My mom have a paid-off home due to my dad passing away and paying it off before he did. My mom has been working at her friend's restaurant for about 7 months now and has no experience in managing a restaurant. The owner are selling it due to personal reason (They both hate each other and the wife works her tail off while the husband gets all the money). The price for the restaurant is $400,000 and my mom says another employee (Who also doesn't know how to manage a restaurant) are thinking about each paying $200,000 each to buy it and form a partnership. My mom wants to take a House Equity loan out of the house (Our home is worth around $236,000) of about $120,000 and then most of her savings which is $80,000 to buy it. The wife says she will train them until they are comfortable in managing the restaurant. I am currently a college student and she asks me about my opinion. I AM NOT USING REDDIT as a decision-maker. I would just like to know your guy's opinion, I am majoring in Accounting so I can help read financial statements for her and see if it is profitable if she wants to buy. see hubwealthy.com/wealthy
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