Contributor
I really like that idea. A lot of those towns out there are looking a little sad so I would guess that there may be some very cool downtown buildings that could be had for a song. Michigans UP is like that, nice old brick commercial buildings going for 30-40K. Live upstairs, play downstairs. Good suggestion Leigh.Originally Posted by Leigh Betsch
Larry
Member
You will not be able to get much money for your tools if you try to sell them quickly. At a minimum, I would get some storage on a month to month basis to store the bigger tools until you can properly arrange to sell them.
You will need to decide if it is worth selling them based on your personal situation. It doesn't make much sense to store $5000 worth of tools for 3 years at $200 per month. Take the small high value items like hand planes with you.
Steve
[OP]
Member
Lol Leigh, the big radial I do still have is part of the problem! That little green lathe I got from a guy in south dakota might fit under it's outfeed table....
Some background, I farm as most of you know. The place I live is on a piece of leased ground. The lease got terminated so the landlord and I could work through a partnership opportunity as a new entity. That failed as he decided to kick me off so his daughter, not a farmer, and him could take over my farm. Of course that did nothing to bolster good will between us, and I want to be rid of him in my life. I could push the issue and live here longer of course, but I'd rather just move on with my life.
I like the idea of a store to work in. I'll check into that. The probably new house has a 1 car detached, but I could add on a little. Also has a big basement, and storage is pretty close.
Thanks for all the input, I appreciate it. This is a new one for me for sure.
Member
I will say you might be surprised at how fast you can move items at fair (not to say top dollar, but fair to buyer and seller) prices. I was. My dedication to the hobby was waning and I really wasn't keen on a garage or basement shop. Plus, it was starting to get where my shop was my hobby once I finished my last couple big projects so I have no regrets at least yet But of course that will vary for everyone and only you can make that decision for yourself.
Contributor
That pretty much blows, Steve. Age-old study in human integrity - you wanna find out what a good friend is really made of, enter a business partnership with them.
Hope this all works out well for you in the end.
When I started woodworking, I didn't know squat. I have progressed in 30 years - now I do know squat.
Contributor
I would sell tools as last resort if ya plan to keep woodworking.. I put my tools in storage for almost 2 years while sold my house rented for year and built my new shop. was nice to know that when shop was done had tools to use. As the coast of building sky rocketed would of not had any tools to fill shop for a while... I paid $70 month for 10 x 30 storage unit.
Moderator
Store them...you'll lose your shirt selling them for what you'll get for them and then having to re-buy later. And doesn't your lease have any provision for how much notice is required to break the lease? It's really not fair that you can get pushed out very quickly with little time to settle your affairs well, even for the property owner to move back in...
BTW, if you do move into town, check and see if there is any empty "retail"/industrial space available that has been sitting for awhile. You might be able to pick up a shop rental for a fraction of what that space might have cost awhile ago. Sam from MiniMax has his shop in a retail area down in Texas, as a matter of fact. Many smaller towns have lost many businesses and that real estate is better being rented for a little than just sitting there...
Last edited by Jim Becker; 11-13-2014 at 9:25 PM.
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The most expensive tool is the one you buy "cheaply" and often...
[OP]
Member
So true.
On you guys suggestion, I asked our real estate agent about retail or warehouse space possibly for rent, and she really took the ball and ran with it. I think something will work out there, she had a half dozen leads in about 5 mins. When I left her office, she was trying to get me into a beautiful 10,000 sqft climate controlled, old vending company warehouse.... gotta be careful i'm thinking! We have a house under contract now, so perhaps things are moving in the right direction.
Member
In Western Nebraska, I suspect that you can find storage space and/or shop space fairly inexpensively. Also, since you have a Felder and likely other pretty pricey tools, the point where storage costs exceed the loss from a quick sale is going to take a while to reach.
here's hoping that the lemons turn into prize winning lemon meringue pie.
It came to pass...
"Curiosity is the ultimate power tool." - Roy Underhill
The road IS the destination.
[OP]
Member
Anyone have thought on insurance if I take one of these retail/warehouse spaces? Renters, or something else?
Contributor
You need insurance on your stuff - theft, fire, etc.
Someone has to insure the building - gen't liability, fire, etc. - that is part of the negotiations on the lease - either them or you, but has to be done. Also - make sure the lease spells out who pays property taxes, utilities, and maintenance. You don't want to be on the hook for a new roof in week 3, ya' dig?
When I started woodworking, I didn't know squat. I have progressed in 30 years - now I do know squat.
[OP]
Member
Makes sense. Was curious if there was a standard used with multi tenant situations, but I think it would have to be a case by case calculation. So many variables.
Last edited by Steve Rozmiarek; 11-17-2014 at 9:49 AM. Reason: hit post too quick
Member
+1 on temporary storage in idle space nearby.
It's time to ask for help, publicize your dilemma
and (perhaps - dare I suggest it) cull the herd.
http://www.omahawoodworkers.com/
[OP]
Member
Cull? I'm not there yet...
Following up on one of the leads led me to the old printing press room of the local newspaper. 50x60, heated, good access, three phase power, a shared restroom with the other tenants of the building, reasonable rent, etc.
All pretty much ideal, except it's 10 blocks from the house. Also it bothers me a bit that one of the doors leads to an old mortuary embalming room, not used for many years. That last thing is purely nonsense I know, but would it bother you?
Also not completely comfortable with the shop costing something every month. A couple projects a year would offset the rent, but then I have to work to justify the space. Maybe that's good, but curious about some feedback on that too.
Contributor
The mortuary thing would not bother me at all, and the building sounds very interesting. 10 blocks is just a short bicycle ride in the warmer months, pull the bike inside and no one knows you are there.
I do this for a living so expense is just part of the deal for me. If you bought a new boat say, you would not have any way to justify the expense. So.... how much do you like woodworking?
I get comments quite often like "You paid 13K for that planer, are you crazy!" I will point out for example that they paid more than that for the pair of snowmobiles that they have in the back yard, with no possible return on their investment. "Ya but"
The tools that you have are first rate and timeless, so now you just have to look at the personal value versus the cost. As an added bonus it gives you a backup way to make a living, not a good one but a living. Its kind of like heating your house with gas and having a wood furnace as backup.
Larry
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