I am a little sad right now. The opportunity that my husband and I had has been sold. I am not sure if we will keep pursuing the dream of owning rental property in Victor. We are leasing our current building and have been running a successful bar and restaurant there. We are talking with the bank and trying to work out a deal that everyone will be happy with. Right now the current owner is asking way too much for the building. It needs a lot of expensive work to be done to it that we can't really afford. Owning a bar is the hardest thing we have ever done with very little reward. Our lease is up in February and I don't think we will continue with the business. There is another bar about to open right across the street. We don't have a lot of profit and any competition will cut into what little we make. I know that any property in Victor that we would be interested in is going to take a lot of money to bring it up to par. Our town was built in 1899 and all of the buildings have been neglected for years. Does anyone have any encouraging words for us?
Failure is an inevitable step on the path to success. On another forum where I participate one member used the tagline "Patience and persistence will resolve most problems." Now you have at least one data point of what doesn't work.
IMHO, you should consider moving if you want to be in either the real estate or hospitality business. You're in a very out-of-the-way spot. Running a restaurant or bar is hard when you have a good customer base. You don't. Cripple Creek was allowed to open casinos in an attempt to get something going on there. Victor might be a great place to live, but I don't see have much success there with any sort of business. I suspect the rental business might be difficult there, too.
If you want to have a small business I strongly recommend "The E-Myth Revisited".
I love your honesty. It takes courage to be honest about tough situations, and it takes your BEST thinking to emerge from them so be open to moving to a much more thriving situation like Jon said. E-Myth Revisited is a must. God bless.
Sometimes it's for the best when your first deal falls through. Many successful investors have looked back and been glad that they weren't able to buy what they thought was their first great opportunity. In hindsight, it wasn't such a great opportunity after all.
From a quick viewing of your earlier posts, I'm going to step out and say you may be lucky this deal didn't go through. An old neglected building in a historic district in an isolated mountain town... there are so many things that can go wrong there. That is the type of project to take on, out of love, once you are a wealthy and philanthropic real estate investor and want to enjoy bringing a piece of history back to life. Getting into that as an inexperienced investor without bags of cash on hand is asking for heartache, IMHO.
Believe it or not, I DO intend these words to be encouraging, in a tough love kind of way. Keep learning, keep looking - opportunities are out there.
I've had several deals fall through. It's always disappointing and frustrating, but the fact of the matter is that there is another deal tomorrow. It happens to us all, newbies and experienced investors. Don't let it get you down, it's part of any business- sounds like it's part of the bar business too. Keep looking, you'll get the first deal you are supposed to have.
@Stephanie Terry , I feel your pain - we just went through this about four weeks ago as well.....but I think I am at the point that @Jean Bolger talks about -- already glad that it didn't work out, and looking forward to other opportunities. I unfortunately don't know much about your area, but it sounds like @Jon Holdman has some good advice. Maybe the lease on your bar expiring in February is a chance for you to make that move to greener pastures! Best of luck to you, and let us know what you end up doing!
I may not be a seasoned investor, but my family and I have had our fair share of heartache that was very discouraging.
When I was 10, my mother was a proud owner of a house. To make a long story short, we lost our home due to a mistake our attorney made, and found ourselves packing up all of our belongings and opening a map to figure out where we were moving to. We settled on St. George Utah, and my mother found a job at a hospital, where they require employees to have a physical every year. My mother, never having had a W-2 job, rarely had medical check-ups. Well, because her employer required her to get the physical, after some testing, they discovered ovarian cancer. A few days later she was in surgery, and 15 years later, my mother is alive and well to this day. If we had not lost our home and moved to another city, she would not be with us today. What once was one of the biggest tragedies our family had to endure, turned into the biggest blessing. We are sooooo grateful that we lost our house.
We can't always see why terrible things happen, but rest assured that they happen for a reason. I have had several experiences like the one I shared about my mother. I always know that when things don't look too well, it is for a reason, and I look to the future with hope that I will understand the 'why' at a later time.
Good luck in all you do, and know that if you keep at it, and have a good plan, you will succeed!!
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