carguy123 said:
While I'm in my early 70's I still enjoy and am able to do all the things I did as a 30-40 year old. I still water ski, play paintball & airsoft, play with cars, ride horses, do all my own repair work on my home, camp, hike, etc., etc.
To be brutally honest, you're at an age where that could all change tomorrow...I don't think you want to take on something that could potentially leave your spouse in financial straights or having to manage a business on her own if you get sick or die. I'd avoid anything that could leave you on the hook for having to take care of employees or to cover any contractual obligations as a franchisee.
I'm ten years younger than you; I was healthy as a horse all my life and had all sorts of ideas for what I'd do in retirement, but things changed rapidly over the last couple years so I've had to reassess my plans.
How about a dealer transfer driver? I recall hearing about people who shuttled cars back and forth between dealerships for trades. No investment but your time.
If you're considering a destination location, why not investigate a fun rental business? Bikes, canoes, boats, paddleboards, scooters, rickshaws, gear sales, maps, shuttle service for downhill bikes or whitewater rivers. Try to be the "only" or at least the first. "The only stilts rental in scenic suburban Wichita!"
https://www.yellowstonenationalparklodges.com/adventure/land-adventures/bicycle-rentals/
In reply to Crxpilot :
That's a great idea. We all dream of quitting our job and renting chairs on a beach somewhere
In reply to stuart in mn :
Covid could happen I understand, but the odds are against it. I've had Covid twice, so has my wife. Yes things happen but if I do it right and something does happen now she has a good income
carguy123 said:
Self service car washes are all but gone in our part of the world. The cheap $5ish drive through with all the whirling brushes and free vacuums have taken over.
Interesting... I have a choice of two within about a mile north or south of my house.
I know a guy who used to own a body shop supply business. About 5 or 6 (10?) years ago, he sold it and converted an old one room school house building into a shop where he repairs guitars. Basically converting a hobby he did in his spare time into his "retirement job". He has more work than he knows what to do with, but at the same time, his clients know he doesn't "need" to do this job, so when the guitar is done, it's done. Sometimes in a few weeks (depending on the needs) and sometimes months. He drives a TR6 to the shop on nice days. If he feels like closing up and going to the beach for a week, he does. He has no employees and the building is paid for. The business only really has to cover utilities and taxes - and I have a feeling the taxes are reasonable given what the building is (a historic landmark that languished empty for many years until he bought it).
That's the sort of retirement job I want to do. Something I enjoy, but without the concerns of financial risks or hassles of dealing with employees.
I personally believe that stripping at a seniors home is an un-tapped market.
B the time you retire, you may not have the physique you did in your 20's, but to an 80 year old, you're a hottie!
It could be quite lucrative, and you could probably hit up a number of homes in the course of the day.
carguy123 said:
In reply to nderwater :
I don't mind the risk, as long as there's the potential for reward.
As far as consulting, in the mortgage/real estate biz (my years of experience) there's not much money to be made except in the big commercial market.
Okay, so here's some food for thought then:
The small town I live near - Waterford, is known for water related activities. Because of the real estate boom and prices a lot of city people are moving up here and I expect the town's population to double.
There is a small park between two of the lakes. That's it. No ice cream, no canoe or kayak rental. Not even a sausage cart.
I am on the verge of retiring. I wish I had either the interest, or the energy to start something like that. I suspect if I had the former, I'd have the latter, but I'm just not feeling it.
In reply to nderwater :
I'll have to look into that more closely, but it looks risky on the surface of things because typically in RE those kinds of things don't work out long term. I'm watching the series now.
STM317 said:
I feel like a self storage facility can run pretty autonomously with very little input from ownership, but I could be wrong.
You are correct. Semi-autonomous sites are generally operated by a company with numerous sites that are controlled by a central office. Lots of cameras. Some have little robots that are housed in their own storage unit with doors that open electronically. A controller at the central office sends the wheeled robot out to check a situation out and can have conversations with the tenant.
With the majority of renters now using plastic the management of payments is much more simplified. 3 years ago, when my brother and I acquired our storage business the former owner only accepted checks and cash. We are closing in on 70% plastic now. This and a website would be essential for an autonomous site. Oh, and a kiosk at the gate where they can pay their rent.
And yes, self storage is a great business.
Owning your own business is a ball and chain. There simply isn't a business that can be run without an owners direct supervision, especially when you first get going. While nobody tells me I can't take more time off, obstensibly all my clients tell me that I can't take time off, as they expect a certain level of accessibility to me.
Retiring and wanting to own/run your own business are directly opposing goals. Either retire and get a part time job or volunteer to keep yourself busy, or own your own business and don't retire at all.
Personally I hope to retire early from business ownership and fully enjoy my hobbies. If I can work part time at the dental school or the VA that'd be great but that's up to them, not me. If it happens, great, if it doesn't, great.
docwyte since I've owned my own businesses for the past 45 year I understand some of what you said, but some businesses require your full attention while others are built to allow almost idiots to be able to make them function.
And I am not wanting to retire, I'd go bonkers. I have to be doing something but I am tired of doing what I've been doing so I want to change it up. I'm having conversations with a 24 hour small fitness franchise that I currently am a member of. It runs well with the owner only showing up on Saturday or Sunday and no one on site after 5:00ish every day. They have only 3 employees. So far I haven't seen numbers so I'm not sure how expensive it is.
Hasbro - robots? SOLD!!!!!!!
Your self storage units are more like you see on storage wars correct?
Do you allow boats or other vehicles to be stored there? Is that worthwhile or a complete headache?
Mr. Peabody said:
carguy123 said:
docwyte since I've owned my own businesses for the past 45 year I understand some of what you said, but some businesses require your full attention while others are built to allow almost idiots to be able to make them function.
Do you have a list?
Asking for a friend.
Yeah. I'll take one of those lists as well.
Streetwiseguy said:
Mr. Peabody said:
carguy123 said:
docwyte since I've owned my own businesses for the past 45 year I understand some of what you said, but some businesses require your full attention while others are built to allow almost idiots to be able to make them function.
Do you have a list?
Asking for a friend.
Yeah. I'll take one of those lists as well.
Me, err, my friend here, three...
Another self storage owner here. We are all plastic, automatically charged to card on file. You can actually do the entire process online, and move in. We do have people on site in case something is needed. We build an apartment behind the office and it's part of the compensation. We have been lucky hiring newly divorced women as it gives them a place to live, steady paycheck, etc. usually when one is ready to go, they recommend a friend to come in.
In reply to Steve_Jones :
It's interesting that my banker and I were having a conversation today and he's seen the cash flow on several storage places in our area and he says it's very good.
Now do you have any info on building one or one brand over another if you were to buy a franchise?
As far as a list, it's the way most of those franchises are set up. Of course that comes at a price.
In reply to carguy123 :
We did them before there were really franchises, so no idea which is better. I assume a franchise helps if nothing more than brand recognition alone, but that comes at a cost of revenue.
Building up, not out, helps keep land cost down, but now elevators are involved. It's also easier to heat/cool if you build up vs out. Old school one level type are more likely to get car/boat storage if that's your thing. We do not have any big enough on ground level to fit a car for that reason, we don't want the liability.
FWIW I have a buddy who owns several storage units and all he talks about is how hard it is to find reliable on-site managers.
In reply to Steve_Jones :
I really hadn't figured on a multistory set up as building costs get high and then there's the elevator. I haven't bought land, or ever really decided what to do, so I can buy land to allow the traditional drive through one story units.
You mentioned "liability" with a car. Why would that be?
Where I am now there is a no name storage facility that does mostly cars, boats, RVs, etc., but I figured that a name would give income almost from day one. If I go this way, I will in all likelihood be on the edge of the country and not in a city proper so that's why I was wondering earlier in another post about if there were issues storing cars or boats too.
As explained to me by the guy I just leased from, the car issue is leaks, fires, and more likely to hit something.
Chances of hitting the door or the side of the rental unit is pretty rare if you are just loading and unloading. Chance of a car tagging the door or side especially if it's in and out is a lot more.
Cars leak. Most storage places only have so much control over the condition of the car that goes into the building and setting restrictions can be tough.
My understanding is too, the process to sell of goods is a lot easier than if they have to lien out a car and then sell it.
So I totally get liabilities there.
Storage of gasoline is the biggest one. Your insurance will be 5 times normal. There are also threads here about people working on them at the unit. I'm not in the car repair business, I'm in the cement box business.
I consider myself semi retired. I sold a pretty decent business and started a new one as an importer. I make a very good living but it does not take a lot of my time at all. I go to trade shows but rarely bother paying for a booth. I just hit people up and convince them to buy my product. It has grown almost despite me and I wish I had done it years ago. The trick of course is finding the right product to sell but I just sell something I used for years in my previous business which you might also do if you think on it a bit. .
