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Can you run a business out of a condo?


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#21 govoner

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Posted 02 January 2017 - 11:51 AM

Cannot see you having a problem . I think some english language schools have been run from condo buildings before .

At the worst their may be a new thread on linc about The guy who started a laundry business in my condo and is driving me crazy.


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#22 Jawny

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Posted 02 January 2017 - 11:52 AM

I do not know about all buildings but I suspect most condos would have to be like ours with a tank on the roof in order to have water pressure.


Wasn't there some sort of water shortage in Cebu last year? As I recall one of the linC members was describing low water pressure for extended periods.

Regarding the "rules" and taking the approach, "better to ask forgiveness than permission", I'd tread carefully with any sort of investment to set this business up. Crab mentaility can quickly interfere with the best laid plans. Rules can change.
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#23 toshi

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Posted 02 January 2017 - 12:06 PM

Silly idea, sorry to say.!

 

Your wife had a whim and decided this?

 

Consider,

 

Cost of unit, (I guess you see that as a investment)

Machine's are expensive, 

Maintenance of machine,

Load issues with the electric in a condo

Water issue's, is there enough water? is the drain big enough?

drying where?

 

Then all the usual condo politics what had been mentioned before.

permits end licenses of you want to do it legal.

 

This might works if your wife starts from her own place and don't get permits etc,  just ''don't ask and do it''

buy her a washing machine and If it works, you can think of expanding.


Edited by toshi, 02 January 2017 - 12:13 PM .


#24 softail

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Posted 02 January 2017 - 12:54 PM

Why not instead rent out the condos that you are buying for passive income, no mus, no fus.

#25 senseless

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Posted 02 January 2017 - 12:56 PM

Silly idea, sorry to say.!

 

Your wife had a whim and decided this?

 

Consider,

 

Cost of unit, (I guess you see that as a investment)

Machine's are expensive, 

Maintenance of machine,

Load issues with the electric in a condo

Water issue's, is there enough water? is the drain big enough?

drying where?

 

Then all the usual condo politics what had been mentioned before.

permits end licenses of you want to do it legal.

 

This might works if your wife starts from her own place and don't get permits etc,  just ''don't ask and do it''

buy her a washing machine and If it works, you can think of expanding.

 

Nah, it was my whim of an idea to try to get family & co to stop pushing clothing manufacturing on me. Unfortunate for them -- I won't have anything to do with businesses that are essentially economic slavery. That will never change. If you can't pay your employees a decent wage and you or those who contract you would rather a machine do the job those people are doing -- you're probably in the wrong business. Then, on top of that, I ask them basic questions like 'how much revenue do you make from a contract', 'what is the average rate per contract', 'what are the basic economics of the business' and they're unable to answer them. Then my wife gets pissed at me because 'no one else asks those questions' (she thinks that people just do business willy nilly and don't actually put anything on paper). She was quite surprised when I asked the same from my brother who wants to start a food truck in the USA. I was quite amazed at how little money they make once I actually got the figures. Their family is living in what I would consider to be squaller and their net worth is higher than mine. The land they own is valued at around $1M USD. They're all just too stupid, uneducated, unmotivated, or evil to make intelligent business decisions (depending on which one I'm pointing at).

 

I consider the unit to be separate, yes. Machines aren't that expensive, $700 ea for light commercial units. 4 units in all would barely equal the 5% dp for condo. Cost wise, it's not bad. I've spent more on vacations or even at casinos than I will starting this business. I prefer to own the unit or location because I would consider the rental a significant loss if / when the business fails. If I own the location I can count my chickens and try something different with the same space. The condo route is the cheaper option than to buy land and build. If I were to buy land and build I'd be looking at somewhere around 6M all in all for building + land. But, that 6M would give me 4-6 apartments I can rent out in addition to 1 possibly 2 commercial spaces at the bottom. Hence why, I'm curious if it would be feasible to do in a condo. I already have a backup option.

 

The economics of the laundry shop itself are actually pretty good. Surprisingly good. In a perfected operation I think it would be possible to clear $1000/mo profit per employee. Keep in mind, I've probably launched 6 businesses with just me, another 6 with partners, and I'm an investor or advisor to 3. It's not my first time around this block. As with any business, dealing with the employees will be the hardest part -- finding competent people who are motivated to actually work. 1 shit employee can possibly screw your whole operation up. It's one of the reasons why I like to break calculations down to a rev per employee or profit per employee level. It will give me a sense of how much I'm making to deal with their bullshit. My cost for dealing with bullshit is rather high.

 

If a condo HOA was unhappy with me and told me to stop. I'd just start renting the unit out instead and sell the machines at 50% cost. Worst case, I lose $1400 at 50% original price. No risk no gain, and the monetary risk is pretty small from where I'm sitting. But if I'm allowed to do it -- why not?
 

Which brings me back to my original question. Does anyone who owns a unit have a copy of their contract? Can someone post the 'do nots' section of the contract?


Edited by senseless, 02 January 2017 - 1:10 PM .

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#26 Monsoon

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Posted 02 January 2017 - 1:03 PM

If so, Are there any provisions in your contract that would prevent you from running a business inside of your unit? And, would you mind taking a picture of the clause and posting it for me?

It would be in the association by-laws and many that I have seen state that it must be used for residential purposes only. 


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#27 Skywalker

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Posted 02 January 2017 - 1:09 PM

For someone who professes to be an expert businessman, the fact that you don't know the difference between residential and commercial property speaks volumes.

 

Here's some free advice, stick to what you are good at, and have a basic knowledge of.

 

How many times do you need to ask the same question?


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#28 Monsoon

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Posted 02 January 2017 - 1:23 PM

How are you going to vent the dryers?


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#29 senseless

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Posted 02 January 2017 - 1:27 PM

For someone who professes to be an expert businessman, the fact that you don't know the difference between residential and commercial property speaks volumes.

 

Here's some free advice, stick to what you are good at, and have a basic knowledge of.

 

How many times do you need to ask the same question?

 

Really? I'm an expert? Where did I say that. If you ask me, I'll say I'm a jack of all trades who's good at many things but has mastered none. So, expert? No. But I'm better than most.

 

My exact words were:

It's not my first time around this block.

 

All I was asking is if someone could show me their contract. It's my money, time and business to risk a loss at. Why would you even care? If I want to waste my money let me. I would just be happy to get my wife off my back!

 

Does anyone have a copy of their contract that they could take a picture of the 'do nots' section and post it for me?


Edited by senseless, 02 January 2017 - 1:28 PM .


#30 USMC-Retired

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Posted 02 January 2017 - 1:28 PM

 

Can you run a business out of a condo?

 

 

No because with a legal business you will need a fire permit.  Since you do not own the building it is going to be hard to get a permit to something you do not own.  


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