Building for rent

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Abram86

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I was driving down the main street in town and noticed this building vacant. I called the owner but his wife answered. She told me the rent is 795.00 per month for 6 month lease. She says it has a water line and would be great for detailing. Im supposed to meet with the owner sometime later. Would this be a great investment?
 
Just my opinion. If I were you I'd jump all over it. With that being said, have you crunched some numbers? Have you taken ALL your expenses into consideration ie:rent, electricity, employees, unemployment insurance, workers comp, liability insurance?
All that adds up quick. How will you pay your employees ie: salary, hourly, percentage of details? I found a Place and the lease is 2k a month so $800 is great. For me it would take roughly 15k to open up. However only you know if that's a good deal or not. 2k for me isn't bad considering some places want 6k+.
 
Abram86 said:
I was driving down the main street in town and noticed this building vacant. I called the owner but his wife answered. She told me the rent is 795.00 per month for 6 month lease. She says it has a water line and would be great for detailing. Im supposed to meet with the owner sometime later. Would this be a great investment?
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If you live in a Metropolitan area that would be a great deal. If you live in Podunk Iowa, not so much of a deal

What is the population of your town
 
Flash Gordon said:
If you live in a Metropolitan area that would be a great deal. If you live in Podunk Iowa, not so much of a deal

What is the population of your town
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10,000 population but a oil boom just hit so it suppose to hit 20,000 quick
 
Well how big is the shop? Does it have a restroom/office/waiting area? Does it have a water/oil separator, a lot of places require that. Do you have enough capital? Can you take out a loan? How long to pay back loan, cover overhead, bring in work, and make a living?

Plans of marketing/advertising? How much $$$ a month will you plan on spending for marketing/advertising? Loaner cars? pickup/delivery/drop-off services? Do you have a website, business cards, company shirts?

How's the detailing market? Any other reputable mobile/shops around you? If so, how far? Is it the shop on a main street? Highly visible? Parking? Other automotive related shops around you, and how far?

Are you profitable on every job? Do you get caught on chasing every last swirl? Do you have your prices in order? Will you raise them?

Overhead expenses/start up: Clean up the shop- painting walls, fixing whatever needs to be fixed, plumbing, a washer/dryer if you dont want to take your towels home everyday, office/restroom/waiting area supplies/furniture. Monthly expenses: rent, water, electricity, insurance, alarm, internet, loan payments, equipment, supplies, staff


just a quick thought
 
"Would this be a good investment" That is a question that depends on a ton of different things. None of which you have shared with us.
 
Abram86 said:
10,000 population but a oil boom just hit so it suppose to hit 20,000 quick
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Until it happens, don't bank on that

Either way those numbers seem very low to me. Out of 10,000 ppl I think you would be lucky to find 50 that would be willing to pay for detailing

If you're dead set on renting the space offer $500 pr month. Tell the owner if things work out, you'll be happy to sign a longer lease and possibly pay more in rent
 
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