Colorado is about to get even better...

Mitch of Checkpoint Racing is putting in an offer today on a 9200 sq. ft. building. 2 stories with ~4600 sq. ft. per level. The upper level (main) would host Checkpoint Racing's main shop as well as a dedicated suspension rebuild room, a composite manufacturing room, and a dedicated engine/drivetrain room. The lower level has a single drive in door and would house an approximately 3400 sq. ft. shop. The remaining 1200 sq. ft. will house the living quarters for myself and two other rallyists. In total we would have 7 rally cars based out of the shop and by pooling our resources, enough tools and equipment to properly build and maintain our vehicles. I'll keep you updated as progression is made. The WRC and rally parties will be unprecedented. The combination of my high end home theater system and Mitch's new DLP projector will make for an awesome video experience.


http://www.fullercompany.com/listings/preview.aspx?pageID=3&action=listing_view&listingID=66

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Grant Hughes

Christ, 600k doesn't even buy a bungalow in my neighbourhood anymore, and I live in a sketchy neighbourhood. Fuck this, I'm going to go live in a garage...

Yeah, and this is not in a nice neighborhood though. But it's close in and huge for the dollar. 2 blocks from one of the rougher Mexican barrios in Denver. More than 3 times the crime rate in this neighborhood as the rest of Denver.

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Grant Hughes

I hope the rent/mortgage will not be an arm and a leg.

I'd hate to see the DMS rebuild/service fees go up.

Good job and good luck Mitch.

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Cheers
M.Samli
Phoenix AZ
Gaylant VR4
EVO III GSR (Stolen)


Rallies are no place for traitors

$100K down, $445K financed. $1000-$1500 rent from us for bottom subtracted from mortgage payment leaves probably around $2500 monthly due. Their 2000 sq. ft. shop now is $2000 per month and not enough space.

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Grant Hughes

That's going to be sweet!

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Mike Hymbaugh
"Converted" drag racer
Castle Rock, CO
http://www.four-banger.net/first.html

Building is now under contract!

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Grant Hughes

NoCoast Wrote:
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> Building is now under contract!

Sweet! I'll keep my fingers crossed for you guys.

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Brian Driggs | KG7KCA | PHX, AZ | 89 Pajero
alterius non sit qui suus esse potest

We are overdue for an update.......

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JohnLane

Overkill is consistently more fun

JohnLane Wrote:
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> We are overdue for an update.......

I'm looking to make a short trip to Denver in early November. Buy me and my girlie a beer? Perhaps a tour of the facilities ya got, there? /raises eyebrow

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Brian Driggs | KG7KCA | PHX, AZ | 89 Pajero
alterius non sit qui suus esse potest

Oh, so an update on this.

Mitch put in an offer. Everything's moving along well. 150K up front, financing the rest. Getting all the inspections done. They get a day or two away from the date on the contract when the loan info is due to the realtor and Mitch has to pay for a one week extension because his broker is slacking or something. Then info comes out from one of the inspectors about a large diesel fuel spill in 1998 that has contaminated the entire ground and that no future construction can be done or something. For some reason, this makes the building 'high risk' or some shit and the finance people come back with a dramatically increased rate. They told Mitch it'd be somewhere around 18% interest on the loan due to questionable building and that the business has only been around for a year. Mitch ends the deal. I think he put like $10K into the deal. They are now looking at renting some other place and combining shop with an independent Subaru guy that does alot of high end STI work and a bunch of the STI swaps into older models that are running all over Denver.

Anyhow, so Mark and I said fuck it and started looking for our own place. Commercial real estate and rentals are insane these days so we ended up finding a pretty cool house. It's really large, fairly cheap, 3 bedrooms, and most importantly, has a garage with enough space for three cars stored, or two cars being worked on. And it's still in downtown Denver. Probably have three of us living there eventually, which will make it with rent and utilities a bit short of $400 per month in living costs. We have an entire second living room that has been dedicated to rally parts storage, Compomotive corner, and a wall that is going to be wall papered in photos from the Ford Motorsports Prep manuals. Tom Kilpatrick is a master electrician and is going to wire a few 220 and more 110s into the garage so we can do full fabrication in there once I buy a welder.

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Grant Hughes

NoCoast Wrote:
-------------------------------------------------------
> Oh, so an update on this.
>
> Mitch put in an offer. Everything's moving along
> well. 150K up front, financing the rest. Getting
> all the inspections done. They get a day or two
> away from the date on the contract when the loan
> info is due to the realtor and Mitch has to pay
> for a one week extension because his broker is
> slacking or something. Then info comes out from
> one of the inspectors about a large diesel fuel
> spill in 1998 that has contaminated the entire
> ground and that no future construction can be done
> or something. For some reason, this makes the
> building 'high risk' or some shit and the finance
> people come back with a dramatically increased
> rate. They told Mitch it'd be somewhere around
> 18% interest on the loan due to questionable
> building and that the business has only been
> around for a year. Mitch ends the deal. I think
> he put like $10K into the deal. They are now
> looking at renting some other place and combining
> shop with an independent Subaru guy that does alot
> of high end STI work and a bunch of the STI swaps
> into older models that are running all over
> Denver.
>
> >
> Grant Hughes
> www.nocoastmotorsports.net
> Denver, CO

For others that may go down the route of purchasing commercial property, past used commercial property or raw undevloped land using a commercial lender. Most of the time the lender will require you to get a Phase I Environmental Site Assessment (ESA) completed even if the lender does not reuqire it it is something that I would recommend to protect you as a buyer. We do them all the time to protect our clients from expensive problems and future restrictions.

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Matt Smith

Racing in glorious black and red

My daily life is a Saab story (sold!)

You guys need to move to Arizona.

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Cheers
M.Samli
Phoenix AZ
Gaylant VR4
EVO III GSR (Stolen)


Rallies are no place for traitors