Fanaticus
New Member
I'm looking for some advice. Not really sure how to ask it, so I'll tell you the story first and see where it goes and what advice might be fitting.
We're quickly outgrowing the space we've been in for the past 6 years and are looking into other options.
Ideally, to be cost efficient, we'd like a place that allows us to work and live on the same property. This could be either residential or commercial property as long as it can provide 1. Work space. 2. A store front (showroom) and 3. Living quarters.
It would be my wife, 3 year old son, and myself that would be occupying the living quarters.
For short term living (less than 5 years) we're considering a downtown commercial building with an apartment above it. Live in the apartment until we get the money for a house then rent the apartment and move into a house. Turning the building into an investment property that we run out business out of and rent the apartment.
For long term, a house with a workshop on property and not right in the middle of a neighborhood. Just outside of town would be nice, easy to get to and capable of having large delivery trucks (Semi's) come and go without causing problems.
Right now we can't afford anything really, but our nest egg is growing faster each week. We've started looking at some places and the only ones that really seem workable and will be affordable are the old downtown buildings.
We looked at one that was 2500 sq ft store front and 2500 sq ft living above, and a full basement, priced at $160,000. But the living above was completely horrid (not used since 1965!) and would have to be completely redone before even being livable. We later on found out that the outer wall is falling over and all the electric and plumbing has to be redone because it doesn't work. So, No.
Then another one that was significantly smaller, everything worked and it was livable, priced at $115,000, but was really too small to fit a busy family of 3 and nothing except the heater and water heater had been replaced since 1924. Nice price, but really not workable.
We looked at a few houses. One with a 5 car, 1200 sq ft, climate controlled garage. Really nice garage. The attached house, however, looked like it had been a project house built with spare materials left over from the garage. Plus, it was far out in the country and even Google gave me the wrong directions to get to it, so forget customers finding it.
Another house, in a more residential area, had a nice heated workshop attached to the garage, but it was small. The house was nice though, but the basement (hole in the ground under the house) leaks when it rains. AND, I could smell the remnants of someone smoking crack cocaine in the workshop.
All of these were priced under $135,000, which is about what we can swing at this given time.
NOW - In the last 6 months I've spent most of my non-production time reorganizing and restructuring this business from the ground up, including raising prices on more than 5,000 items that we sell via internet and direct marketing. These prices went live about 6 weeks ago.
Since the restructuring and price increases (which haven't been raised since we started 6 years ago and were very low to begin with) sales have increased and we're putting about $2,000 a week into the bank as excess money after all expenses and savings. Granted, we have plans for some of this money, ie, advertising, expansion, etc.... but, some of it will go towards a down payment on a building of some sort in the future.
Sooooooooooo.....
Are there anything suggestions or advice any of you could lend someone in this position? What to look for? Questions to ask?
Here's another factor to add in. Right now we do NO (ZERO) local advertising. All of our sales come from our websites and online venues. We have people come to where we are right now sometimes, but have had to put warnings on the doors for people not to enter because we catch them snooping around. Most came thinking we were a store front. (We run this out of a house, consuming the entire basement, garage, and porch).
There's another building downtown that I want to look at. It's a chinese restuarant that has a full basement and an apartment above it. 3000 sq ft on the main level, which would become production and showroom. I used to work there when I was a teenager. I also had a friend who lived in the apartment above it, which was out-dated back then and I doubt that it's been remodeled since, but it was very livable back then (15 years ago). Asking price is $219,000. It's actually one of the largest buildings downtown for sale recently. I'm thinking the restaurant equipment could be removed and liquidated. We don't need a pretty place to work, just have it workable.
Although living in a downtown building is not ideal (no garage, no yard, traffic noise, and concrete all around you).... it could be a place to start.
There are parks nearby, a river that you can fish on, and pretty much everything is with in walking distance. And with gas prices we'd save $200 a month just from not having to drive back and forth to work. But, it would be a short term arrangement until we are able to get into a house and rent out the apartment.
Am I missing anything? Any thoughts or advice?
At this point we're in the "what do we need to know and do before we really get serious" stage.
Thanks.
We're quickly outgrowing the space we've been in for the past 6 years and are looking into other options.
Ideally, to be cost efficient, we'd like a place that allows us to work and live on the same property. This could be either residential or commercial property as long as it can provide 1. Work space. 2. A store front (showroom) and 3. Living quarters.
It would be my wife, 3 year old son, and myself that would be occupying the living quarters.
For short term living (less than 5 years) we're considering a downtown commercial building with an apartment above it. Live in the apartment until we get the money for a house then rent the apartment and move into a house. Turning the building into an investment property that we run out business out of and rent the apartment.
For long term, a house with a workshop on property and not right in the middle of a neighborhood. Just outside of town would be nice, easy to get to and capable of having large delivery trucks (Semi's) come and go without causing problems.
Right now we can't afford anything really, but our nest egg is growing faster each week. We've started looking at some places and the only ones that really seem workable and will be affordable are the old downtown buildings.
We looked at one that was 2500 sq ft store front and 2500 sq ft living above, and a full basement, priced at $160,000. But the living above was completely horrid (not used since 1965!) and would have to be completely redone before even being livable. We later on found out that the outer wall is falling over and all the electric and plumbing has to be redone because it doesn't work. So, No.
Then another one that was significantly smaller, everything worked and it was livable, priced at $115,000, but was really too small to fit a busy family of 3 and nothing except the heater and water heater had been replaced since 1924. Nice price, but really not workable.
We looked at a few houses. One with a 5 car, 1200 sq ft, climate controlled garage. Really nice garage. The attached house, however, looked like it had been a project house built with spare materials left over from the garage. Plus, it was far out in the country and even Google gave me the wrong directions to get to it, so forget customers finding it.
Another house, in a more residential area, had a nice heated workshop attached to the garage, but it was small. The house was nice though, but the basement (hole in the ground under the house) leaks when it rains. AND, I could smell the remnants of someone smoking crack cocaine in the workshop.
All of these were priced under $135,000, which is about what we can swing at this given time.
NOW - In the last 6 months I've spent most of my non-production time reorganizing and restructuring this business from the ground up, including raising prices on more than 5,000 items that we sell via internet and direct marketing. These prices went live about 6 weeks ago.
Since the restructuring and price increases (which haven't been raised since we started 6 years ago and were very low to begin with) sales have increased and we're putting about $2,000 a week into the bank as excess money after all expenses and savings. Granted, we have plans for some of this money, ie, advertising, expansion, etc.... but, some of it will go towards a down payment on a building of some sort in the future.
Sooooooooooo.....
Are there anything suggestions or advice any of you could lend someone in this position? What to look for? Questions to ask?
Here's another factor to add in. Right now we do NO (ZERO) local advertising. All of our sales come from our websites and online venues. We have people come to where we are right now sometimes, but have had to put warnings on the doors for people not to enter because we catch them snooping around. Most came thinking we were a store front. (We run this out of a house, consuming the entire basement, garage, and porch).
There's another building downtown that I want to look at. It's a chinese restuarant that has a full basement and an apartment above it. 3000 sq ft on the main level, which would become production and showroom. I used to work there when I was a teenager. I also had a friend who lived in the apartment above it, which was out-dated back then and I doubt that it's been remodeled since, but it was very livable back then (15 years ago). Asking price is $219,000. It's actually one of the largest buildings downtown for sale recently. I'm thinking the restaurant equipment could be removed and liquidated. We don't need a pretty place to work, just have it workable.
Although living in a downtown building is not ideal (no garage, no yard, traffic noise, and concrete all around you).... it could be a place to start.
There are parks nearby, a river that you can fish on, and pretty much everything is with in walking distance. And with gas prices we'd save $200 a month just from not having to drive back and forth to work. But, it would be a short term arrangement until we are able to get into a house and rent out the apartment.
Am I missing anything? Any thoughts or advice?
At this point we're in the "what do we need to know and do before we really get serious" stage.
Thanks.
