Warehouse Update #1 - You Guessed It, Over Budget...
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- Опубликовано: 15 окт 2017
- Lauren and I bought a 9 unit warehouse building as an investment 2 months ago. Here's a quick update about the work I've been doing there:
-Spray foam roof repair.
-Updated all of the electric meters and panels.
-Passed all inspections for the fire damage.
-Renovated the bathroom.
-Trimmed all the trees.
-Installed new gutters.
-Replaced 2 doors.
-Installed a BLUERIDGE Mini-Split A/C
Link to the mini split A/C:
www.alpinehomeair.com/viewpro...
Repairs so far have been $35,000 dollars which is about $5,000 more than I budgeted, so I had to sell our Dodge dually. With the new baby on the way we simply didn't need that big of a truck until we hit the road again in our trailer conversion. We made $3500 profit from the truck which made it an easy sell.
The good news is that all of the major and most of the minor repairs are finished, so we should be back to business as usual next month!
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That's awesome Mike! I admire your work ethic and frugalness! That was such a smart decision selling the truck! Can't wait to see more to come! 😄👍🏻
I'm glad that I stuck around on your channel - this is the kind of content that I love!!
Great update!! Can't wait for more videos, they are all so interesting.
Mike, you are such a smart cookie! I think your greatest asset is that you can look at a situation and realize you need to rethink it. So smart to sell your truck for a cheaper one and pay cash for the roof. I never heard of spray foaming a roof. That sounds like a great idea, especially is a hot climate like Florida. You never fail to impress me with what you come up with. I wish you more well deserved success!
Thanks for the update Mike! I'm glad to hear that the most difficult and time consuming projects with the warehouse are behind you! I know selling the truck was a tough call, but I think you've made the right one. Especially since you've turned a profit on the sale! I can't wait to see what you've got in store for your channel now that the warehouse won't be taking up so much of you time.
good luck on this big project mike and thanks for sharing.
Guys I love your warehouse!! Keep up the updates
Will be happy to see more videos from you two!
Really love to see the updates on these rentals Mike. It's a great behind the scenes look at how to run a business properly. Any chance of getting a video that breaks down the finances in more detail? A chance to go back to your roots of $$ talk. Lol Keep up the great work and looking forward to more build videos!!
+Michael Dougherty Absolutley. Just letting the dust settle a bit before going into too much detail. I'm figuring out a lot as I go!
Looks great! So excited for you about the full capacity!
Dude! Love the truck! That thing is beautiful!
I love your resourcefulness! I need to think outside the box!
Great work. We need more videos!
Awsome videos. Love following your inspiring story
Digging the warehouse updates
You're a machine. Thanks for keeping us updated
You are doing a great job Mike. I hope you are able to get more warehouses and make TONS of cash
All the best from Texas.
I need like an hour of warehouse video content ;)
Also I'm looking into converting an empty old agricultural building I happen to own into garage-workshop-kinda-units because of you guys.
Good luck with everything
Commercial renovation solidarity! I've been working the last two weeks on the space next door to my game store which we're renovating into an event center. Today I did a bunch of low-voltage electrical stuff. The unexpected expenses are everywhere and my original timeline is a pleasant fantasy, but we're going to get there, and so will you! I'm enjoying these videos.
These updates are really cool. I will watch every one, even if it's just you guys sitting in front of the computer talking about finance, the process, or anything really. I find it interesting and wouldn't mind if there were many videos about this to come.
Thanks for being honest about your budget, keep that up! You're a financial vlog.
Living my dream man. I know it's a lot of hard work but I'm sure it's worth it. Have fun!
Nice work Mike! Let the money work for you on the warehouse. Like your way of doing business.
Bugger about breaking the budget but if you keep at it, I'm sure this property will be a big earner for you. 🤑
Awesome to see you putting in sweat equity, I'm sure the tenants appreciate that. Especially you giving a 10k job to the sparky that rents form you(that was a decent price from what I can tell, I don't know your market, but if I were to do it, it would have probably cost about that. 😉
Nice. 🙂
Awesome video, I just subscribed
You could coat the rest of your roof with elasty plasty it will make your roof look nicer and help yo keep your units cooler and it will only cost you a few hundred bucks !! I would look at how you could reconfigure the parking lot to use as outside storage for boats and cars just a thought but could generate as much as another unit itself !!
Please consider doing a video about your Costa Rica house (including all the monthly / annual costs), as this would be very helpful for anyone looking to retire in Costa Rica. Thanks.
Hi Mike and Lauren, do you guys have an update on your warehouse? Like your vids. Very inspiring! :)
I see you still have your Honda pcx 125, I got mine 2 weeks ago, brand new 2017 model, I love it.
+sebianoti I do, and I still love driving it!
Being a landlord is not easy Mike. Hate to tell you but more issues to come.
Love these update Mike. When did you get the SawStop at 5:34? Thought I remember you having a "yellow one" before.
Hey if you do decide to set up the mini splits please show us the install process. Even on the outside. I would get an electrician to set up but need to know the ins and outs and price.
Yeah!! Over Budget!! 🙌🏻🙌🏻
That Nissan is quite nice
Ok. Your shopping cart beat my RV Workshop for the “tiniest shop” title.
How much are you in for the entire project
I had a 1994 Nissan D21 Pickup with 287k on it when i bought it. It made it well over 300k
That Nissan's a step up from a Dodge anyway.
what camera do you all use?
So with the truck gone is the mobile workshop travel not happening? Or when is it happening.. ?
+Andy Still happening after the new baby. I'll be looking for a new truck in the spring :)
Andy and then they'll buy something else and drop that again. Hahaha
Pretty much. This channel is off the rails.
Hey, you make plans, but nothing's written in stone. If you get a better idea, go with it.
When are you going to post more warehouse updates? Seems like there are plenty of projects to film.
Starting in January I'm going to be overhauling things there. I've been trying not to rock the boat with the new tenants, but in the new year I'm going to be doing a major facelift :)
can we get another update video?
Whats your monthly pull from the tenants?
He mentioned before that each unit rents for around $900-$2000 monthly, so he gets like $13000 monthly
Do you need an AC guy to come do anything to install that mini-split?
+Jonathan Ransom I've got someone doing this one but I'd really love to learn how to do it myself if you're interested in teaching?
Sorry, I worded that poorly! I have no idea how to install AC units, I was wondering if this AC didn't require a pro, or if it was fully DIY. I'd like to put one in my garage. I don't think I could teach you much, but I am planning on learning from you, I just bought your Fusion 360 course and I'm looking forward to watching it.
Is this in costa rica or did you can that idea?
+nick griffiths this is in Florida, where we currently live. The Costa Rica plan is still there, just on the back burner for the moment.
Does anyone else think that Alan Arkin looks a bit like Mike?
Is this the beer drinking club idea?
+James Bentonville 360 haha Mike wishes. The parking lot wouldn’t work well for it, but he still has the dream!
Give him a little time and they'll say they sold the building and made over a million on it.
We can only hope 😁
First !
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