Purchasing the equipment would have been a good investment. While you may have had to store it temporarily. The ability to have closet stock of similar parts is valuable.
It's rare to find true entrepreneurs on RU-vid... lots of folks giving business advice but very few of them are actually out hustling in the real world. I appreciate that you are out doing the work and sharing it here. You seem to be "walking the walk" not just trying to monetize regurgitated information on RU-vid. Much respect my friend!
I wouldn't say scammers don't make any money and here's why. This multi-level marketing called World crypto life some guys at the top are making some serious money but everyone else is getting literally scammed and hustled. Watch these hustlers with no physical address because in the world today of multi-level marketing, get rich quick schemes if you don't have a real physical address or no physical phone number that matches the address and if you don't have any real live references you can talk to but only two or three you better run away. There's a group of scammers that follow these multi-level marketing people around robbing them at every other business adventure with the multi-level marketers change their name it's the same company but no one in the Ponzi scheme knows this.
Why don't you own a warehouse??? You need a base of operation and work shop. I would have bought that and stored it in my living room, that was an incredible price!
As for using a warehouse for storage I often rent spare storage off unused factories. I find I hire the storage space needed for the task & then the business owner receives an income for fresh air. I usually get a mini insurance policy to cover the rental period.
It would have Totally been worth it every penny and all the time it would have taken to get it removed and stored. I totally agree I would have Stored it in my living room if I had too.
I do the books of my friend's Laundromat & a thorough clean up of the hidden storage opened up 3 apartments he rents out & the tenants get cheaper rent to clean the laundromat as the operations (open / close is automatic). There was enough spares in these rooms to build a new laundromat. My years in film / video production taught me to keep things as a box of odd plugs / cables allowed me to use a refurbished amplifier as I found an adapter plug. I learned when I had my vending runs to keep those spares until you have all the same model machines. I chased a weird globe for the keypad until I recalled a box ox of odd globes I never used. Not sure on the amount of wear & tear on gear with all that snow but anything mechanical wears out.
I'd buy a couple of storage containers and put them at the existing car wash. When you're ready to deploy the equipment sell the containers at a small profit or loss. You've got dozens of properties and there must be somewhere secure you can store this stuff :)
There is a trick for looking threw security footage if you can see the damage on camera. Go back in the video to when you last where there / everything is ok (ie 4days). Then check the footage half way between now and then (2days) if you can see the fine work of your fantom pooper go back half way, if you cant see the damage go forward half way (1day) keep halving the time over and over again, eventually you will get close to the segment you want to see.
I thought I was seeing things for a minute and once the wash frame cleared the camera and I could see again it’s like, nope, those windows are definitely Down!! Guess they wanted to wash inside and out and save a couple bucks
You should look at the carwash equipment as good backup equipment. The pumps, water heater, electric panel, tanks ro machine vending machines. All the copper you can get could be sent to recycle the wiring could be saved or recycled. If you have too many projects going then leave it but if you are waiting on things to begin then get the stuff and store the diff pieces in the diff laundromats and car washes. Maybe store it a couple months or so but find places for them to go. Maybe use a few pieces in a new build but they are suited as backups.
You've got too much on your plate when you have to turn down a 60k gain on equipment for something you feel you can use. I've seen guys buy a used semi trailer and load the goods in it, park it in storage, and drive it to the installation location when it came around. You don't even have to own a truck. Hiring a local to hook n pull is usually pretty reasonable. If you buy right on the trailer you'll resell it for same or close to it when you get done. Thanks for sharing
Should of bought it the equipment for the low and dumped it on your property with tarp covering everything till you bought another location. Or buy a old trailer or shipping container.
I think u should take the deal since u r looking on buying a new car wash, especially since you’d be spending a quarter of a million dollars if u decline. Keep up the great work man
I'm surprised you don't have a barn with building materials and carwash materials in it. Sometimes you come across deals that can save you money down the road.
@@sellison2192 Depends on the price of the units being rented and for the duration. Along with if he chooses to sell the equpment vs use it for his next car wash.
@@bebin73 I generally agree, however, I recall the value of that equipment was 50k+ and he could have purchased it for 5k. Assuming he could sell it for 50k, it would take on the order of 10+ years of rental income to come out ahead.
The phantom pooper!!. Sounds like the parts part was kind of a hard decision since it sounds like it was a good deal but if having to store it and not knowing when / how it would be used. Seems understandable on why you passed on it since it seemed like it wasn’t going to work out though a great deal. ESP since keeping in storage is a pain if it just sits for Ex amount of time without being installed. But it could have been flipped if it sat too long though.
Oh yeah, gotta love the wash pit. When I worked in a Sunny's tunnel wash, the pit spanned the entire tunnel and we cleaned it every few months with shovels and pressure washers. A 55gal garbage can was like 300 pounds filled with gunk. Ended up nearly filling up our dumpster lol
I enjoy your content. Ive bought and sold lots of equipment in the past and my storage solution has always been the 53ft long dry container or trailer with chassis, which could be moved to another location when you eventually find one / buy one. Ive bought entire floors of manufacturing equipment, office equipment, inventory all to sold at a later date and location once its stored it the trailer. Just remember to take copious pictures before dismantling and moving the parts. Remember number them and keep nuts, bolts tagged and bagged with major pieces. Best of luck!!
I think as a detailer myself and wanting a carwash I would have bought the equipment kept the important components and listed the rest in a used carwash forum for equipment.
There is a risk buying other peoples problems. Especially when they don’t want to sell the land or building…and they want to keep a few signs. If you really Ike the equipment drop him a $1000 offer plus your guys will remove it. This leaves him a building to repurpose and remarked for something else. Otherwise I would walk. If he takes it great, if not the offer is still there in his moping. I would price all that stuff out as repair parts value.
IAM a plumber we build carwashes I love the reverse osmosis all the copper valves 2in tees sand traps. hit the pipes just right an it all works the robotics on them are really cool..
I think you made the best choice on not purchasing this used equipment. You don't want that type of reputation concerning your properties. Not to mention to how big of a burden it gets to be having to maintain used equipment that has no warranty and so on. I know of a couple property owners that got into this type of situation and they have had many troubles in keeping posative equity on their properties, and a good reputation. As a landlord/investor, your reputation is very important!
If you take the deal and own the storage place it sounds great, if not what is your cost to remove, store and for how long. Does everything work? If you don't own the land and the building you have problems! I now put the bell on ring. Glad the new car wash is working correctly. Upgrade the second location, put your order in now and yes the machine will take a while to come. But at least you will have those parts. You have all your lessons learned on you tube! Good luck.
Please come and purchase the abandoned car was here in Milford, OH. It is on state route 28 near the post office. I would be willing to work for you at that location!
If the equipment is compatible and you can find the space to store most of it, it would be worth it to me if I was having 2 or more car wash locations. Downtime costs you money, getting parts takes time, sourcing parts takes time. Even if it's $8k to remove and store the stuff, in the long run you can make some of that back by selling it or not having to buy it when needed. An under $10k cost when you just dropped $200k+ on your place seems like a reasonable opportunity.
I woulda got it just for the equipment.. at least you'd have it in case you buy a third location. I owned a trucking company and would buy old trucks and trailers just for parts.. semi trailer axels in the 90s cost $500 apiece used. I could buy a whole trailer for that and have extra parts in case I needed em
There's a carwash in Michigan which I hate now, but it's a 9-1o to enter and you can wash, vaccum air fresh carpet clean even use auto wash all day for that one fee. You have to restart the meter I think every 5 minutes but it's free. Well after you pay at the gate. I would love to have a few of those and one for trucks and trailers. Have my own well so I don't have to pay a water bill. So many things I want to do but I literally don't have a Pot to Piss in 😭
Sunbury has a great white castle there. Everytime we visit back home we always stop by the white castle from and to the airport in Columbus. Small world!
It would be cheaper to buy a location and put the 3,000 equipment into it ...either as a storage shed or car wash. Or buy a storage facility and store your equipment in your own sheds...and let the place pay for itself...again cheaper. Cheaper than getting a huge loan. If you have let this go and someone else has bought it....consider getting your loan down to a certain percentage before going onto the next thing.... but you need your own storage sheds its clear to save money...so go buy a storage facility that you can also use and let it pay for itself.
If you have several opportunities that present themselves, then it’s good to pass up. I personally would have stored that amount of equipment and been aggressive in finding a third location that I could have upgraded
Your time is the most valuable thing that you own. If I was in the situation with zero assets and just starting out in the car wash business I would hop on this extremely quick because of the value that it represents as I start my car wash business but since you already have a car wash a fully functional car wash that appears to be still under warranty there is no reason why you would need this equipment unless you already had a vacant car wash that needs rebuilding. And I'm sure there are vacant car washes that you can buy but again you would have to be in the position where you already had one otherwise you're just going to spend a lot of time and money trying to figure out if the car Wash is a good deal, good location and will make profit with the investment of the $5,000 equipment that you got it from that location. What seems most valuable to you right now is your time an effort to make your currently owned business a success. It's more of a quality versus quantity.
I think it was a good idea to pass on buying a bunch of equipment. You don’t need to expand right now. Just make your businesses you already have financially solvent and consistent. And work on making sure no criminals destroy your existing businesses. Lessen the risk of owning your businesses.
I have done some similar type purchases storing sounds good but as you take equipment apart transport it store it and then attempt to put it back to use electronics and electrical equipment don't like to sit and what you think was good ends up being bad so 5000 was a great deal on the equipment but not time you pay for tear down removal storage reinstalling with the appropriate hauling it gets expensive and if you had problems while it's stored then you've created a monster with little nagging breakdowns. That's my thoughts as a business owner and entrepreneur. God bless. Enough said..
I'm actually surprised that you don't have or buy a cheap vacant lot and put up an inexpensive storage barn... Great way to store on the cheap items you say you come across, taxable write offs, resale items if you decide not to use them etc. Laundry equipment, vending machine, car wash equipment.
Mate, it's all catch 22 - you never know what problems you would have had as that equipment did not appear to be well serviced. There is a 4 bar car wash up for sale in my city & I have considered it as possible investment. However the asking price was a few hundred thousand above my expectations with 3 self wash bays & 1 automatic system. The owner seemed a bit reluctant to produce the Asset Registars before we discussed price expectations. I know when to close the books on a few time wasters but it takes all kinds in this world.
You should make a video on how you find deals. I’m young in my early 20’s with 50-150k in capital, I’m looking for an opportunity to invest my money into a business and compound it and am not sure where to start. I like the idea of a car wash or storage units. Also you should make a video on what you’d do if you had 1$million worth of capital and the best way you’d personally invest it. Thumbs up so he can see the comment!
Buy the equipment then sell it immediately after. Make the buyer remove it from the location. If the equipment is worth $50k used why is it being sold for $3-5k?? There’s a reason. Can you turn it on and see it function? Sounds like the buyer may be wanting to upgrade the equipment so he’s keeping the building and land. How well does this stuff store? What is the possibility of damaging it during removal / transport? If you get these deals offered to you on a regular basis and the equipment is good then buy them. You need a shop or warehouse for everything you do. Can be your office & storage for car wash supplies / parts / equipment. Plus items for all your properties - you can buy bulk flooring, carpeting, light fixtures, appliances etc. save $ and always have item you need on hand. I had to wait 2 months last summer for 2 fridges, stoves etc.
I would have suggested you buy a transport truck ( cab & trailer) to use as storage for the car wash equipment!...then you set up on site for equipment removal, move to your own property for storage, and resell or use for a new site....the value of the car wash equipment, you said ,was
Labor costs of removing, transporting, storing, and reinstalling will add up quick and you will still have used equipment that you don't know the history of. I stripped a rich person's lake house a couple years ago before they were having it tore down to build a new one in its place and while I got a bunch of really nice things, 80 percent of it is still taking up space in my warehouse because for one reason or another I haven't needed the stuff yet. I do wonder if it was just a bad idea, although I hated to see it go to a landfill when I knew it would be very nice for a rental property.
You could of buy the old place and put it in storage yes. You could of buy a use trailer and store all those equipment inside since use truck trailers are relatively cheap and have those equipment for later use or a new location. Equipment breaks and have spare parts ready available is great because money already spent
you did the right thing, its money out the window and you would have to storage it for X amount of time and not even then be sure that you would make use of it and as you say those deals come all the time so better get the deal when you know 100% when you need it
You should have bought it, stripped it and stored it. Even if you end up not using the majority of the stuff it's an easy flip and of course, parts wear out, it never hurts to have cheap spares.
I agree with you, tht run-down carwash was not a wise investment. The effort to remove it would’ve been more expensive than buying new equipment that would potentially be installed for you. Just the time is more money than the price of the carwash, and you own nothing at the end of the day apart from some used parts.
Purchasing was the more difficult thing to do but would have yielded more long term success and benefit. The margin of return was so high on it that it would have been worth all the effort and hassle. Furthermore you would for sure have 1 more car wash opened now if you did that deal or at least opening soon. I would have given you the money to buy it and Id be an investor.
I know this was awhile ago but if I was you, I would invest in building a barn for a wharehouse storage and separate the food stuff from mechanical stuff like the car wash. If that deal still available I would jump on it.
Since I don't have kids or family , I think that I would have bought the equipment , and stored it as spare parts , Hopefully find a reasonable priced storage yard for sale , maybe rent space out for RV's or boats .
Definitely wouldn’t be loosing out you hire someone to bring a box truck with a lift gate strip it out and then store everything in a shed until you get your location and boom build it up knowing where things need to be placed in the room and your making the money back you spent easily in 6 months to a year
You being into rental properties I am surprised that you don't already have some type of warehouse for the various things needed for repairs or flipping. You know the things you need and use the most. I'm sure like everything else the stuff is n sale from time to time. Why not buy it then. It's like prepping except for businesses.
Only you can truly answer whether that car wash was the right decision or not as your situation is unique only you know your finance time expertise space etc. What's right for one person isn't necessarily right for another
1 million subs because of that one coin collection video that the algorithm put into everyone's recommended vids, grats. As far as turning down that deal on the car wash equipment, after all the time and money you would have spent ripping it out, storing it, etc, I think the total cost would have equaled or exceeded just buying new/used from a vendor/ebay.
I’m the type of guy who believes in “It’s better to have it and not need it, rather than need it and not have it”. Yeah, I would’ve found the closest Storage Facility and stripped it ALL out and packed it away. It would’ve paid for itself and the storage through usage and sales.
You should have bought the contents of the carwash. Keep the old one going as is until either 1) we go through our next recession or 2) the new carwash is completely paied for.
Don't worry about it use the equipment comes and goes. Keeping your financial situation it's a smart thing. Why would you want to spend money on something you don't need and then spend money to store it.
I used to work at a carwash. We had to clean the Pit twice a week. Was definitely the worst part of the job! It smells horrible and its so dirty and slimy!! Not fun!
Personally I'd have bought the equipment then leased the land from the owner and started your 3rd car wash. Also with the income you're probably making from RU-vid, rentals, & other businesses I'd buy a warehouse or other building for storage or if you have a vacant property add a prefabricated building. If it's too big you could also rent out space for peoples boats, rv's, collector cars etc.
At this point you're planning on upgrading your equipment at the one location, eventually. So, it wouldn't make sense to hold onto and store equipment that you aren't going to use in 5 years. On the other hand, if in less than 5 years you are going to buy another car wash it would make sense having spare equipment to use for your other location.
You should have gotten your friend who wants to get into the business to do it all or get it done or help with getting all the equipment out and taken to storage until he could find a location to start the business he says he wants to start. Leaving it behind Is unfortunate and Many would wish they were in that situation to make some money or start a business. Don't you carry a book with names who ask you for business ideas or opportunities? It is always your choice so whatever you did is your best decision and you get to live with it one way or another. I just wish I was in the area to jump on the chance to start another business with those benefits.
I would think getting the equipment and storing wouldn't be a bad investment. You do have the storage units with the one car wash so you could use those for the time being. Yes, money is lost but even if you decided not to utilize the equipment and just sold you would make money.
So, storage would be somewhere around $2k annually. Exactly what is the lost revenue and replacement cost if you have something break at one of your two carwashes? Those tanks aren't leaking by the way. Just the fitting. Probably a quick solder fix.
I know that you don't get the land or building, and you'd have to put a lot in storage...but you're talking about way more than 5 grand worth of equipment it seems like a good deal?
I have seen your videos before, but never realized you were in my backyard of Ohio. I would have purchased the equipment because car washes are HOT here, building the corporate barns on every corner. We need more independent, diy car washes or even a small detail shop. I'm sure the wall decor was courtesy of homeless. Don't do drugs people or you end up a story on RU-vid!
The investment is more than just 5k. I'm sure you factored the labor and storage (technically a loss of revenue if you stored it at your place). Given the value of the equipment even if it was sold or better yet auctioned off the real question is how long do you need to hang on to it and could you better serve your business partners by putting that money (upgrades) into the second car wash. At the end of the day only you know how much overextended you'd be if you made that move but I'm guessing you made the right call.
Store it? You probably could have spent a whole week stripping it, stored it for a short time and either found a new location or hocked it for even just 5 to 10 times what you paid and made bank either way. The ROI would have been incredible, it seems anyway.