Vancouver is well-known for its promising real estate market, both residentially and commercially, with enough buyers to make any opportunity tempting. For prospective entrepreneurs or anyone looking to make a choice acquisition, there’s at least three pitfalls worth knowing about before investing in a business for sale.
Pitfall #1: Purchasing a business during city-run auctions.
Every November, and potentially on other occasions, the city of Vancouver auctions off properties with very low starting bids. Although these are almost always residences, it is not impossible for a business’s current owner to find their business auctioned off as part of a city-run “”tax sale””.
Unfortunately, although a 2.4 million dollar purchase could start as low as $24,000 in one of these auctions, the main intent is not always for the property to r switch hands.