I haven't blogged in quite some time now. I've been trying to balance building this business with my full time job. In addition, for the last year or so I've been searching for a mixed use property to be a home for both Thrift and myself.
It's been a journey to say the least. I made the decision to move back home and rent out my house in May of 2019. I naively thought I'd quickly find a property. Little did I know how complex purchasing a mixed use building would be. For those who are unfamiliar with the term "mixed use property" it's any property that contains both residential and commercial space.
I finally closed on the building you see above in June of 2020 in the midst of one of the most challenging years we will probably ever see. It was just over a year after I made the decision to move back home. All that being said, I'm going to tell you why I feel like this was still a good decision... LOL!
Although this was a tough purchase (probably would've been easier had I done more research early) it was one of the best things I could've done to grow my business. Check back in with me in a few months and we'll see if I'm still saying this but for now I'm still excited. You see the great thing about mixed use property is that you pay the money you would've already been paying toward housing toward your business space.
In many cases I see individuals struggle to pay rent or a mortgage while trying to pay the lease on their retail space. I knew that this was not feasible for me. At least not this early in my business while still working a 9-5. My alternative was to buy mixed use. This way I could live in the building with my business and share the cost. To be honest my mortgage now is only about $300 more than the house that I rent out. Just think, for $300 a month I now have an entire store! And I can do whatever I want in the space! Not to mention, now more of my money can go towards staff and less towards overhead... #winning.
Now of course there are a lot of things to consider if you're going to do this. Do you want to live where you work? Does it work for your family? Do you qualify for a mortgage loan? However, if it is feasible for you to make this type of purchase for your business I think it's something you should strongly consider. Plus my commute is literally 15 seconds... LOL! Happy Thrifting Thrifters!