oh boy...........
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Another Pool Hall Closing (Stixx Rancho Cucamonga)
- Thread starter ThinSlice
- Start date
I know nothing about commercial real estate, but there must be some type of perverse incentive to leave some stores vacant. As I mentioned, some of these places go unrented for over a decade and the owner stays the same. So if they are so badly in the poor house too- how are they remaining land owners without renting out their spaces?
Some of them already have their lands paid-off.
Those are the ones who really don't care much.
If they still had mortgage, they would at least rent them no matter what .
It is 'shattering' if you live in a state that won't let businesses open. You live in a state that gets natural disasters but even they only close businesses short term(usually). NOTHING like what some are now going through. Pretty sure we ALL get the agreement thing but no one can plan for protracted FORCED shutdowns.
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The only thing I can think of is several owners go into together and buy a building so the control more of and in turn rent to others. Solves the landlord problem to some extent but has to be done ahead of time in most cases.
That's called a co-op and it can be done but they have their hassles as well. Having multiple owners all do their part can be an absolute nightmare. Someone always tries to shortcut the process. Sounds great in theory but doesn't always work real-world.
The smartest owner up this way bought the strip mall where he's at now they pay part of his payment.
That's not co-op but that is the way to go if you can afford that much real estate. Lot of vacant/semi-vacant buildings out there so if one can afford it that might be smart money in the long term. Post-covid there will be new businesses looking for space.
Unless directly Involved in a business, nobody actually knows anything about the financial situation of a pool hall, bar, restaurant, etc.. Even major creditors are often in the dark. Folks are often surprised when the doors are closed ... ‘they were doing great ’’...actually they were teetering on the edge for a few years.
In my city a pool hall with 18 tables and a Sports bar with 8 tables closed in 2019 ‘before‘ Covid.
I have no doubt that being closed has sent many businesses over the edge. However, doesn’t mean they were viable before. I’d even guess a few owners are a bit relieved to use Covid as an excuse to save face and walk away. A lot of these establishments are a dream and labor of love. Someone put their heart into it and then reality sets in.
In my city a pool hall with 18 tables and a Sports bar with 8 tables closed in 2019 ‘before‘ Covid.
I have no doubt that being closed has sent many businesses over the edge. However, doesn’t mean they were viable before. I’d even guess a few owners are a bit relieved to use Covid as an excuse to save face and walk away. A lot of these establishments are a dream and labor of love. Someone put their heart into it and then reality sets in.
Very true. I know a couple people who thought having a poolroom would be great. Well, they found out it was hard work with not a lot in return.
Now they just become the landlord and puts the new owners, the coop, right back in the same position as the current lessee. Relying on rent revenue, as well as their own business revenues to pay for their building.
Landlords aren’t evil, and few are rich. They just earn their money differently. They have families to feed, bills to pay. Often the including the mortgage on the property they’re leasing out.
Place the blame where it belongs. With those politicians who care so little about their constituency that they extended a complete shut down much longer than was prudent, or necessary.
When daily cases are over 5k per day. It would be hard to say caution is not warranted especially when we have people running around without masks.
NC Covid-19 Dashboard https://covid19.ncdhhs.gov/dashboard
Well when you lease or buy a property, you sign a binding contract. Yes the landlord, or bank if they feel like it can give you a break. But they do not have too.
Finance a personal vechicle, or leave it, miss payment, it get reposed.
No one could have predicted the Covid thing, if you could have you Couuld have cleaned up buying or investing in companies who sell PPP devices.
A pool room, or sports bar with pool table is a tought way to make a buck.
What I'd consider if I was the landlord. I would get a guaranteed percentage of the business sales, such that both ends would still have income to ride this thing out.
Business closures doesn't help anyone and I blame the banks.
As many times as the taxpayer has bailed them out it was time to return the favor.
Politicians only think of using funds we save for other things. This was their time to step up and did not. We should never bail them out again.
As many times as the taxpayer has bailed them out it was time to return the favor.
Politicians only think of using funds we save for other things. This was their time to step up and did not. We should never bail them out again.
Sometimes, in the big picture, the cure is worse than the disease.
I am often amused, entertained, confused, and surprised at some of these forum comments and suggestions. And sometimes I learn something. I don't subscribe to the "government should do something" idea, as the government has done too much already. We don't need a nanny state and to suggest that the government should intervene between a landlord and a tenant is ludicrous and smacks of socialism or worse.
Every landlord deals with their own set of problems, some are more able to afford vacancies than others. Same with tenants, some can weather downturns and unexpected events better than others. I owned a small office building for 31 years where I also maintained my business. I occupied about 30% of the space and leased out the rest that was split between three other suites. I managed to finally get the mortgage paid off and most of my retirement funds were tied up in the building. In the 2016 flood I got 4 feet of water in the building. I didn't have flood insurance and wasn't required to have it as my area had NEVER flooded. Had to sell it for less than half the FMV before the flood. Moved my office to my home. Was going to retire 1/1/2019, still working and not sure what the new target date is. Things happen.
In the 31 years I owned it I only had to evict one tenant for non payment. That suite went unrented for several years, but I would rather have a vacant space available for a prospective tenant than have it occupied by a tenant that is unable to pay.
I realize the COVID thing is different but I can't fault a landlord for managing his property as he sees fit, after all it is his property.
I live in Louisiana and our governor has made the decision that it is ok for bars to be open at 25% capacity, but no pool, darts, shuffleboard, nor cornhole is permitted. However, bowling is ok, and you can sit elbow to elbow at the bar or table but you can't walk around a pool table, It's insane. Bar and pool hall owners sued. Judge said they presented a solid case, but ruled in favor of the governor's mandate. Many places are now permanently closed.
Every landlord deals with their own set of problems, some are more able to afford vacancies than others. Same with tenants, some can weather downturns and unexpected events better than others. I owned a small office building for 31 years where I also maintained my business. I occupied about 30% of the space and leased out the rest that was split between three other suites. I managed to finally get the mortgage paid off and most of my retirement funds were tied up in the building. In the 2016 flood I got 4 feet of water in the building. I didn't have flood insurance and wasn't required to have it as my area had NEVER flooded. Had to sell it for less than half the FMV before the flood. Moved my office to my home. Was going to retire 1/1/2019, still working and not sure what the new target date is. Things happen.
In the 31 years I owned it I only had to evict one tenant for non payment. That suite went unrented for several years, but I would rather have a vacant space available for a prospective tenant than have it occupied by a tenant that is unable to pay.
I realize the COVID thing is different but I can't fault a landlord for managing his property as he sees fit, after all it is his property.
I live in Louisiana and our governor has made the decision that it is ok for bars to be open at 25% capacity, but no pool, darts, shuffleboard, nor cornhole is permitted. However, bowling is ok, and you can sit elbow to elbow at the bar or table but you can't walk around a pool table, It's insane. Bar and pool hall owners sued. Judge said they presented a solid case, but ruled in favor of the governor's mandate. Many places are now permanently closed.
Do some research before crying wolf, the test procedure they are using is BS, I still think the China Disease is not nearly as bad as predicted. Test results that are BS as they are already show that masks do little to nothing. If wearing your mask makes you feel better wear it but state governors shouldnt be mandating them.
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The stimulus package has more pork than cheap hot dogs.
if we'd prioritized our virus response, shut down sooner, and in a unified way
most certainly we'd have seen better results, health-wise, and economically
indecision, misinformation, and flat-out negligence got us here
but the past is the past..and yet if we continue to act divided
the past will be our future, too
r.i.p. stixx..sorry to hear another 'hall pass