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I don't want to buy the fabric store.

New postPosted: Tue Oct 05, 2010 10:33 pm
by Pudge99
:cry: :cry: :cry: Thought I would fill you all in. I have decided not to buy the fabric store. I have quit working there and will not even go in as a customer. There were way to many things wrong with the building, the inventory and the current owner and his family. I have decided that I would do better to open my own store (totally separate from them) when and if I ever have the money. We are still waiting for our house in Texas to sell and have had to drop the price twice already. We'll be lucky to get the money we owe on the house by the time this is all over. :brick: So..... no money to buy the store. But on the up side I have full community support in my decision to quit(many wondered how I lasted so long) and my plan to open my own store if I can find the money. I do really love this town! :dance:

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 12:00 am
by Magot
Was a good decision to work there for a while before buying then - well done!

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 6:01 am
by temom
Gina, I'm sure it was disappointing, but I'm so glad you went into the situation with your eyes wide open and brain engaged. Too many people make financial decisions with their emotions instead of their brain. Good for you for making those difficult decisions.

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 6:59 am
by MartySews2
Good for you, Gina. What looks like a gold mine on the outside is often a "tar pit" on the inside. Am so glad that you didn't get sucked into what would have been "the deal from hell". I firmly believe that you have made the right decision. Right now, the real estate market is almost dead as no one has money to buy homes & many are losing their jobs. It will take a few more years to get back on track since the recession. Have you thought about renting your home in TX for the house payment & taxes? Many in Memphis are doing a lease w/option to buy at the end of 2 years so they don't lose all that was invested in a home. It's just a thought.
Marty ;)

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 2:28 pm
by sewingmom
Gina, my brother needs to sell his house in colorado and has decided to rent it out to save his investment. He plans on using a rental managment company.

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 3:37 pm
by momquilts
I'm glad you were able to work at the store and see for yourself just what goes on there. I'm also glad you found this out before you made a financial comittment. Things will work out for you in good time. Keep the faith.

Re: I don't want to buy the fabric store.

New postPosted: Wed Oct 06, 2010 11:11 pm
by Pudge99
I'm not really comfortable with the idea of being a landlord. We are so far away and the renters would know that, and know they could trash the place and I wouldn't know about it until it was too late. Plus there is the issues with showing a house that has renters living in it. I like it sitting open and ready for anybody to look at whenever they have time.

Re: I don't want to buy the fabric store.

New postPosted: Thu Oct 07, 2010 10:11 am
by lendube
Property managers are a good idea. They are middle persons and deal with the headaches should there be any. My sil runs such a business at the beach. Sounds like you've got a good plan, Gina, and I'm happy you like your new town.

Re: I don't want to buy the fabric store.

New postPosted: Fri Oct 15, 2010 5:16 am
by DorothyL
Gina,
I'm glad you figured out you didn't want to buy the shop before you committed.
We were so lucky when we decided to sell our house just before the market went bust. The guy that bought it wasn't so lucky but I didn't feel bad because I really didn't like him much. What was cool was that when he finally sold it (for less than he had in it I'm afraid) it was to a very nice young lady we had watched grow up. Her family lived across the street from us and were really great people.
It's a rough time to be selling right now. I hope it works out for you.

Re: I don't want to buy the fabric store.

New postPosted: Fri Oct 15, 2010 5:16 am
by DorothyL
Gina,
I'm glad you figured out you didn't want to buy the shop before you committed.
We were so lucky when we decided to sell our house just before the market went bust. The guy that bought it wasn't so lucky but I didn't feel bad because I really didn't like him much. What was cool was that when he finally sold it (for less than he had in it I'm afraid) it was to a very nice young lady we had watched grow up. Her family lived across the street from us and were really great people.
It's a rough time to be selling right now. I hope it works out for you.