Are there any positive people here?

[sjb]

Does the property offer a higher and better use down the road...?

Based on average gross of $6K a month, your expenses, including utilities, insurance, taxes, maintenance, repairs, labor, etc, etc... are going to be a lot more than $800 a month... and soooo... depending on cash infusion, loan structure and terms, it won't cash flow on its own. However, ... It Maybe worth subsidising if a higher and better lot use, and you can also increase the revenue....

My expenses run 35%.

If I had a mortgage based on a 4X multiple, (you offer is a 4.5X) my debt would be approximately 50% of gross, not a lot of fun at the end of the day. (Also based on my previous 10 year term.)

Good luck, and With that said, I love my car wash!

 

[Jujubeadz]

Thanks for the number Sjb.

Yesterday my CPA did not like the numbers. Just like you said... expenses do not add up.

that being said, I’m gonna base info off this forum and my business experience.

On a side note, I stopped by a wash last week and talked to the owner.

They said, if you want to have a life, do something else”.

But ain’t any job life consuming? Mine is now.

 

[Greg Pack]

They said, if you want to have a life, do something else”.

But ain’t any job life consuming? Mine is now.

Well, they at least sound like they're being honest with you about that.

My wife isn't a fan of the business because it makes me highly reluctant to travel far and be away for more than a few days at a time.

 

[MEP001]

But ain’t any job life consuming?

No.

A typical 9 to 5 job won't require you to work or be available every weekend. If you're due a vacation, you don't have to find someone you trust to handle your job, you just schedule it and take time off. If your workplace gets broken into, no one calls at 3 AM, nor do you lie awake worrying that someone is trying to break in to your stuff at work. At 5 o'clock you get to leave, or if you don't you get paid overtime. If you find the right job, do it well and are smart with your money, you can retire at 60 or 65 and just walk away from it all, and get thrown a party to boot.

 

[Waxman]

But, on the other hand, when you work for yourself you make your own hours and schedule. Like Randy, you can go in early and get your work done then have your days free to do as you please. As the owner, you can hire employees to fill the necessary shifts. You are the master of your destiny. The captain of the ship. You can make unilateral decisions regarding pricing, upgrades, and strategy. You reap all the rewards of your company's success and do not have to punch a timeclock. When you exit the business, you hopefully have something of value to sell and you walk away with that chunk of money. If you are incorporated, you pay yourself as an employee of the business so you can collect social security.

It is important to develop the proper mindset so as to not be so bothered by the little things or worried about the 'what if's'.

 

[Eric H]

It is important to develop the proper mindset so as to not be so bothered by the little things or worried about the 'what if's'.

Oh, thanks for that Mr Positive Outlook

 

[soonermajic]

I say go for it. Bought my 1st wash about 7 yrs ago. Had it 5 yrs, & i got hoodwinked on it. Tried for 2 yrs to sell, & a guy who was maintenance man from a large plant bought it. I told him EVERYTHING. However, he does decent, cause he can fix everything.
Bought my 2nd & 3rd washes in a Larger town, after observing them for about 5 yrs. Inherited a GREAT & HONEST employee, whom can also fix most things. I pay him DAYUMMM good, to keep the vultures away. We doubled the gross in 2 yrs, but also installed 2 new IBAs, which i got great deals on & spent $200k. Wash makes me 4x as much as I make as a 30 yr HS coach/AD w/ a Master's! More of a shot @ our society's poor respect for teacher's, than a brag.
Buying another wash next week. 85 miles from those 2. I saw it was 4 sale, & almost didn't call, as wife doesn'tlike wash biz & it'sso far. Holy hel am I glad I did. Killer wash, w/ plenty of meat left on the bone, & got it for crazy low of 2.3xGross!!!
I will be able to quit teaching 4 yrs early & retire, if I want. Which i don't, & won't.
The guys on here can also atest that i didn't know jack$hit about carwashing when i got into it. Now, I just barely know jack...lol

 

[Dan kamsickas]

The guys on here can also atest that i didn't know jack$hit about carwashing when i got into it. Now, I just barely know jack...lol

You're lucky I didn't charge you for every call and email.........

 

[soonermajic]

You're lucky I didn't charge you for every call and email.........

Ha Ha. That's probably true! I wore Dan out,& he never charged me, although he should have. Only issue was, I needed to buy a "CarWash Thesaurus", to understand what you were twlkin about!
In all sincerity, Dan was a TON of help, honest & forthright. He talked me out of wasting some money, & helped me w/ the equipment i had. He recognized I got bamboozled, knew I had no funds, & was a big help.
The guys on here are the SAME WAY!

 

[srr5008]

The other thing to keep in mind is that if it was easy, everyone would do it. Yes, you have to work weekends and come in to do repairs when I drunk drives through your bay doors at 3AM on Christmas Eve. But I personally find that the positives outweigh the negatives, and I truly enjoy the work.

 

[Twodose]

Just do it, its like any other job, has its ups and downs.

 

[MEP001]

Just do it, its like any other job, has its ups and downs.

Like an elevator technician?