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Old     (bhileman)      Join Date: Apr 2005       10-27-2008, 12:09 AM Reply   
Hey everyone just thought I would post on here and get a little advice for our wakeboard club at school.

We were brainstorming possible ways of getting a new club boat next year. Being that we are all college students we don't really have much money to throw around. With the way the economy is I don't think we could convince any company/shop to just lend us a boat, so we decided the best route would be to buy one. We were thinking that we could get a shop or company to sell a boat to us at cost or 5% above (which dosen't hurt the shop or company). Once we recieved the boat we would immediatley put it up for sale. If it sales right away then we make profit and buy another boat from the shop/company thus moving another boat off their line. Now here are the issues that I have discovered so far, if you can think of anymore let me know because I want to know all the "what ifs".

First, Where does the money come from: The first issue would be how do we get a loan for this boat. I am not an expert in this field but I dont think anyone is going to jump on the opportunity of giving a bunch of college students a $40,000 loan. Although we are an established LLC, not sure if that changes anything.

Second, Providing the financing for the Down payment: we were thinking we could possible go through the school to get this. Possibly go through the alumni association and hope some alum are willing to help us out. Hopefully we would only need to get this help once because I hope we would make enough profit off the first boat to pay for the down payment on the second boat. We would have members pay a semester fee to cover the monthly payments, so that is not a concern of mine.

Let me know what you think... peace Brett

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