Bill:
I disagree that:" A car wash, especially a ss, is rarely the best use for a piece of property". Not so in my experience. A few sit on land which appreciates to the point that it is no longer "the highest & best use" of the land. Of all the ones I owned that only happened to one of them.
What has happened is that folks have paid more than washes were worth because they simply had no idea how to evaluate them and in so many cases were "helped" by the SBA with unrealiustically long loan terms (25 years?) and foolishly low down payments.
Please do not mistake this for some assumption that "land is rarely suited to car wash use, especially ss." The majority of car washes built in my area were prudent investments, made years ago with conventional loans and competent, conservative management. Nearly all did well.
It was a combination of Bush's completely failed economy, overbuilding (due in large part of government "help"), folks foolishly thinking anybody can do this so it does'nt matter what you pay (the greater fool theory) - - - that has put so many washes in the dire straights they are now in.
I simultaneously agee with you that to educate one's self at every opportunity is critical to business success. Those who read, studied and understood Fair Market Value as it was stated in my Car Wash Appraisal Handbook did not get trapped like so may others who thought they knew better. Sad to behold! Reading, study and authentic
education were then and still are, critical.
Far too many people, sadly mistook car washing as a quick & easy road to riches. Now you help them rationalize their foolishness by stating that few properties are ever well suited to car washing, especially self-service. Just not so at all, increasing land valuse are very rarely the "problem". Greed, incompetence and government "help" are far closer to reality then increasing land values.
Patrick H. Crowe