Not that I always agree with my accountant or lawyers but you just described right down to the letter why those I work with would tell you that you should lease to start. Who cares if there's another line on your P&L! Your going to pay your accounting fee's either way. Let them earn their keep and while we are at it this is where you should be getting your advice, Professionals in your area that can advise you on average rents and other issues, not from unknown entities on the internet. A few thousand up front in professional fees can really pay off later.
By not wanting another a line on my P+L, I meant I didnt want another expenditure. In a perfect world I would pay for equipment of front, but to be more attractive to a bank I may have to do some things I'd rather not
I'll wager that in the next year real estate across the board in Florida will take another B I G plunge.
If you are taking over a previous venture remember to consider carefully that the stigma from the prior establishment can linger like a bad stench. If the other owner has actually put 180-299k in the place (which is it??) and is still failing that should be a serious warning.
This particular restaurant has been closed for 2+ years. The prioir restaurant paid premiom $$ for the spot, then dropped a lot of moeny into a remodel, the economy tanked, and they crashed. Ive watched the property on Loopnet for almost 2 years. It started at 229K and has dropped to 224K..but the rep for the owner told me off the record dude just wants out and will take 180.
As for an affordable POS system, I would say pen and paper. Hand written tickets may mean more book work, but if you are the book keeper, the labor doesn't cost you monetairly, which can be extremely helpful in cuuting opening costs.
I am comfortable with that, but my concerns are the time I'm putting in transferring numbers from a register Z tape is time away from doing what I should be doing...also the POS gives me real time labor, hourly breakdowns on sales, and a P-Mix(that I dont have to do manually)
I really appreciate everyones time, and I hope y'all will continue to offer me some pearls of wisdom from your own experience...I know how to run restaurants, but this getting one open deal is all new for me..thanks.