Looking at buying a warehouse

Nomad74

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Not sure if I can make this happen, but the seed is planted. Going to look at this commercial building today. 3k+ sqft, five roll up doors, office. Asking $350k. We'll see if I can pull a rabbit out of my ass.

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Nomad74

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How can you afford this?
Not sure if I can. We'll see. There are many ways to buy real estate Matt. Gotta see what the wants and needs of the seller are and how I can meet them. I'll probably fall on my face, but it wouldn't be the first time.

There is a rule I use when looking at property. It's called the 100-10-31 rule. You look at 100, make a ridiculous offer on 10, 3 will accept, and 1 you will buy :)
 
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Nomad74

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Damon, My goal when I set up my rug shop was to have it pay for the shop.
I’m able to cover the operational costs of the shop a few times over every month just from rugs....
If I can put this together they way I'm hoping, I think the cost to me will be $500 more than what I'm currently renting my shop for. I should be able to make that up pretty easy. It's all pie in the sky right now. I agree. The rug-fag volume should pay for the shop expenses.
 

Nomad74

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Damon, with that square footage, you might want to lease some of it out to pay the difference in your current shop rent. Use only what you need to start, then downsize your tenants when you need more space.
Already working on it. Maybe rent the office part out to a cpa or attorney.
 
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Bob Pruitt

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I don't know what I would do with that space but it's so nice I would have to think of something. Great place!
 
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DAT

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t's called the 100-10-31 rule. You look at 100, make a ridiculous offer on 10, 3 will accept, and 1 you will buy :)
no idea what ya mean... what do those numbers represent? I never been involved in stuff like those.
 
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Well, looks like it's happening. I was able to come to terms with the seller and we have an agreement. Throwing it into escrow tomorrow morning. I'll discuss terms and price once escrow is closed. What a day!!!!

Anyone know where I can get some good rug training? @cleanking , @T Monahan , @scottw
Go volunteer for 3-5 days @ Robert Mann’s shop in Denver....
You’ll come out of there with a whole new perspective.
 
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And while your there, pay particular attention to Robert’s way, and also Andre....
Those two know their rugs....
 

Nomad74

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haha, good catch on the Nomad.

See what happens when I push through my wall of fear of hiring employees? Now i'm free to go nuts. lol.
 
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