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Q-talk *ON TOPIC ONLY* QUALITY ON TOPIC discussion of Backyard BBQ, grilling, Equipment and just outdoor cookin' in general, hints, tips, tricks & techniques, success, failures... but stay on topic. And watch for that hijacking.


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Unread 06-05-2013, 12:22 PM   #196
marubozo
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Quote:
Originally Posted by willbird View Post
The problem with buying as I understand it (and only a little) is that buying property is paid for with after tax money, LEASING property is paid for with pre tax money ?

Bill
Not entirely the case. It's true that if you go and buy a place and pay cash, yes, you're using after tax money for the purchase. But most of the time you don't pay in full with cash and it's largely financed. So, those monthly payments are going to have tax deductions for the loan interest, property taxes, etc. With a lease you can deduct the entire amount since there's no principal repayment component.

But the main benefit other than a few dollars here and there for tax deductions is building equity with other people's money. If the business fails after a year and you've been paying $1,500/month rent, what do you have when you close the doors? Nothing as far as the building is concerned. What if you stay in business for 10 years and are successful? Again, even if you did decide to sell or get out, you've paid $180,000 to a landlord for occupancy, and walk away with nothing. Buy the place, put $25k down and let the business income pay off the mortgage for you. 10 years later it's paid off, you only invested $25k of your own money, but have an asset worth $180,000. That's $173,000 profit in your pocket vs. leasing. (numbers are just for illustration purposes)

There are obviously exceptions to the rule, but around here it's usually cheaper, or at least not much more expensive to buy. And that's a no-brainer since that means everything you do to improve the building and pay off the loan means ultimately, most of that money will eventually find its way back into your pocket rather than lining the pockets of a landlord.

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Originally Posted by canoe View Post
have you thought of staining the concrete pad rather than installing a floating floor? It will last longer and can be easier to clean.
I'm doing that in the kitchen. It has some awful linoleum tiles in rough shape, so we're stripping that down and just staining the concrete, which was actually suggested by the health department as well.

But for the dining area it's a small expense to put in good looking laminate wood flooring. Looking at just $1,500 in materials, and it will be pretty much just easier to clean. And that's a small price to pay for something that will significantly improve the look of the dining room and give it a nice and warm feel.
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Unread 06-05-2013, 12:55 PM   #197
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This is an awesome thread. Just spent an hour reading through it all. I'm excited to keep an eye out on your progress. Good luck in your endeavors and smoke on Brother!
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Unread 06-05-2013, 03:12 PM   #198
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Quote:
Originally Posted by redaub View Post
Road Trip!!!
I agree with this one! Im a little bit closer than PA but still would be a fun trip :D
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Unread 06-06-2013, 04:52 AM   #199
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Good luck on the venture. You've got a great plan!
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Unread 06-23-2013, 05:57 PM   #200
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How's things coming along?
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Unread 06-23-2013, 07:04 PM   #201
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Great thread. I am going to print and save this to reference
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Unread 06-23-2013, 07:49 PM   #202
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Quote:
Originally Posted by Just BS View Post
How's things coming along?
I was going to post an update later this week when hopefully a few things get done, but overall things are moving frustratingly slowly.

Finding builders, contractors, or anyone willing to do work has been a huge roadblock. It's taken over three weeks to even get somebody to return my calls. I don't know if people are just too busy or what, but it's driving me crazy. A ventilation guy should be coming by in the morning to give me a quote on relocating the exhaust for the smoker, so that's a start.

Otherwise I've just been doing any work on the place myself that I can. I ended up and completely gutted the bathroom and am redoing that myself. Should be primed and ready to paint tomorrow or Tuesday. And we just got back from Lowe's and dropped off the new vanity, toilet, and a few other things to complete that job.

We also unloaded a pallet of flooring tonight that will be going in the dining room, but that is going to have to wait to go in because of the pending construction on that one interior wall.

The new sign outside should be installed early this week, which I'm excited about because when people drive by and see the new sign, that will get people talking. There is already a lot of talk and rumors floating around about the place, so I'm looking forward to the buzz it will generate.

So, hopefully later this week I'll have some pictures of the progress with the new sign, finished bathroom, etc. And hopefully have somebody committed to the construction and a better time table for completion.
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Unread 06-24-2013, 09:22 AM   #203
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Loved reading this thread; please update often!
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Unread 06-24-2013, 10:55 AM   #204
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As I've come to expect, the HVAC guy never showed up this morning like he said. So now I get to play phone tag and listen to excuses and try to set up another time.

And another surprise this morning, I pulled in and noticed my dumpster is gone. The trash company apparently removed the wrong one. There's another dumpster out back by the barn that the previous owners had brought in to clean out the barn and it's still there.

It's always something. But the good news is the new floor is going to look great in the dining room, especially with all the natural light the building has.

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Unread 06-24-2013, 10:57 AM   #205
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That flooring is beautiful! Very nice choice.
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Unread 06-24-2013, 02:35 PM   #206
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This thread is captivating for all of us who ever even considered opening a Q joint. It should be a course for an MBA. Please keep sharing the details. Thanks for being the guinea pig!
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Unread 06-24-2013, 06:02 PM   #207
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I'm looking forward to walking on those new floors.
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Unread 06-24-2013, 08:48 PM   #208
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One step foreward, one step back and one sideways. Good luck with the contractors.
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Unread 06-24-2013, 11:32 PM   #209
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Great thread, you are doing great.
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Unread 06-25-2013, 05:34 AM   #210
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Good Luck, Wishing all the best!!!!!!!! Just remember love what you do and do what you love.
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