Big things coming.

[5.4MarkVIII]

just in a place where have to share but know I need to watch what a share and where. lol

my wife and I purchased an existing appliance business in 2013. we bought out my boss who I had worked for a few years.

to say its been a bumpy road would be a huge understatement. but despite those bumps, things are slowly turning up.

we have discussed expansions and new products lines but we are limited with space, and no room to expand the store front in its current location. we have talked about a move but commercial space is pricy and its hard to find something that suits what we need.

on the same line we purchased out house about 8 years ago and have put a lot of blood sweat and tears into it

at the time for both these major purchases we took a gamble on stuff located in a small town (both my wife an my home town) and over the last few years property here has gone up in price.

a couple weeks ago while out for work I passed a property near buy that had just had a for sale sign put up. thought it looked interesting so checked it out on the website.

10 acers. with a house, and a commercial storefront. we joked first and then the more the thought about it the more it seemed to make sence.

still some pieces that need to fall into place. but a neighbor has already told me they will buy out existing storefront.

just need to sell the house, and the two sales with give us enough money to buy the new property with a reasonable mortgage left over.

its a big call to move a business out of a town that it has been located and reasonably successful in since the 70's

this move will however put us on the main highway along the lake. between Grand bend and Bayfield. since our summers are busier due to cottage traffic. it will locate us perfectly to catch that traffic more directly while still being close enough to our original location that we will still be able to offer the same service to the local community's that we already do.

had a sight visit with the realtor and contractor. put the offer in today.

fingers crossed.

[Scrape]

Congrats! Sounds like it is all paying off. All the best to you and your wife.

[Gabe]

Sounds like a promising opportunity. Hope you can get it all closed

[Blackmare]

Congrats.
Hope it all works out for you.

[ZR]

Very cool, hope it works out.

[True Blue]

Best of luck with your new venture!

[fast Ed]

Good luck, sounds like the way to go if all of the pieces can fall in to place.

[RedSN]

...expansions and new products lines
...this move will however put us on the main highway along the lake
New product line geared towards cottage owners would do well.
Good luck!

[5.4MarkVIII]

New product line geared towards cottage owners would do well.
Good luck!

that's the hope. cottage life is exploding up here. there have always been cottages but its never been BIG BIG money. that's starting to change and lots of talk from "experts" who say this area is heading into a big tourism boom. hoping this move will line us up to be in place and take as much advantage as possible.

[Screw]

New product line geared towards cottage owners would do well.
Good luck!

Pizza ovens ;) ,a Napoleon Dealership would be good too , good luck :thumbsup:

[92redragtop]

Sounds promising - hope everything lines up as planned.

[RedSN]

that's the hope. cottage life is exploding up here.
LOL, that’s why my parents got out. All the little cabins and shacks (cottages) are being sold, knocked down, and replaced with mansions.

[Quicksilver]

When I was a little boy my mother used to say: land: they don't make it anymore.
In the long run, you can't go wrong buying property

[hsousa88]

When I was a little boy my mother used to say: land: they don't make it anymore.
In the long run, you can't go wrong buying property

Unless it’s Toronto.. then you just get fucked

[5.4MarkVIII]

offer was accepted today.

now im stressed. lol. lots of stuff to come together still. need to get this kitchen finished.

[Scrape]

Let me be the first to say CONGRATULATIONS!

[Screw]

Congrats , big cahunis

[USAWIT2]

Congrats, hope everything works out for you

-Usawit2

[92redragtop]

Congrats!

[5.4MarkVIII]

so update time.

as of May when I posted this I had a buyer for the old store. and was listing the house once the kitchen was finished.


then the day after waving the first round of conditions the buyer for the current store backed out. I called the bank immediately as we were counting on the money from the sale to go towards the new place. Bank got back to us and said proceed they can work it out.

House sold fast, and over asking price. MtO agreed to finally support the sale and the zoning change.

then with 2 weeks left before we have to finalize financing the bank called and said. sorry we cant make it work we need you to pay off this LOC and come up with another 80k.

we talk it over. discuses with inlaws. the LOC we had planed to pay off anyway with the house sale so that number was factored in already. we can come up with 40 and the inlaws agree to "gift: us the remaining 40.
let them know Friday. that we are good we have the cash. and they come back with. no sorry you misunderstood. we want you to pay off ALL your debt. including car and trailer loans. we wont lend to you unless you have no other debt. (this is a bank I have dealt with since I was a teen.)

so for weeks they said go ahead. and then at the last min they say no.

Saturday evening we get a call saying another realter sent an offer on the property and the home owners has given us 72 hours to wave the condition of finance. which now ends tomorrow at midnight.

we have other brokers working on it but keep getting told "the numbers work and you can afford this BUT. lender wont lend because its AG1, or lender wont lend because its commercial. One wouldn't lend because the realtor mentioned marihuana in the original listing. and another lender came back and said they have a private investor that is interested AT 7.9%!!!!!!

so it looks like all this was for nothing and to add insult to injury my realtor forgot to put our house on condition of this other deal going threw and we didn't catch it. so my house sale is final I have to be out by the 28th of aug.

and the housing market right now in my area is being flooded with people from the city's getting out of the citys anything in the 250 to 400k range is off the market within a day of being listed and always at over asking.

I looked at a house that literally need to be knocked down and they still want 250k

so no new place, no old place and rumor's flying around because we had to list the store building when the buyer backed out.

FML

[92redragtop]

Oh man, that is a string of bad luck. Sorry to hear. Not a favourable environment to be a borrower as the banks are upping loan loss provisions and will be skittish as there's more rounds of layoffs coming.

[Laffs]

oooooooof that's rough. Sorry man.

[Stephen06GT]

oooooooof that's rough. Sorry man.

This. I hope things turn around for you.

[ZR]

Damm, hope things turn around and quick.

[Zutz2v]

so update time.

as of May when I posted this I had a buyer for the old store. and was listing the house once the kitchen was finished.


then the day after waving the first round of conditions the buyer for the current store backed out. I called the bank immediately as we were counting on the money from the sale to go towards the new place. Bank got back to us and said proceed they can work it out.

House sold fast, and over asking price. MtO agreed to finally support the sale and the zoning change.

then with 2 weeks left before we have to finalize financing the bank called and said. sorry we cant make it work we need you to pay off this LOC and come up with another 80k.

we talk it over. discuses with inlaws. the LOC we had planed to pay off anyway with the house sale so that number was factored in already. we can come up with 40 and the inlaws agree to "gift: us the remaining 40.
let them know Friday. that we are good we have the cash. and they come back with. no sorry you misunderstood. we want you to pay off ALL your debt. including car and trailer loans. we wont lend to you unless you have no other debt. (this is a bank I have dealt with since I was a teen.)

so for weeks they said go ahead. and then at the last min they say no.

Saturday evening we get a call saying another realter sent an offer on the property and the home owners has given us 72 hours to wave the condition of finance. which now ends tomorrow at midnight.

we have other brokers working on it but keep getting told "the numbers work and you can afford this BUT. lender wont lend because its AG1, or lender wont lend because its commercial. One wouldn't lend because the realtor mentioned marihuana in the original listing. and another lender came back and said they have a private investor that is interested AT 7.9%!!!!!!

so it looks like all this was for nothing and to add insult to injury my realtor forgot to put our house on condition of this other deal going threw and we didn't catch it. so my house sale is final I have to be out by the 28th of aug.

and the housing market right now in my area is being flooded with people from the city's getting out of the citys anything in the 250 to 400k range is off the market within a day of being listed and always at over asking.

I looked at a house that literally need to be knocked down and they still want 250k

so no new place, no old place and rumor's flying around because we had to list the store building when the buyer backed out.

FML

Fuck all of that! There is something better waiting for you in your cards! Be patient and ride it out. You have the balls to make all these moves and they aren’t for nothing! Keep going and keep your head up! Eye on the prize! I believe in you!


Sent from my iPhone using Tapatalk

[Zutz2v]

this isn't a time for patience, it's a time for action.

You can act while being patient.


Sent from my iPhone using Tapatalk

[redo75]

Time for safe face to face meeting with your bank manager. Mention you are a long term customer and ask for his revaluation. Hope they value your good record and look it over.
If not go to another lender bank or credit union what ever and ask for a better deal.
Try as a last resort a shit disturber like Global's Consumer SOS Sean O'Shea, or someone local at radio or newspaper, banks don't like bad news stories about their strong arm tactics.
Look at Royal Bank selling travel insurance and then accidents happen saying sorry your sh**t out of luck. Few press stories and they change their tune.
Good Luck and stay strong

[92redragtop]

Wasn't meant to be - you have a date (closing date for your house) so action is to move on and see if your or another bank will work with you at this point.

[5.4MarkVIII]

we have a couple brokers working on stuff as well as scotia (who we do our business banking with)

truthfully this is not the first time RBC has failed to come threw (hens why our business stuff is not with them) but it will be the last time. once this is all figured out we will be moving all of our banking away from RBC.

I talked to the manager, he didn't care it was him that refuse the letter to allow us to use the appraisal. Both brokers I have talked to said this is common for RBC in particular, they have had many clients that RBC led to believe they were fine for funding and then dropped at the very last min.

the one broker has been fantastic. she seems to think its the property itself that is the issue according to what her lenders are telling her. regular lenders don't want to touch it because its zoned agriculture1. the Agriculture lenders don't want to touch it because there wont be any Ag income (FCC needs 5k minimum) and the commercial guys don't want to touch it because it not zoned commercial (yet)

[Quicksilver]

I won't go into any detail, but we went through much the same thing 11 years ago. We moved from a comfortable 4 bedroom house in Thornhill to a 6 acre property in Newmarket, which was once a horse farm. Differing appraisals, zoning, private lenders, recalcitrant banks, and a whole littany of problems. We eventually solved it, but it cost me, big time.
One way or another, though, it will eventually work out. Shit happens, but you'll get it cleaned up

[5.4MarkVIII]

its over.

no one came threw. a couple came in last min and wanted more info.

looking at houses now. and in typical world is going to fuck me style literally EVERY house we have looked at in the last week that we actually considered had offers drop within a day of us looking. looked at one tonight that had potential was a front runner. we got home at got a text 10 min later saying an offer was put on it.

[IanGTCS]

You can put in an offer too...

[5.4MarkVIII]

not until the lenders stop dragging their feet and tell me how much I can offer. last time I made an offer on what a bank said they would give me I sold my fucking house only for them to come back and the last min and say sorry we actually cant do that. .. so tired of fucking excuses and bullshit. I couldn't keep my business open if I treated customers like ever fucking bank I have ever dealt with treats people

sorry. not a good place right now.

[Screw]

Is renting a temporary option ?

[Armen]

On the plus side, you’ve likely learned some valuable lessons in this endeavour.

What you must keep in mind at this point is everything will work out. It will just take a bit more time to get there. Stay positive.

[5.4MarkVIII]

Is renting a temporary option ?

I’ve made some calls. The rental market right now here is worse than the house market.

Unless I’m willing to cough up 2k a week for “vacation rental”

[5.4MarkVIII]

I have a friend who moved to Penticton. When he first moved he stayed in a vacant vacation home, and then bought a mobile home until finally finding his house.

Just speculating, but there may be some air BNB renters who are suffering from reduced bookings that's like a responsible, guaranteed renter for a few months.

My friend lived in the RV for a couple of months, used it for a trip and sold it at a profit a year later.

Neither is ideal, but it beats tenting under a bridge.

Not here right now. Since there was no limit to travel inside Ontario this have been one of the best years for vacation rentals. Just with people from Toronto and such wanting out of the cities.

[5.4MarkVIII]

On the plus side, you’ve likely learned some valuable lessons in this endeavour.

What you must keep in mind at this point is everything will work out. It will just take a bit more time to get there. Stay positive.

Trying. We have a trailer so as long as there is no snow we can manage.

Just feel like I let the whole family down trying to go for this.

[ZR]

Bank and the word friend should never be used in the same sentence................EVER!!!

As said above, learn from it and move on, something really cool right around the next corner.

[5.4MarkVIII]

Been a long week of looking at places.

Made an offer today. Some back and forth but was accepted

Different bank lol

Not as big as the last one but the store is staying where it is. This place is for us.

if all goes as planned this time. Will be in Bayfeild. Just over 4 acres But mostly wood lot with lots of big old trees and trails threw out. smaller house but secluded and quiet.

First priority will be building a drive shed.

Tbird project will be on hold until that happens. It has a garage but not big enough for working on something that big.

https://www.realtor.ca/real-estate/21908271/76578-bluewater-hwy-road-bayfield

Fingers crossed

[ChristenHoer]

I just clicked the thread in hurry and thought don't know what big thing is coming. :) Anyways, best of luck.

[RedSN]

Bayfield is beautiful. And 4 acres!? Nice!
Real shit show, but sounds like things are coming together.

[Blackmare]

Was in Bayfield last week for a day trip. Great area. Congrats.
Albion hotel has great food. Suggest the brisket stacker.

[Uncle Buck]

Looks like a beautiful spot with plenty of room for a great hoppy shop. Congrats!

[5.4MarkVIII]

not sure. waiting one final piece of paper work from the broker to make the new deal complete.

funny enough (if I didn't mention it) the other place we first had the offer in on. the seller backed out and went with another offer because we hit our deadline waiting for the bank. the other offer was suppose to be a sure thing. teo days after they cut us off we had the approval from our broker. it would have been a done deal by now. however the sold sign still hasn't gone up so im assuming the "sure thing" ended up not being that.

the way things usualy go for us, I'm totally expecting to finalize the new place and then get a call saying the other one is back on the market.

[hammerhead]

Best of luck - use to do a lot of fishing in Bayfield (if I'm thinking of the same area) - I remember purchasing the house we are in now - we did it during the during the last "recession" that began in 2008 - my god what a stressful ordeal - I swore to my wife "we are never moving again - what could go wrong went wrong and the strange part was that was my 6th home purchase and all the others went off without a hitch - it seems the world is bent on taking a simple concept and making it difficult whether it be a home purchase or an every day job....

[StAnger]

Bayfield is a spectacular place. I've got some pretty incredible shots from the pier.

https://twistedperspectivephotography.ca/wp-content/uploads/2018/04/BayfieldSunset.jpg

https://twistedperspectivephotography.ca/wp-content/uploads/2020/08/Bayfield-Shelf-1-scaled.jpg

https://twistedperspectivephotography.ca/wp-content/uploads/2018/04/DSC_0176_DxO.jpg

[ZR]

^ Those shots are crazy cool.

[5.4MarkVIII]

wish we were on the lake but the prices for that are crazy.

[IanGTCS]

not sure. waiting one final piece of paper work from the broker to make the new deal complete.

funny enough (if I didn't mention it) the other place we first had the offer in on. the seller backed out and went with another offer because we hit our deadline waiting for the bank. the other offer was suppose to be a sure thing. teo days after they cut us off we had the approval from our broker. it would have been a done deal by now. however the sold sign still hasn't gone up so im assuming the "sure thing" ended up not being that.

the way things usualy go for us, I'm totally expecting to finalize the new place and then get a call saying the other one is back on the market.

Call the agent (or have your agent call) for the place without a sold sign. If you like it more worst they can say is it isn't available.

[5.4MarkVIII]

well she is a done deal. papers all signed will be ours as of the 31st.

still lots of packing and stuff to do.

[Old Fart]

Congrats!!

[ZR]

nicely done.

[Quicksilver]

Congratulations. Sometimes, just sometimes, the universe decides to shine on you and everything works out.
I'm gonna be putting my place up for sale soon, and I hope it goes smoothly.