Are self serves going extinct?

[Rfreeman]

Probably $ they pocketing off the books, thinking they should get paid for the value also.

I think we will soon start seeing these express washes going on the distressed market, whether foreclosure or back to the bank

Keno

That was what I was thinking as well. My first question was, where is the rest of it? The owner said that's all it makes! I said your not taking some off the books because its a cash business, to which, he said no.

I told him at this valuation and assuming a 20% down payment on a commercial loan (WSP 8.5%) my payment would be $4K/month or $48K a year where would be my profit or incentive to buy it? His response was a blank stare.....

I do think the wash is underperforming SOME, but that is a big risk, in my opinion, to take on a $600K valuation.

Personally, as some, not all, commercial loans reset after their 5-7 year periods I think we will see a drop in valuations and maybe even some going back to the bank. I don't think we will see the 2008 crisis again just because that was predicated on housing but I think the commercial side is due for a small correction.