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Nomad74

Nomad74

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As many of you know I bought a Shop about 2 years ago for rug cleaning. Well, yesterday I sold the building freeing me up of $2300 a month in mortgage and utilities. Even though I get rugs to clean, it wasn't enough to justify the expense of that building. I am now in a 40x60 building with pretty much zero overhead.

Now moving forward I'll be to plan again and make some moves. Maybe I won't be so grumpy. This last two years has been eye opening. If the building didn't sell this month I was going to try and rent it out. But that was something I really didn't want to be tied too.

Do I feel defeated or like I failed, yeah a little bit. But sometimes you need to take a step back to move two forward.
 
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Papa John

Papa John

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Congrats Damon.
What have you learned from this?
Are you making any changes to your behavior so as to avoid this headache in the future?

Isn't the new building bigger?
How were you able to get such a building with no overhead?
 
Jim Pemberton

Jim Pemberton

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Jim Pemberton
Nomad74 said:
As many of you know I bought a Shop about 2 years ago for rug cleaning. Well, yesterday I sold the building freeing me up of $2300 a month in mortgage and utilities. Even though I get rugs to clean, it wasn't enough to justify the expense of that building. I am now in a 40x60 building with pretty much zero overhead.

Now moving forward I'll be to plan again and make some moves. Maybe I won't be so grumpy. This last two years has been eye opening. If the building didn't sell this month I was going to try and rent it out. But that was something I really didn't want to be tied too.

Do I feel defeated or like I failed, yeah a little bit. But sometimes you need to take a step back to move two forward.
Click to expand...

Don't feel that way at all.

I've made similar moves with my real estate resources over the years. You work with your business model, and the market changes, and watch fixed costs like a hawk.

Good on you Damon
 
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Nomad74

Nomad74

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Feb 4, 2016
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Redding
Papa John said:
Congrats Damon.
What have you learned from this?
Are you making any changes to your behavior so as to avoid this headache in the future?

Isn't the new building bigger?
How were you able to get such a building with no overhead?
Click to expand...
Well I am not gamboling on my ability to bring in mass amounts of rugs. My area just doesn't have the population to support such a thing. Plus I've learned that cleaning rugs is a pain in the ass. They are heavy and labor intensive. I have one in the shop now I can't move if it's wet. But it's a beauty.

As for open floorspace, yes, the new shop is bigger. 2400sqft of open floorplan. The other place was about 4k sqft but there were three offices and a conference room. I didn't need any of that. As far as the overhead goes, I got a sweet deal. My dad bought a house down the road from me and in the back there is this building with easy road access. He let me have the building.
 
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Papa John

Papa John

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That's awesome, Damon.
Can you now appreciate how your father's loss from that fire has turned into a blessing for the both of you?

With a rug shop, there are two ways to go.
1. Invest in the Rug-specific equipment to save time-- But this might be a bad choice for you since you don't have the volume to justify the expense.
Or
2. Make your rug plant your Money earning Man-Cave.
You can watch TV or listen to music or books while cleaning.

Clean rugs as a time filler either before or after your regular work day or as a gap filler if a customer cancels an appointment.
This is what I do. I find it relaxing and a nice way to decompress from the work day, and a very nice way to increase the revenue for the day.
 
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Chris A

Chris A

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OH
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Chris
You made the right call. My building has been great for me but I waited until I was busting at the seams at my house before I took the plunge, and the building was a total pos. Now almost 6 years later it's great but I have a ton of sweat equity in it. Sometimes I still think about throwing up a pole barn behind my house and getting out of rugs, but the rugs pay for the shop (barely)
 
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Cleanworks

Cleanworks

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Nomad74 said:
As many of you know I bought a Shop about 2 years ago for rug cleaning. Well, yesterday I sold the building freeing me up of $2300 a month in mortgage and utilities. Even though I get rugs to clean, it wasn't enough to justify the expense of that building. I am now in a 40x60 building with pretty much zero overhead.

Now moving forward I'll be to plan again and make some moves. Maybe I won't be so grumpy. This last two years has been eye opening. If the building didn't sell this month I was going to try and rent it out. But that was something I really didn't want to be tied too.

Do I feel defeated or like I failed, yeah a little bit. But sometimes you need to take a step back to move two forward.
Click to expand...
Never learn unless you try.
 
Kenny Hayes

Kenny Hayes

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Apr 17, 2009
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Yukon, Oklahoma
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Kenny Hayes
Chris A said:
You made the right call. My building has been great for me but I waited until I was busting at the seams at my house before I took the plunge, and the building was a total pos. Now almost 6 years later it's great but I have a ton of sweat equity in it. Sometimes I still think about throwing up a pole barn behind my house and getting out of rugs, but the rugs pay for the shop (barely)
Click to expand...
The pole barn idea is awesome. I did just that. I’m approaching 100k in it, but all is paid for except the circle drive in the back I just had poured. Having the building at my house is wonderful.
 
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steve_64

steve_64

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Aug 11, 2012
Messages
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Making progress on a 30x40.
20220913_195226.jpg20220913_195210.jpg
 
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Nomad74

Nomad74

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Joined
Feb 4, 2016
Messages
23,525
Location
Redding
Well shit. My jacket arrived and it's a Pakistan knock off. I wouldn't wear this thing to a Bingo game. Really shit quality. The snaps on both sleeves fell off right out of the bag. I hope my ass-chaps are better quality.
IMG_4753.JPEGIMG_4749.JPEGIMG_4750.JPEGIMG_4751.JPEG
 
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