I haven’t done an update on this in ages, so I figure it’s probably about time!
As many of you are no doubt aware, I didn’t meet my goal of $300,000 by the end of 2007. If I had, you’d see an eBook for sale in my sidebar, How I Made $300,000 in Under 4 Months Online.
What you don’t know why I wanted $300,000. It wasn’t a number I pulled out of the air. I had a very specific reason for wanting that amount.
Locally, there is a semi-historic building for sale. It’s a nice old building. Definitely in need of some repair and refurbishing. I thought it would make a great storefront for a rubber stamp shop.
The asking price was $300,000.
Mind you, the building probably isn’t worth that much. Maybe $100,000 at best, especially considering the amount of work that would need to go into it. But, I wanted that $300,000 to buy that building. Naturally, I’d negotiate it down as much as possible, as money would be needed to fix it up.
The building is still for sale. They’ve since repainted it and possibly made minor repairs. I don’t know if they’ve done anything beyond cosmetics though.
If I had $300,000 now, would I still want to buy the building? I’m not sure. Not for $300,000. They would have to come down on price. Another problem is the hassle of dealing with the local zoning. Right now, the building is painted in a cream color, which matches the cream and brick look of just about every other building around here. They don’t like white here. Looking up the history of the building, the earliest records I can find of the building show that it was originally white. So, if I were to buy it, I would to bring it back to its original condition. That would mean painting it white.
I wouldn’t want to buy a historic building only to be told I couldn’t restore it to its historical colors because those are no longer the “in” colors they want around here. The point is to maintain history. The building wants to be white. Being coated in boring beige paint just makes it look sad.
If I had $300,000, I don’t know. My first priority would be paying off all my debts. Next would be funding my long-neglected project. I’d finish off some other projects too.
If the seller came down to a realistic sale price, I don’t know. I’d really have to weigh the options at the time. Might be easier just to buy an old building elsewhere or build something new.