3.74% interest???? Is that an intro rate on a home equity line of credit? I just got a home equity line of credit for 4.75% and I thought that was great.

    LittleCountry- good luck in WV. I lived in Parkersburg growing up, and loved it. You should visit a couple of commercial equipment dealers in your area and see what rate they will give you. I know Exmark and other manufacturers lend at about 12% because if you can't make the payments they will take back their machine and resell it. In your situation is there any way you could work another job and do lawncare? We all know that just a mower, trimmer, and blower won't do it. You also need supplies like oil, trimmer line, air tanks, gas tanks, tire plugs, tools to work on equipment, air oil, and fuel filters, parts for equipment, insurance, Roundup, a sprayer or two, belts, grease, grease gun, gas, accountant fees, tarps, rakes, shovels, duct tape, measuring wheel, oil mix, blades, bug repellant, yellowjacket killer, rope, pitchforks, wheelbarrows, etc. is there anything I forgot???? And they all cost quite a bit of money. Good Luck because you have quite an uphill struggle in front of you. By the way congrats on discarding of the extra baggage.
     
  6. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    Best of luck guy! Welcome to the site. Glad to be back in the biz?
     
  7. little country

    little country LawnSite Member
    Posts: 9

    thanks everyone for your thoughts--littlecountry
     

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