leasing

[washregal]

Just a few questions I have in regard to leasing a wash. I have an opportunity to lease a 4 bay SS and (2) IBA location.. Facility needs some work.. It is about 10 years old So I am thinking how bad could it be?


Are most leases Triple Net Lease? Is there any type of Car Wash Leasing document online I could download and view without going through an attorney?

I am hoping to maybe run this for 5-10 years pull some cash out of this and Walk Away.

Any feedback on the above would be appreciated. I was hoping to get the owner to allow me to have the keys for a week to see if the numbers made sense.

 

[Bubbles Galore]

I'm thinking of doing the same thing...waiting replies.

 

[Earl Weiss]

Took over a neglected SS First thing I di was replace about 40 Light Bulbs. Since they were MH and HO this was the start. Next found mud had not been removed in a few years. Then basicaly all new tubing had to be run from the equip room to the bays. After spending $ to get stuff working right now you have to overcome the Bad JUJU and get people to come back in spite of the reputation.

 

[washregal]

How long since your rehab with the cash? And Is it working out for you?

What does the owner require you to pay monthly... Do they pay for anything water Taxes etc?

 

[Earl Weiss]

Going on 5 years since rehab. Place has not met expectations. One factor in Chicago is weather . 2007 and 2008 were each worse overall than prior years and first 6 months in 2009 were wettest in History of over 100 years of weather records. Still, I am optomistic. The point of the post was to look for snakes in the grass, and consider what you can do yourself versu paying someone else. Running all new lines to bays, replacing check valves and swivels etc. cost me under $2000 in materials with my own employees labor(8 Bays). The quote to have someone else do it was about $1200.00 per Bay.

Snake in the grass was $3000.00 for pumping mud. More than a truckload. Just check the functionality of everything and factor the repair cost. Then factor soem sort of campaign to get people to try you again whether it is charity washes , a free week, free vacs for a while or whatever.