Duplex or ice machine

[cduhon]

Ice machines start at $60K and north of $100K for big nice ones. Smaller ones are cheaper but do not have storage capacity. Car washes also seem a bad investment for that part of town, mostly older cars and bicycles in that area. Always car washes for sale around Sulphur. They are also very high maintenance.

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[slickfish]

Make due when i deposit my 1.75 it plays "ice ice baby" like the one in Jasper. Best bang for your buck.

[Raymond]

Originally Posted by Patt

I am inheriting property in sulphur on hwy 90 across from frasch park. I am wanting to put either an ice machine or a duplex on the property it is 1 acre. I am leaning more toward the ice machine because of the location and costs and the tournaments at frasch would be a big income on the ice machine I believe. With a duplex I could take advantage of the acre and be able to write them off for taxes but the railroad runs directly behind the property and would be a noise problem for renters. Any input is greatly appreciated

1. People will not be entering Frasch park from Hwy 90.
2. People will not cross 90 for ice unless you have a Big Azz neon sign to advertise you have the coldest ice in Sulphur (non melting that is).
3. Don't expect any bank to front $$$ for any commercial venture on the north side of hwy 90 unless you are all IN.
4. Have you looked at any of the other so-called apartments east of your location?
5. Best bet at that location would be Crack/Meth vending machines since the vast majority of it is made locally.

Choose wisely, this investment could actually be detrimental to your long term financial goals.

[Patt]

It's definitely not my ideal location but its free and I don't want it to go to waste

[mriguy]

Drive through liquor and cigs!!! Thank me later

[Raymond]

Originally Posted by mriguy

Drive through liquor and cigs!!! Thank me later

Genius!!!!!!!!!!!!!!!!!!!!

[drpuldo]

Do check cashing. I knew someone who had one in Abbeville and made a mint cashing checks and selling Liquor.

[MossLake]

Originally Posted by Raymond

1. People will not be entering Frasch park from Hwy 90.
2. People will not cross 90 for ice unless you have a Big Azz neon sign to advertise you have the coldest ice in Sulphur (non melting that is).
3. Don't expect any bank to front $$$ for any commercial venture on the north side of hwy 90 unless you are all IN.
4. Have you looked at any of the other so-called apartments east of your location?
5. Best bet at that location would be Crack/Meth vending machines since the vast majority of it is made locally.

Choose wisely, this investment could actually be detrimental to your long term financial goals.

^THIS^

[MossLake]

Originally Posted by mriguy

drive through liquor and cigs!!! Thank me later

^and this^

[huntin fool]

Originally Posted by mriguy

Drive through liquor and cigs!!! Thank me later

Literally your best option. Played at trash... I mean Frasch the other day. Forgot all the hootchies over there. No need for ice when they drink Forties

[homerun]

if it was free and want to make money. sell the lot

[Pull n Pray]

Originally Posted by cduhon

Ice machines start at $60K and north of $100K for big nice ones. Smaller ones are cheaper but do not have storage capacity. Car washes also seem a bad investment for that part of town, mostly older cars and bicycles in that area. Always car washes for sale around Sulphur. They are also very high maintenance.

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How will you be paying for the ice machine? Cash or loan? Interest rates on that type of investment or going to be really high. What kind of return on your investment are you looking for 10%, 20%.

[marshrunner757]

In that area? I say buy an older trailer and rent it or just sell the property.

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[Msucowpoke51]

Originally Posted by Mako19

I would recommend a car wash. It sounds like it would be the right part of town for a good car wash.
Ever since Classic Auto Spa opened in Lafayette at Johnston and Camellia strret that thing has stayed packed!
I could not imagine how much that piece of property cost but they have to be making a killing!

Definately wouldnt do a car wash ... Car Wash + lower end neighborhood (to put it nicely) = Drug Dealing Capital of the city

[Raymond]

Used tire store?

[cduhon]

Originally Posted by Raymond

Used tire store?

Raymond, already a used tire store 2 lots over. Maybe an Old Milwaukee Outlet store? Or bail bondsman office?

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[Top Dawg]

Buy an old mobile home for cheap. Put $1500 into it and do rent to own. Get your $1500 back on down payment and rent to own say for $15,000 at 15% interest. It's rent to own so you are not responsible for any repairs or fixes. Most of the people you will be dealing with most likely will have bad credit. So that's the only route they can go until they get approved for something better. Chances are you won't have anyone stay much longer than a year then you repeat the same steps again. That way you're not renting it, they are buying it and you don't have the headache of goin in and making repairs all of the time. And believe me it will stay booked. Always someone looking for a place to live.

[cduhon]

Originally Posted by Top Dawg

Buy an old mobile home for cheap. Put $1500 into it and do rent to own. Get your $1500 back on down payment and rent to own say for $15,000 at 15% interest. It's rent to own so you are not responsible for any repairs or fixes. Most of the people you will be dealing with most likely will have bad credit. So that's the only route they can go until they get approved for something better. Chances are you won't have anyone stay much longer than a year then you repeat the same steps again. That way you're not renting it, they are buying it and you don't have the headache of goin in and making repairs all of the time. And believe me it will stay booked. Always someone looking for a place to live.

I have 3 I am doing this with, like Top Dawg said it will stay booked but be prepared for massive clean up, broken water lines, rotten food, flea infestation, and always painting when they move out. Mine pay but always late and always an excuse. I would put 2 duplexes there. Build them small and efficient, stained concrete floors and very simple. Then Section 8 them for guaranteed income.

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[cajunkid]

Patt, here is an idea that is zero effort, secure, and profitable. Find a commercial realtor. Partner with a property developer. Sell the lot with owner financing. Example. $50,000 at 10% x ten year simple loan = $660.75 per month. When the last 120th payment is made you $79,290 total on a 50k sale. Each year you would realize $7,929 of income. If your age is less than 50 years old, you can put $5,500 of that money in a traditional IRA and not pay taxes on it. Or better yet, put it in a Roth IRA and use the difference to pay the tax up front. (the beauty of the Roth is that your withdrawals are then tax free) If you then took the IRA money and bought a dividend stock (like McDonald's stock) and reinvested the dividends, you'd be making another 5 K a year after another 10 years in dividend income. So you basically make 10% on your money per year almost 100% tax free, then have a lifetime of dividend income after that, and don't have to sweat a thing. If the developer defaults, your loan is in first position. If the complex is sold, you get paid first.

[cajunkid]

Patt, the high advantages of the above idea are: 1.) you avoid the huge tax hit of selling the property in a lump sum 2.) you turn the property from a net income loser (you have to pay property taxes), into a life long income producer. 3.) it makes the money passively, your time in then spent making money in other ways.