Start up business costs - Toy Chest RV Storage
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Expired |
| Grade: | B | DTI: | 28% |
| Lender Rate: | 20% | Borrower: | toychest |
| Finished | State: | AZ | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: This loan will be used to? I'm not sure where you all live, but here in Arizona all new home construction is done in planned communities governed and controlled by Home Owners Associations (HOA). The purpose of an HOA is to help enforce and maintain a certain level of acceptable behavior in the development. For example, no rebuilding your auto in the driveway, no overgrown weeds in the front yard, no painting your house pink or blue, etc. This helps keep the value of everyone's home up. One major problem with an HOA is their inflexibility with the rules. One such rule is no parking your RV, Motorhome, boat or trailer out in front, in the driveway, or on the side of the house as long as it's viewable from the street. This effectively forces anyone with this type of vehicle to find a separate storage place away from their home. I can solve that problem by providing a secured parking facility for these vehicles. I've done one study which shows there is a waiting list for people at the nearest facility which is a little over 3 miles away. I also have another market analysis survey going out to approx. 5000 residents in the surrounding area. This survey will also be available to them online at the company's website. The property I'm working with is in a section of Chandler AZ on county island property zoned R43. R43 zoning allows me more flexibility than commercial or industrial property with fewer restrictions. All I need to do is install an electric pin coded gate, finish off some block wall, throw down some crushed asphalt, granite or river rock, and remodel an office room (already on the property). I have a partner who is putting up $10K as well. Based on others in the business and my own estimations, I should be able to provide roughly 120 spaces at an average price of $85/space/month. That's $10200/mo in gross income. At an 85% occupancy, I would still make $8600/mo or $104,000 in gross revenue. The only ongoing expense for this type of operation is the mortgage. There is very little maintenance or upkeep involved. While this may not be millionaire income, there are surrounding properties that I may be able to acquire once this operation is under way. If so, the potential income jumps to between $500,000 - $720,000. Lastly, should I rezone a couple years down the road to say, commercial, the value of my business and property should easily exceed $10M. My financial situation: I am a good candidate for this loan because I have location, location, location! I've done the research. I know the need exists. There is only two other facilities within 5 miles (or better) and one of them is zoned industrial and she is having zoning issues. The other facility has a 50 - 60 person waiting list just to park vehicles. Monthly net income: $ personally - $6600. Monthly expenses: $ Housing: $ 2500 Insurance: $ 230 Car expenses: $ 770 Utilities: $ 80 Phone, cable, internet: $ 360 Food, entertainment: $ 500 Clothing, household expenses $ 200 Credit cards and other loans: $ 1000 Other expenses: $ 200 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 282586 | Start up business costs - Toy Chest RV Storage | B | $20,000 @ 22% | Feb 21, 2008 | Withdrawn |
| 291319 | RELIST - Toy Chest RV Storage | B | $20,000 @ 21% | Mar 10, 2008 | Expired |
| 367167 | Pay off debt, relocate to Austin TX, and invest in Prosper | A | $23,000 @ 21% | Jul 14, 2008 | Expired |
| 371627 | Relist: Pay off debt, relocate to TX, & invest in Prosper | A | $23,000 @ 24% | Jul 22, 2008 | Expired |
| 375142 | Relist: Pay off debt, relocate to TX, & invest in Prosper | A | $23,000 @ 23% | Jul 29, 2008 | Loan created |
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