I bought a bar about a month ago because it was a great deal. I paid $132,500 for the building and the business. I have actually been thinking about ways to have a more brick and mortar business instead of just real estate and while I was not looking for bars to run this opportunity found its way to me.
I have been trying to decide whether I should rent it out to someone else or try to run the bar myself. I have had a lot of input from people telling me it is the stupidest thing I could do or it would be amazing.
To be clear, but run it, I don’t mean I will be there serving drinks as I think that would quickly result in a divorce, but hiring people to run it and work it.
In the end, we decided to go ahead and give it a try! I figure the worst that could happen is we make it a nice bar for someone else if it turns out to be too much work and hassle for too little reward.
We have been working on getting the liquor licenses transferred and a game plan together for what we want to do and how we will do it.
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Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped close to 200 houses and routinely flips 15 to 25 houses a year. Mark owns 170,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon https://amzn.to/2VGI6a9
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