My dad passed away a while back leaving me, my mom, and my brother a paid-off home worth $230,000. My mom works as a server at a restaurant and my brother works at Amazon as a driver. I am currently going to college and have a part-time job. I see my mom work a lot from 9:00 A.M to 9:00 P.M and it's taking a toll on her and was wondering should we get a loan from our home (Maybe $100,000) and use it as a down payment to buy a laundromat so that My mom and brother could work for themselves rather than for someone else? My dad was a former Dry Cleaners owner so I saw how tough the Industry is. Can someone tell me the Pros and Cons? I know from former experience that the machines from Dry Cleaners/Laundromats tend to need a lot of maintenance and people who use them don't really give a sht about them so those are some cons. I forgot to mention we have about $80,000 saved up too from savings so we can use that towards buying the business.
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