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My latest challenge
- Thread starter BigAl
- Start date
BigAl
Gone But Not Forgotten
Well , my back is a bit better . It has been a busy week .
In the past week , I rented out all the vacant apartments I had left
. This includes the two units I have not finished yet . My 3 bedroom apartment at the ranch also rented out long term .
Now I am really busy !!! I have hired additional help to get the remaining two apartment units completed ASAP.
I still have the game locker and the mini storage to construct by late June but as of now the "My latest Challenge" appears to be a financial winner and close to comming to a close soon .
I always hate the first few months of a new business challenge .I always wonder/worry if i have covered all the bases .
This really was a "no brainer" in the fact that the nearest laundromat was 65 miles away and that the area had no apartments available .The oversized building lot left lots of space for a Mini storage and 2 RV sites on the river it borders . The remodeled building was just reappraised at 7 times the original cost to purchase.
When this is completely built out in the summer of this year , I am done with working and will again go back to retirement full time .
I guess I just wanted something to do and to prove a point to myself that I could still take a new business in a lousy economy and make it profitable .I just never expected it to be in the first year .
I'll post some finished pictures of the place at a later date .
This was a fun experiment but boy am I tired
Later folks !
In the past week , I rented out all the vacant apartments I had left
. This includes the two units I have not finished yet . My 3 bedroom apartment at the ranch also rented out long term .Now I am really busy !!! I have hired additional help to get the remaining two apartment units completed ASAP.
I still have the game locker and the mini storage to construct by late June but as of now the "My latest Challenge" appears to be a financial winner and close to comming to a close soon .
I always hate the first few months of a new business challenge .I always wonder/worry if i have covered all the bases .
This really was a "no brainer" in the fact that the nearest laundromat was 65 miles away and that the area had no apartments available .The oversized building lot left lots of space for a Mini storage and 2 RV sites on the river it borders . The remodeled building was just reappraised at 7 times the original cost to purchase.
When this is completely built out in the summer of this year , I am done with working and will again go back to retirement full time .
I guess I just wanted something to do and to prove a point to myself that I could still take a new business in a lousy economy and make it profitable .I just never expected it to be in the first year .
I'll post some finished pictures of the place at a later date .
This was a fun experiment but boy am I tired
Later folks !
BigAl
Gone But Not Forgotten
Well , I am still puttering on the building , but things are coming along nicely . Return on investment has been much better than anticipated .The laundrymat is really staying busy and all the apartments are now rented . Even 6 of the mini storage spots are rented and I have not even finished the Mini Storage building yet ???????
I thought I would share a few picture I took yesterday .The first two pictures are from November last year, when I purchased the building . I still have a few finishing touches too add to the exterior and will post more outside shots soon .
I thought I would share a few picture I took yesterday .
The first two pictures are from November last year, when I purchased the building . I still have a few finishing touches too add to the exterior and will post more outside shots soon .Attachments
BigAl
Gone But Not Forgotten
Well.... I got the footings dug for the new 15 unit Mini Storage units that will be across the back of the building lot . Spent yesterday driving 500 miles round trip to get all the roof metal . I have placed the saw order for the wood and it should be ready in about 2 weeks . It should take about 3 weeks to build .
Just finishing up the new roof and I added one more dormer to the main building . That should be done this week .
Now taking reservations for the mini storage and the new game locker is doing great . I had to order more hanging meat hooks to handle the load of business . Just picked up another Outfitters business for all his cooling needs this season . I never really thought how easy a meat locker is to run and make income . Just keep it clean and cold and get paid . I have a phone number on the door and just come down if they have an animal that needs to be hung up .No on site employee . That keeps my cost way down .Looks to be pretty busy .
We now have a reservation list for people wanting apartments .
We are about 1 month from winter so its a race to the finish .
Just finishing up the new roof and I added one more dormer to the main building . That should be done this week .
Now taking reservations for the mini storage and the new game locker is doing great . I had to order more hanging meat hooks to handle the load of business . Just picked up another Outfitters business for all his cooling needs this season . I never really thought how easy a meat locker is to run and make income . Just keep it clean and cold and get paid . I have a phone number on the door and just come down if they have an animal that needs to be hung up .No on site employee . That keeps my cost way down .Looks to be pretty busy .
We now have a reservation list for people wanting apartments .
We are about 1 month from winter so its a race to the finish .
BigAl
Gone But Not Forgotten
Well ,,,I promised you all a picture of the construction remodel . So here is a before and a after picture of the building . It was a labor of love . All Apartments are rented , The laundromat is extremely busy , and the game cooler is keeping the hunters happy and adding to my bank account .
Attachments
BigAl
Gone But Not Forgotten
For the life of me , I could not figure out why the Mining Exploration Company kept paying the lease on my 3 bedroom unit at the ranch and NO ONE was staying in it . Turns out , they were planning to come back in this winter to drill test holes while the ground is frozen . For two months the place has been empty . They were afraid of losing the place and not having anywhere to stay .
They have loss and damaged a lot of material and supplies to rain . I talked with them yesterday about renting my new Mini Storage that will be ready in about 1 week . Looks like they may take all 13 units .!!!
This is working out better than expected .
The last apartment also rented out today . I am now full up .
They have loss and damaged a lot of material and supplies to rain . I talked with them yesterday about renting my new Mini Storage that will be ready in about 1 week . Looks like they may take all 13 units .!!!
This is working out better than expected .
The last apartment also rented out today . I am now full up .
Snowtrac Nome
member formerly known as dds
gee Al some guys have all the luck
Snowtrac Nome
member formerly known as dds
maybe i should buy a krusty so the all mighty will have pitty on me
muleman
Gone But Not Forgotten
Sounds like it is working out good. If they rent it all out you won't be running around trying to sell folk's junk to get your rent. Guys that rent storage spaces to hunters and fisherman love them for that reason. The locals are always getting their stuff sold at auction.
BigAl
Gone But Not Forgotten
Ordered up all the legal forms I need to supply renters of the Mini Storage . !!!
Holy cow ! I never knew how much crap you had to supply renters of Mini Storage units ! But maybe some day you see my place on Storage Wars !!!
After factoring in cost to purchase and repairs/remodel of building and the cost of adding a second building for a mini storage the return on total investment is
2.75% a month "profit return" on investment
or 33% a year Profit
On top of this the new appraised value of the property came in at 5 times the originial purchase price , so I still have a nice "Free & clear nest egg" should I decide to sell it !
Those are numbers I can live with. The good deals are out there . You just have to see the potential of your investment before investing .This one was a "No Brainer" for me . The area needed apartments and the nearest mini storage , laundrymat or a refrigerated cooler was 65 miles away.
Holy cow ! I never knew how much crap you had to supply renters of Mini Storage units ! But maybe some day you see my place on Storage Wars !!! Well ..... Thats it , I am done . Here is some food for thought on
"My Latest Challenge"
"My Latest Challenge"
After factoring in cost to purchase and repairs/remodel of building and the cost of adding a second building for a mini storage the return on total investment is
2.75% a month "profit return" on investment
or 33% a year Profit
On top of this the new appraised value of the property came in at 5 times the originial purchase price , so I still have a nice "Free & clear nest egg" should I decide to sell it !
Those are numbers I can live with
. The good deals are out there . You just have to see the potential of your investment before investing .This one was a "No Brainer" for me . The area needed apartments and the nearest mini storage , laundrymat or a refrigerated cooler was 65 miles away. !Good Luck on your future investment!
BigAl
Gone But Not Forgotten
Geez at that rate it is going to take you three years to get your money back.
Thats the great part about it . I still have the building free and clear plus it pays for itself again every 3 years !
I sold off some stock that had not done much in years, to do this project , so really I just transfered from one asset to another . Hella lot better return than the stock market and no broker fees !