Yeah I've already decided to pass on it I just hadn't made the post yet. But yeah I completely agree with you except for one part the bank would get it before the county does because there's a mortgage on it that has $210,000 left on it and 17 years. and when I talk to the realtor yesterday he said the owners will not do any kind of purchase money mortgage or owner financing because there's too much risk in itI am all for a fixer upper, you make money when you buy and sweat equity is a beautiful thing! HOWEVER I would pass on this property. given their asking price, lack of books, and repairs needed. By the time you get the place back into "proper" condition, I'd believe you'd be back up into the 400K range. Offer them half the price of land, or wait for it to go up on the tax auction if you want it. ;-)
I live an hour away (49m miles) part freeway part country roads to get there. The closest Granger industrial supply is in Columbus by me there is one hardware store in that town but it's a small rinky dink little thing. The closest home Depot or Lowe's is 22 minutes away in Mansfield Ohio. I didn't see a phone number any where near the IBA but I also wasn't looking for one, It could have been on the inside of the door with the green inspection stickers.Thoughts: $400,000 loan back in 2006, still owe about $210,000 with 17 years left, so it was a 30 year loan at about, what, say 3.5%, so monthly payments for that note is about, what $1,800 a month (just guestimating).
Current owner is 'only breaking even every month'.
IBA been down for over 5 years (zero income); that leaves income from 5 self serve bays to cover the current loan payment of $1,800...plus chemicals, plus utilities (gas, elec, water, sewage), plus insurance, plus snow plowing, plus trash removal? (obviously not assuming any equipment maintenance).
-if you were still interested in it, consider your drive time back and forth; time is money. Is there an affordable hardware store near the site, or is it an hour each way to get a part that you forgot for that day's fix. Near an IBA control box, the owner usually has a name and phone number written down for the 'distributor' that does the routine maintenance ...give em a call for a guestimate next time to get the IBA functioning normally.
There are 2 washes in the town. The one I'm looking at buying 5 SS bays with a 6th IBA. And a new wash built 8 years ago with 4 bay aes and 2 iba. I reached out to Mark VII to see when the last time they serviced the unit. I completely agree the entrances should be street side. Less change for the unit to be broken into. The pay unit that's in the back was replaced 5 years ago with insurance money when it was broken into then the iba broke down a week or 2 afterwards and they just never fixed it. I meet with the realtor and one of the owners Saturday and I need to come up with a list of questions to ask for example why didn't you fix the IBA? What was the quoted price to fix etc. But with the IBA just sitting there for 5 years doing nothing I know and you know it's going to need alot of work to get it running. I'm new to the industry so idk if an old mark Vii aquajet installed in 1999 is even worth fixing, from the sounds of recent posts I'd say no scrap and replace.I can see why you are struggling with this. There is a Burger King directly across the street, and a Pizza Hut and Tim Horton's within sight. I don't think they built those places on a whim. One thing I would definitely change if I bought the place, would be to make the auto entry on the street side. I see no reason that this place should have been rear entry. I know some people make it work, but it's not ideal. I'm surprised this town just has the one wash. I came from a similar size town. We had 3 SS washes, 6 IBAs, and an express. We also had another IBA at one c-store and 4 SS bays at another, but they were torn down within the last couple of years...couldn't figure out why they couldn't make money.
I agree. That series of Mark VII ended in 2002, so some parts are hard to come by. I actually replaced three of them back in 2016. They were good in their day, but their day has past. I misread an earlier post and thought it was built in 2006. Myself, I wouldn't be afraid to install a used machine, which can usually be bought for pennies on the dollar. I don't know if I would advise a greenhorn to do that though. How far is the closest support, and what brand do they sell?an old mark Vii aquajet installed in 1999 is even worth fixing, from the sounds of recent posts I'd say no scrap and replace.
I'm not sure who has the closest support, but I will look into it when I get home. I don't know if I said it in an earlier post but that car wash was actually built in the 60sI agree. That series of Mark VII ended in 2002, so some parts are hard to come by. I actually replaced three of them back in 2016. They were good in their day, but their day has past. I misread an earlier post and thought it was built in 2006. Myself, I wouldn't be afraid to install a used machine, which can usually be bought for pennies on the dollar. I don't know if I would advise a greenhorn to do that though. How far is the closest support, and what brand do they sell?
Looks like hydrospray is based out of Columbus OhioI'm not sure who has the closest support, but I will look into it when I get home. I don't know if I said it in an earlier post but that car wash was actually built in the 60s
He said not that he's aware of LOL.Email or call Eric at the city to confirm any grocery store permits info online at ci.galion.oh.us/216/Building-Permit ... of course, don't tip yourself into a permit rabbit hole with a carwash rehab question... keep it simple, ...I heard a rumor, is there anything to it, any preliminary filings, where, thanks?