Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Car Wash
Old 03-24-2005, 12:58 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 452
Car Wash

Anyone know anything about investing in a Car Wash ?
My son-in-law lives in a rapidly growing area near DC.
Building homes so fast as to make your head spin, but in the area, there are no car washes.
He thinks this may be a good investment; only problem is the high cost of real estate. Anyone have any ideas or thoughts ?
__________________

__________________
renferme is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Car Wash
Old 03-24-2005, 03:06 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2003
Posts: 1,375
Re: Car Wash

Quote:
Anyone know anything about investing in a Car Wash ?
My son-in-law lives in a rapidly growing area near DC.
Building homes so fast as to make your head spin, but in the area, there are no car washes.
He thinks this may be a good investment; only problem is the high cost of real estate. * Anyone have any ideas or thoughts ?
I don't know what the numbers are on expected return from Car Washes, but I do like the idea of them.
He will have the important security of owning the real estate (land). It is an appealing idea, depending on the location and price of the land.
One of the biggest mistakes one can make in a retail type business is not to own the real estate.
__________________

__________________
Jarhead* is offline   Reply With Quote
Re: Car Wash
Old 03-24-2005, 03:18 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Car Wash

I agree with Jarhead. The same thinking can apply to
laundromats.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Car Wash
Old 03-24-2005, 03:31 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,385
Re: Car Wash

Quote:
One of the biggest mistakes one can make in a retail type business is not to own the real estate.
Jarhead, is this mainly for the speculative pop from property appreciation, or to be sure you are not forced to move?

Mikey
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Car Wash
Old 03-24-2005, 04:58 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Car Wash

Liability can be a problem I'd imagine.

Now I have that dang "workin' at the car wash, yeah" song running around my head.

Thanks. :P
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Car Wash
Old 03-24-2005, 05:59 PM   #6
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 75
Re: Car Wash

perhaps google up franchises and such.Hopefuly its somewhere that gets some good spring mud.good luck
__________________
real men dont use dryer sheets
ak4195 is offline   Reply With Quote
Re: Car Wash
Old 03-24-2005, 10:59 PM   #7
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: Car Wash

Quote:
Anyone know anything about investing in a Car Wash? My son-in-law lives in a rapidly growing area near DC.* Anyone have any ideas or thoughts ?
Oddly enough, my FIL owned a coin-operated self-serve car-wash franchise in the DC area in the 1960s. One of my spouse's early memories is wrapping quarters ad nauseum.

He had persistent problems with theft & vandalism. He also needed an on-call handiman to repair water leaks, fix power outages (you'd be surprised what those pressure jets can get into), and deal with the occasional irate customer. One of the district wise guys also objected to the upstart business and FIL felt obligated to carry a firearm. Hopefully things have improved in your SIL's neighborhood!

Presumably he's already checked into the environmental control & recycling rules for water use, road salt, mud, oil, etc. That's an unfunded mandate that many franchise owners don't adequately represent. There'll be extra costs in winter to heat the water (and the building) and the reduced business. And then there's the issue of liability vs incorporating the business. If the business is a full-service car wash, then you're adding in the extra skills required to deal with the type of "worker" that it attracts. But maybe ex-cons working at carwashes is just a Hollywood stereotype?

Is he planning on doing this full-time? Wouldn't buying a nice rental condo or a duplex be less of a headache?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Car Wash
Old 03-25-2005, 03:35 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Car Wash

I personally have no experience with a car wash
investment, nor a coin laundry for that matter.

When I was in full entreprenuer mode, sometimes I would mention that I was looking at a particular business and my companion would say "Isn't that
a lot of money/hassle/bother/risk/work/etc?" I would say
"probably, but most businesses are" (except those
listed here under "make money with no work and no brains) That, and lousy bosses or maybe just any bosses at all are big reasons why
a lot of us are ERed.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Car Wash
Old 03-25-2005, 06:22 AM   #9
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 452
Re: Car Wash

Nords: "Wouldn't buying a nice rental condo or a duplex be less of a headache?"
.
Yes and he's already into condo/duplex rentals.
__________________
renferme is offline   Reply With Quote
Re: Car Wash
Old 03-25-2005, 07:26 AM   #10
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Car Wash

Quote:
Now I have that dang "workin' at the car wash, yeah" song running around my head.

Thanks. :P

Me too. I sometimes lurk at Raddr's site and I end up with "Radar Love" going through my head:

I've been drivin' all night, my hand's wet on the wheel
There's a voice in my head that drives my heel . . .

End hijack
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Car Wash
Old 03-25-2005, 08:25 AM   #11
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: Car Wash

I have friends that built a car wash locally. I don't know a lot about it, but it seems to be very profitable. They manage it themselves which requires stopping by once a day for an hour or two to refill things and make sure all is ok. They also carry a beeper. Insurance is very expensive. A woman drove her car into their vending wall (was trying to kill herself) and their insurance company dropped them. They had a hard time finding another one.
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: Car Wash
Old 03-25-2005, 06:58 PM   #12
Recycles dryer sheets
 
Join Date: Nov 2004
Posts: 123
Re: Car Wash

It's true we are short of car wash locations in DC area, but I believe BECAUSE of high RE prices.

Depending on where he is at (outside of beltway?), most new c-stores/gas stations are putting in car washes for the additional revenue it provides where space allows, so that will be a prime source of competition. *The new ones are pretty darn good. *I recently saw a line 15 cars long (at 7 minutes a wash average, I asked) at a new car wash/c-store near my house. *

Also, right now is prime car wash selling time (rain, salt on road, etc and too cold to wash car yourself), so don't be fooled by the demand this time of year. * Lots of seasonality to the business.
__________________

__________________
You can either take action, or you can wait for a miracle. Miracles are<br />great, but they are so unpredictable.<br />(Peter Drucker)
kayelem is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
the compromise car - pictures added lazygood4nothinbum Other topics 23 04-09-2007 11:47 AM
$300/mo car loan to save $100/mo gas? green1 Young Dreamers 16 06-20-2006 11:48 AM
Son's Car Wreck SteveR Other topics 23 02-24-2006 04:12 PM
Helping a friend with car purchase fiasco WanderALot FIRE and Money 32 08-02-2005 03:33 PM
Car Repairs Jay_Gatsby Other topics 40 07-28-2005 01:53 PM

 

 
All times are GMT -6. The time now is 11:05 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.