Well, there’s no other way to say this than to say it. We terminated another real estate contract a couple of weeks ago. This was for a smaller house that we liked a lot and that we thought we could maybe approach a bit differently. So, I will talk about what we were thinking, and then what brought the deal to an unsatisfactory end.
We wondered if we should maybe come at our dream from a different angle.
Angie suggested to me that we perhaps could find a smaller place and, initially, not do any of the upgrades required to get the place up to code for use as a hostel, since some of this (like a fire sprinkler system) is costly. We could then get the resupply business up and running and operate as a pretty spacious Warmshowers host. Up to 6 guests…. And, maybe have a chance to confirm that we want to do hospitality, while bringing in some bike-related income that might help with financing down the line.
The house we found was aesthetically quite lovely, a 1920s craftsman on a huge lot. We could already see some drawbacks, such as a garage in which I wouldn’t want to park my bicycle. But, if the inspection went well, the property could have been a good deal. We made an offer and after a counter, we came to terms.
There were things that we knew would be problems before the inspection, but the inspection brought to light some significant issues beyond those we had anticipated. We didn’t know if this would be insurmountable, but it was a pretty big list. We had already figured out some things on which we’d be prepared to spend any extra cash to improve the house, such as said garage. However, we weren’t prepared to spend money on some of the other issues we discovered in the inspection. Sadly, although the sellers hadn’t declared the property to be sold as-is, they pretty much refused to fix any of the things we asked for beyond some basic servicing. This would have left us with some significant expenses, not to mention having to find a way to pay for those issues without sacrificing things like a new garage. We were not prepared to give in on these elements of the inspection objection, so the deal was terminated.
We are finding that from day to day, depending on what is coming onto the market, we are constantly adjusting our goal. Remember all those blog posts about Plan B.235? Depending on what property works, we may do the hostel, or we may do WarmShowers plus the resupply plus maybe some other stuff. Then, if we feel like we can raise the money to install a fire sprinkler system and do any other upgrades required to license the property, that we could do that later on, or find a different property later.
We are both still committed to the dream. We really like Pueblo (nearly everyone we’ve met is so friendly and welcoming) and want to support the riders coming through and the community. We just don’t know how we’re going to do it yet.