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How to get the money to get started.

Discussion in 'Lawn Mowing' started by Grassboy, Mar 14, 2000.

  1. Charles

    Charles Moderator Staff Member
    Messages: 8,821

    For all you naysayers about establishing credit. Try to buy a house with no credit history. Good luck!!! Around here you its hard to find a nice home for under 80000$. Try to pay cash for that. By the time grassboy tries to buy a home it will be 100000$ or more for a nice home. Like Homer says pay your bills on time. Establish good credit. You have to make payments to do this. Interest on your equipment can be tax deductable. Its hard to even buy a car with no credit history.
  2. Dingo

    Dingo LawnSite Member
    from TN
    Messages: 133

    the reason you buy the 6,000 mower is that it is faster, does bettet job and wont stress you out as much cause you dont have to worry about it breaking down. you dont save money you just cut back on money being spent which will cut back on money that you could earn. If you buy a old slow mower and you plan to put in a full days work you will do less jobs than you would actually do with a big rider. Therefor you are actually loosing money because you are still putting in the same amount of time. If you really want to make it in this biz you can. Time is worth money dont waste it.
  3. SLSNursery

    SLSNursery LawnSite Senior Member
    Messages: 442

    If you can get money for what you plan at 10% or less, get as much as you can, as fast as you can. <p>A lot of good points have been made on both sides of the table. I agree with most of what GeoGunn stated. Personally, I started by paying everthing off when I was a minor, and now (I'm 30), after establishing good credit, I either finance or lease items, based upon tax ramifications. By your age, I already paid for enough stuff to have a running business, then I started to loan and repay in order to establish credit. If this is your plan, then go for it. If you have worked at this and haven't saved enough money from prior years to pay for some stuff, then you should not loan the money. Those no money down deals require excellent credit, and even then, after 6 months of no payment, the interest accrues and they try to whack you with 18% interest. If you want to get credit, get a credit card and pay it off every month. If you want to get money, earn some first and put it in a savings account. Then take a loan against it, to prove to the bank that you have the cash flow and means to repay a debt. Then, develop a business plan (by now you will need way more than 6 large). Good Luck.<p>----------<br>Phil Grande - Soundview Landscape Supply - http://members.aol.com/slsnursery<br>Ivy League Landscaping - http://members.aol.com/scagrider
  4. HOMER

    HOMER LawnSite Gold Member
    Messages: 3,183

    When I bought my Scag I financed it through Sheffield. They offered a 6 pack plan that would allow you to skip 6 payments by sending in a holiday ticket vs. the payment. This was a real big help when I was starting out. Look at all your options, listen to the posts, then do what your Daddy tells ya! No matter what you do you'll need his help so don't leave him out of the picture, he might appreciate the attention.<p>Homer
  5. southside

    southside LawnSite Senior Member
    Messages: 790

    Highly unlikely that any bank will deal with<br>a 15-60 year old.Work with what you have and<br>upgrade when you have the dollars.If your Dad<br>co-signs the loan agreement and things go<br>ass up then your Dad will be hung out to dry.
  6. richard

    richard Banned
    Messages: 74

    most companys go down after 2 years and most 16 year olds change their outlook on life as soon as they start to shave...keep overhead low and establish a base...next year you can get the mondo mower and really take off...for now i would only take what i could hold and hold tight....if you got your ass kicked due to drought it could be a bad scene as you retreat back to dad's garage...plan your seasons...say 'okay, now i'm gonna take these houses and now i've got my first acre and now a wide deck makes sense' always advance slow unless you know the coast is clear! you're on the right track to your future be patient and don't believe everything you read on the internet...
  7. cjcland

    cjcland LawnSite Senior Member
    Messages: 278

    richard<p>i am curious what causes most companies to go under after 2 years, june will be 2 years for me what causes them to go under? not saving money for equipment? taxes ? burnout please let me know what i need to look out for<p><p>----------<br>CJC Landscape Management<br>Winter Haven, Florida
  8. Grassboy

    Grassboy LawnSite Member
    Messages: 104

    Hey all, <p>WOW! This has been the best response to any of the posts I have made on this site. Thanks everyone! I was at first offended by some of your comment, BUT then I found out that it was my fault some of you say some of those things because I barely provided any info on my business. I really don't have time to write out the details now, but someday I will get around to it. Thanks for the compliment GrassMaster. It is very encouraging to hear that someone else thinks that I am handling this the right way. <p>Charles-<br>What about &quot;no prepayment penalties&quot;?!!! On a loan??? A no payments for 6 months deal?? I don't get it. Please explain. <br>Thanks everyone,<br>Grassboy<p>P.S. keep the discussion going.
  9. Charles

    Charles Moderator Staff Member
    Messages: 8,821

    Grassboy,no prepayment penalty, mean you can pay extra on the loan each month or pay it off at anytime without being penalized for doing so.
  10. richard

    richard Banned
    Messages: 74

    operator burnout...routine, quality drops, but the biggest thing is paperwork..and taxes

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