Need opinion keeping project cars, renting a shop or purge and build.

Good morning fellow car junkies, my name is Dan and I'm an addict. I'm in the beginning stages of a dilemma and it will only get worse as time goes by. I'm here to talk to like minded individuals with similar life and lifestyle experiences and ask for some advise or guidance in my little issue. 
 

First let me say that I am truly blessed in life with an incredible family and a fiancée of 20 years that I'm not worthy of spending my life with. She could easily do better, just ask anyone who knows both of us! I have a small race-prep and fabrication shop in our large commercial building where I also keep all of my car, racecar, jetski projects, trailers, parts and shop equipment. It's about 4500sq-ft with lots of pallet racking and storage space. Like I said, I'm blessed to have such a wonderful space to work on and store "stuff". The problem is, we have received an offer to buy the building and are in the initial stages of the buyers "due diligence" period. In commercial real estate, it's normal to have a 120-180 day period before it goes to close, but these buyers are pushing to get it all done in 90-100 days. Great from a business standpoint, but horrible for someone who occupies space in the building and might be displaced in a few months. Now, if I had just one or two vehicles to move it wouldn't be a problem, but that isn't the case, so I need to figure out what to do.

Here is where I could use some advise form the GRM family.

In my mind I keep coming up with a few different scenarios, all of which have their positive and negative points. 
1. Speak with the prospective new building owners and see what their plans are for the space that I occupy. See if I can rent the same space and negotiate a rent/lease. The problem with this is that I hate paying rent to someone else! 
2. Look for a garage/commercial building to buy in the local area. Good thought, but I've been looking and there really isn't any good inventory of suitable properties that would work and fall within a budget I would or could have. 
3. Build a garage on our property. This option will be the smallest space, but I believe the best option. She isn't having any of this, but I've already begun to draw up garage floor plans. 

The smart and "grown-up" thing to do would be to SELL several of the projects that are currently occupying space in the shop and use the $$$ toward whatever I end up doing, but it would be like selling one of your kids(so I hear, I don't have any). I could fund the basics of building a garage by selling a few toys, but I know what I have invested in each one and don't want to lose money after all of the hard work put into each of them. 
 

This is enough info to get the discussion rolling and I can expand on each of my options once I hear your ideas and rationale. 
 

Thanks and I look forward to hearing from all of you.

Is the current building strictly a "toy box/man cave" or do you run a business out of it? 

I would sell and downsize. Build a garage at home. Big as you can with a lift and attic storage. 

Renting current building from new owner would work for the short term while you build/sell/move.

It's hard to let go of projects you spent so much time on but letting go of old toys let's you get new ones. Look at 3 factors:

1 what takes up the most space?

2 what could sell for highest price?

3 what do you use the least?

a fiancée of 20 years

That you use that phrase tells me that in your heart you are a renter. I recommend that you either strike a deal with the new owner or find a new place to rent.

Me? I would cull the herd and build the shop at home. ( I did, and have never regretted it.)

Pete

lotusseven7 said:I know what I have invested in each one and don't want to lose money after all of the hard work put into each of them.

I think Gearheadotaku has the right idea, but I want to focus on this line in particular. The amount of money previously spent on something has little or no bearing on it's current value. It's worth what somebody will pay for it. A buyer likely isn't going to value the time/work you spent on a project. Holding onto things just because you've already spent money on them is just sunk cost fallacy. That's how your belongings end up weighing you down.

"Holding onto things just because you've already spent money on them is just sunk cost fallacy. That's how your belongings end up weighing you down."

This is a big issue of mine and I can't seem to get over it. I keep everything and have simply because I've had space to store "things", but that is going to change quickly here.

I began building a Corvette Kart and it's been sitting here covered for months and months. I'm to the point that I needed to have an engine built and simply don't have the spare cash to build what I want for the car. I have damn near everything else to finish it and probably should let someone else take it over the finish line and enjoy it. https://grassrootsmotorsports.com/forum/build-projects-and-project-cars/i-know-another-copycat-corvette-kart-build/141870/page1/

Sitting near the Corvette is my Rotus. I bought it running poorly and began taking care of issues one-by-one and just need a week of spare time to get it done. It needs to have the pinion seal replaced, fuel tank reinstalled after it was sent out and RedKote'd, recently painted fenders bolted-on after any engine bay work completed.https://grassrootsmotorsports.com/forum/build-projects-and-project-cars/rotuslotus-7-replica-powered-by-a-mazda-13-b-turbo-dads-summer-toy/101891/page1/

I ended up with a really nice 1968 Mustang convertible in trade for my MGB V-8 and have spent a bunch of time and $$$ taking it to the next level in hope of a sale as soon as the weather gets better. I didn't want another vehicle when the MGB got advertised, but I did a trade because I figure the Mustang is easier to sell and will appeal to a larger audience than the MG. https://grassrootsmotorsports.com/forum/classic-cars-sale/1968-mustang-convertiblemine-15500/160674/page1/

I also feel the need to rescue cool automotive projects and have several of them taking up space currently with no prospect of getting to them in the future. I said it was an addiction and although it's cool to have "stuff", it's not going to be cool if I have to store them improperly should I not have adequate space to keep them under roof. https://grassrootsmotorsports.com/forum/cars-sale/porsche-956962-scale-replica-body/141623/page1/

Again, I'm blessed to have the things I have, but I believe that it's time. Time to reduce the number of projects or "cull the herd" as mentioned and look at the building alternatives. I have the room to build a nice shop, but convincing her that it's a smart investment in our property has been difficult. I'm working on it and hopefully I will be able to show her this thread and the wisdom espoused within.

Let us know what toys you have to sell. Then we can advice. 

I've been culling recently. Actually feels nice to know I don't have yet another project I need to finish. I've also been making an effort to move the easy ones from project to driver status. Again it's nice to walk by something and say man I'm glad that's running instead of crap that's been sitting for a year now. 

mr2s2000elise said:

Let us know what toys you have to sell. Then we can advice. 

I should be smart and sell all of them! I really need to go over the receipts and accounting that I have for each and decide how much to advertise them for. I guess it time for a reality check and garage cleansing. I knew that it would eventually come to this, but that day always seemed so far off. Creedence sang the "Someday Never Comes", apparently they were wrong! Someday Never Comes!

lotusseven7 said:

mr2s2000elise said:

Let us know what toys you have to sell. Then we can advice. 

I should be smart and sell all of them! I really need to go over the receipts and accounting that I have for each and decide how much to advertise them for. I guess it time for a reality check and garage cleansing. I knew that it would eventually come to this, but that day always seemed so far off. Creedence sang the "Someday Never Comes", apparently they were wrong! Someday Never Comes!

Hopefully we get first dibs. 

I met Tim Suddard and Mike Ancas way back in 1996 and have been friends with them ever since. I'm not a hugely active member of this forum, but do consider all of my fellow members here to be family. I'm met many of you and this is where I come for nightly inspiration and knowledge. I've taken on projects with all things GRM at heart. I would go nowhere else to advertise these projects as I believe we are the only ones who could truly appreciate them.

In reply to lotusseven7 :

I would do a little less of this type of analysis as it leads to paralysis.

How it mentally plays out in my case:

"That MGB GT in the corner, what did it cost to build?"  "Don't ask stupid questions" says I.

"When was the last time you drove it" "Told you not to  ask stupid questions" says I.

"Do you ever plan to drive it"  "You aren't listening are you?" says I.

"What's it cost to own?" "Space in a heated shop, plates, maintenance and insurance" says I.

"So, guaranteed more money in my pocket at the end of the year no matter if I give it away?" "Yup." says I.... Hmmmm....

"Wonder what it will actually sell for, quickly and I will advertise it for that."

"I shoulda taken up golf!

mr2s2000elise said:

Let us know what toys you have to sell. Then we can make offers. 

Fixed that for ya.

I think one issue is going to be that project vehicles tend to fetch $ even when you have $$$$ in them. But better to cut your losses and all that.

Downsize and build your own small shop would be my advice.

BoxheadTim said:

mr2s2000elise said:

Let us know what toys you have to sell. Then we can make offers. 

Fixed that for ya.

 

Hey I didn't want to sound like a vulture

In reply to mr2s2000elise :

<flaps wings>

BoxheadTim said:

In reply to mr2s2000elise :

<flaps wings, eats roadkill>

;-)

In reply to AngryCorvair :

Oi! I resemble that remark.

"She isn't having any of this" and "I'm drawing plans anyway" confuses me

Wearymicrobe started a thread about this subject a few weeks ago, more or less endorsing the "less is more" theory.

Personally, I will be trying. First trying to get my fleet from 8 down to 5 with my eventual number being 6 (4 weekend toys, 1 DD, 1 camper/RV/tow pig).  Right now, I have no major time frame or schedule on when things might happen.

In some ways, where you live and the collection of projects you have can influence the decision as well. I live in PA where a collection of old cars is pretty cheap to have around. No annual registration or inspection costs and classic car insurance is minimal.  In other states, annual costs may be higher.

Well, I've been home sick with Bronchitis for the last few days and the walls are begging to close in. I'm bored, have nothing but free time and just so happen to have a drawing board sitting in the basement. I broke out the t-square and some graph paper and started doodling. It doesn't hurt to put some ideas on paper as this whole dilemma has to end somewhere. I've pretty much come to face the fact that some of my "toys" are going to be moving on down the road, but the shop is still a problem. Just because I sell off the current batch, doesn't mean the sickness will go away. We are all the same here and I know this "automotive herpes" will eventually come back. That doesn't sound good, but it made me laugh like hell typing it!

I need to either buy a building or build a shop. Buying a building is easier, but unless I can find a "plain vanilla box", I don't think I'll find just what I need. I'm looking around and asking all of my friends if they know of anything. So far, nothing that fits the bill.

I have another option that would make this a lot easier, but it also involves a real estate transaction. I have a place in Clermont Florida that is listed with a realtor and currently on the market. I haven't had much interest in it, but if it does sell, then the garage/shop budget would change. I'm thinking that it would be easier to drop the price of the FL place by $10k, get it sold and start a serious search for a shop. I'd rather lose $10k in profit in FL than lose $10k worth of project cars. 

Patrick said:

"She isn't having any of this" and "I'm drawing plans anyway" confuses me

see also "... fiancee of 20 years ... "

In reply to Patrick :

I'm confused by how the building got put up for sale?  Do you own the building and begrudgingly put it on the market?  Maybe so family member owns the building which makes you the tennant.  Could be a free or cheap tennant.  

I would certainly speak with the buyer about a rent situation.  Even if you plan to build or buy now, neither will be complete in 100 days.  Your crap needs to go somewhere NOW and the easiset would be for it to stay where it is at for a while longer.   

lotusseven7 said:

Well, I've been home sick with Bronchitis for the last few days and the walls are begging to close in. I'm bored, have nothing but free time and just so happen to have a drawing board sitting in the basement. I broke out the t-square and some graph paper and started doodling. It doesn't hurt to put some ideas on paper as this whole dilemma has to end somewhere. I've pretty much come to face the fact that some of my "toys" are going to be moving on down the road, but the shop is still a problem. Just because I sell off the current batch, doesn't mean the sickness will go away. We are all the same here and I know this "automotive herpes" will eventually come back. That doesn't sound good, but it made me laugh like hell typing it!

 

I need to either buy a building or build a shop. Buying a building is easier, but unless I can find a "plain vanilla box", I don't think I'll find just what I need. I'm looking around and asking all of my friends if they know of anything. So far, nothing that fits the bill.

 

I have another option that would make this a lot easier, but it also involves a real estate transaction. I have a place in Clermont Florida that is listed with a realtor and currently on the market. I haven't had much interest in it, but if it does sell, then the garage/shop budget would change. I'm thinking that it would be easier to drop the price of the FL place by $10k, get it sold and start a serious search for a shop. I'd rather lose $10k in profit in FL than lose $10k worth of project cars. 

But the in your head version of 10k worth of project cars isn't going to sell for 10k.  Especially not here.  

I also fall in the "less is more" these days. Partly by circumstance, partly by choice. 

As to what projects to keep, if you can't finish it to the level you want in the next 6-12 months............get rid of any of those, then focus that energy back on the projects you will actually complete. 

In reply to z31maniac :

My unfinished projects are one of the main reasons I haven't put a bullet in my head.

Well...i got down to maybe 13 cars from 24...until I bought 4 more recently, the latest being the 34 Ford project.

My approach was to rent a big space and use it to run a business to pay for it. 

But I have a very high tolerance for risk.  I now have a lease on a 3300sf shop.   I am thrilled.  Finally space to do what I want!

I should follow-up on my thread asking what business to run..