Great video Tyler, good content lately. I own a co-working space that I renovated, we don't have any private offices and it was a big mistake. Hard to operate when renting by the desk. This model is great, a lot of people are looking for small private spaces.
Glad you liked it, Joseph! These micro-units are such a great investment - they're in high demand, you're helping small business owners, and they can be very profitable when done correctly
I’ve literally never seen an abandoned car wash. Car washes are fantastic businesses. Maybe it’s different where you live but where I live this would be turning some of the best possible real estate into some of the absolute worst
car washes barely make even. if you get one big expense and you dont have reserves you go under. You need 15+ self serve carwashes to fire 1 full time employee to maintain them.
Haha it depends on the situation. Typically, when you voluntarily make a change you’re going to be more ok with the price increase than when something is sprung on you by the government 😅
@@christhorndike8687 pardon my dumbass-ness, This is about a 10 year pay-back on your investment (self financed) but why is cashflow 1/2 of the NOI? if you outright paid for everything shouldn't those 2 numbers be equal? Unless you're servicing a loan... just dipping my toe into this stuff. I used to think a 4-5 year profit horizon was a good goal, but I guess in this case you're already there if you sold the property for a mill. I'm assuming the risk is if these types of businesses and the demand for them went to shit - THAT is your only big risk with a time horizon like yours. The other thing is (and now I'm dreaming), it would be great if cash-flow was the same as a decent job of a 100k/yr so that you know no matter what you've got nice income coming in... what a mess this post was lol
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Great video Tyler, good content lately. I own a co-working space that I renovated, we don't have any private offices and it was a big mistake. Hard to operate when renting by the desk.
This model is great, a lot of people are looking for small private spaces.
Glad you liked it, Joseph! These micro-units are such a great investment - they're in high demand, you're helping small business owners, and they can be very profitable when done correctly
The Grove is back! The Grove is back!
Enjoyed the video! Educational and entertaining 🎉
Glad you enjoyed it! Chris made it easy with this project
I’ve literally never seen an abandoned car wash. Car washes are fantastic businesses. Maybe it’s different where you live but where I live this would be turning some of the best possible real estate into some of the absolute worst
🤣🤣🤣 that’s wild cause I’ve seen them all over the US
Ive seen abandoned ones many times....this actually gives me an idea for one of the ones in my city.
Damn. You must be aint been alive long enough 😂
car washes barely make even. if you get one big expense and you dont have reserves you go under. You need 15+ self serve carwashes to fire 1 full time employee to maintain them.
Yeah you don’t get out much.
Don't yell at a Nole please lol but this is a great idea. We have too many car washes up here in Tallahassee.
Cool space!
Right?? He nailed it!
So smart
Such a great idea 👏🏼
I find it confusing that he was cut up about a $7,000 plumbing bill but didn’t bat an eye when the renovation budget ballooned from $100,000-$300,000.
Haha it depends on the situation. Typically, when you voluntarily make a change you’re going to be more ok with the price increase than when something is sprung on you by the government 😅
I’m curious if anyone has done similar with motor motels, leaving some as residential with others as micro retail spaces?
Is anyone else asking how in the world a commercial car wash is not already tied into the public water and sewer systems?
Storage warehouse didn't have water or plumbing. The Micro suites was the car wash. We had to replace the old cast iron pipes on that side.
what was the size of this lot?
How much did u purchase and what cost for upgrade
Property 400k
Remodel 350k
Net operating income 50k
Cash on cash r 25%
Yet the numbers r not well presented in the video
All of that is covered toward the end of the video 👊🏼
@@rightright6582net operating income is $81k a year
Purchase: $400k
Improvements: $350k
Gross Rents: $109k
NOI: $75k
Cashflow: $36k
@@christhorndike8687 pardon my dumbass-ness, This is about a 10 year pay-back on your investment (self financed) but why is cashflow 1/2 of the NOI? if you outright paid for everything shouldn't those 2 numbers be equal? Unless you're servicing a loan... just dipping my toe into this stuff. I used to think a 4-5 year profit horizon was a good goal, but I guess in this case you're already there if you sold the property for a mill. I'm assuming the risk is if these types of businesses and the demand for them went to shit - THAT is your only big risk with a time horizon like yours. The other thing is (and now I'm dreaming), it would be great if cash-flow was the same as a decent job of a 100k/yr so that you know no matter what you've got nice income coming in... what a mess this post was lol
7k to tie into the city sewer system! If the units across the parking lot were allready tied in. Could you not of tied into that
I guess you could illegally tie into your neighbor’s sewer lines but I wouldn’t recommend that 😂
How bad was the temptation to just go wild on those poles? Epic montage missed.
Genius …📝
I agree! What a cool project
What is going on with these businesses lol