I know what I said after my last project ...... "This is my last big project " ......
but
This is one of those NO BRAINERS that come along in life maybe two or three times if ever .
I have a chance to pick up a very distress commercial property . Its in a "ok section" of town . The only reason I say "ok section" is that this property is bring down the value of the whole section which is otherwise a very nice area .
Here is the particulars :
All brick single story building with plenty of off street parking .
Has always been a Laundromat .
Has been owned for years by a husband/wife team .
Husband died a number of years ago.
Not much maintained , nothing been done since as he did all up keep .
85-90% of all machines are down .
Place is dirty .
Wife just wants it gone .
In a town and surrounding area of 8000 .
A lot of seasonal ag workers who rent .
No other Laundromat within 30 miles .
About 50K to get it up , remodeled and clean up .
Selling Cost is under 100k
My plan is to pick it up . Bring it back up to new standards , Build up the business and sell in one year when I can show a $$$$ track record . I can hire a senior Citizen to maintain it as it would be outside my area to maintain myself . I figure based on returns from my existing Laundromat that its a easy $100 k profit for one years work .
Moma is not on board for me doing this . This is the easiest money I seen in years to make . I gotta figure a way to convince her .
but
This is one of those NO BRAINERS that come along in life maybe two or three times if ever .
I have a chance to pick up a very distress commercial property . Its in a "ok section" of town . The only reason I say "ok section" is that this property is bring down the value of the whole section which is otherwise a very nice area .
Here is the particulars :
All brick single story building with plenty of off street parking .
Has always been a Laundromat .
Has been owned for years by a husband/wife team .
Husband died a number of years ago.
Not much maintained , nothing been done since as he did all up keep .
85-90% of all machines are down .
Place is dirty .
Wife just wants it gone .
In a town and surrounding area of 8000 .
A lot of seasonal ag workers who rent .
No other Laundromat within 30 miles .
About 50K to get it up , remodeled and clean up .
Selling Cost is under 100k
My plan is to pick it up . Bring it back up to new standards , Build up the business and sell in one year when I can show a $$$$ track record . I can hire a senior Citizen to maintain it as it would be outside my area to maintain myself . I figure based on returns from my existing Laundromat that its a easy $100 k profit for one years work .
Moma is not on board for me doing this . This is the easiest money I seen in years to make . I gotta figure a way to convince her .