I bought my first poolroom in Bakersfield in 1972. I was not yet 28 years old! I had $15,000 to my name and bought the place for $40,000, paying them $11,000 ($1,000 was for all the inventory) down, with payments of $600 a month and a rent of $700 a month for a 7,000 square foot building. Talk about gambling, I was 'All In' on this one!
It was a bad deal! The place wasn't making any money and the owners just wanted to get out from under the lease (with still over five years to run). But I saw the potential. The first thing I did was take down all the signs with rules posted on them about how to behave in there. Then I removed the turnstiles you had to go thru to get inside and opened the entrance-way up. Since we did not serve alcohol I welcomed the local kids and advertised in the school papers.
Within three months my poolroom had become THE hangout for the local high school kids after school and on weekends. The place was so jammed on Friday and Saturday nights that fire marshals would stop by and tell me that no more people were allowed inside. They put a sign on the wall saying my room capacity was 199 people. We exceeded that every weekend! There were seven high schools in Bakersfield and one large Junior College. That was where the bulk of my clientele cam from. Maybe 80-90%.
I was a member of the Downtown Businessman's Association, and was the youngest member by far. Some of the older guys used to poke fun at me, saying the kids didn't have any money. They were wrong! Every kid has a few dollars in their pocket and they will spend it all. If you have a couple hundred kids going through your place every day and each one spending three or four dollars, you were making good money for the 1970's. Within one year I bought a house in one of the nicer neighborhoods in Bakersfield for the princely sum of $24,000! Ah, the 70's!
I played pool with every road man that came through for the next six years. Won some and lost some. But I had that "daily money" coming in, so I had no worries. By the end of three years I had 100K in cash and felt wealthy. Relatively speaking for the times I was.
This was the height of my pool career. I had played pretty much non stop from the age of 18 to 33. I never played as much pool after that. But I wouldn't trade that experience for anything. I got a great poolroom education that has held me well in the business world, and I've used that knowledge to build a nice little real estate empire. Nothing that big, just a few units here and a few units there, plus some key investments in larger commercial properties. It provides me with a decent income, enough to enjoy my declining years.
I have almost no social security to speak of because I didn't put enough into it, but the Medicare is more important to me than the money. Whatever I have today I owe it all to the education I got running around in poolrooms when I was a young man.