Possibly purchasing my late friend's turn key darkroom / studio....

[IanG]

T think you need to be quite frank. as a whole the set up is worth far less than if everything was sold individually or in smaller lots. You need to negotiate.

Back around 1999 I bought a complete darkroom and various other kit from a family where the father (the photographer had died), it was on a Newsgroup and people wanted certain items and the family would have made far more but the son & his mother didn't want the hassle and wanted everything to go in none sale.

I think you're in a similar position, it's up to you whether you give the family a share of any duplicate items you sell on.

Ian

[RSalles]

Daniel,

Evaluating the thing by a "big picture" point of view and bypassing where the devil is - the very little details - I would say, just go for it.
In a better sense of perspective I prefer to regret the things I did then those I didn't, and my perception is you better get it and don't turn back at all.
Go ahead, luck favor the braves,



Cheers,

Renato

[Corran]

For the two clients / contracts I have that are near assured year on year that have been going strong for about ten years, that is 75K minimum I make if I do no marketing, no pavement pounding, anything. In order to keep them, I have to at least stay within 10 miles for various reasons, twist my arm. My wife makes almost double what I do working for one of the nation's largest healthcare providers and is an utter rock star, is constantly being recruited for higher slots in the company. She works remote and travels a bit, her uniform at home is often her pajamas, twist her arm. She can work anywhere there is a decent airport nearby and make the same amount of money, Aspen or Tulsa, OK.

Well good on you. I'll bow out then as I have nothing to contribute. You live in a different world than I. Such is life - both my GF and I have good jobs in the higher education field and earn triple the "median household income" for this county but only 1/4th of what you two are pulling in. Of course my city was ranked #2 poorest in the country at one point. Want to buy a print for $100?

[Kodachrome25]

Well good on you. I'll bow out then as I have nothing to contribute. You live in a different world than I. Such is life - both my GF and I have good jobs in the higher education field and earn triple the "median household income" for this county but only 1/4th of what you two are pulling in. Of course my city was ranked #2 poorest in the country at one point. Want to buy a print for $100?

It is good you contributed! I have enjoyed reading the varied responses from everyone, no one is wrong or right. I started off by saying this is a niche topic and as it turns out, it really is. I just hope I can get a darkroom going that I can use and have other people use, I am looking at other options for that including having arts programs and the city look into it.

[Corran]

Cool, that's a good idea. I have had numerous friends and students ask to use my darkroom space and I would love to have a "community darkroom," though mine is not nearly ready for that kind of use, so I envy you.

[Eric Biggerstaff]

Love the space and opportunity, it could be a good investment. As Anderson Ranch is no longer teaching traditional photography or printing, you might be able to get some excitement for workshops - heck you cannot be in a better place for them. I am up there all the time and always seem to find something new. The price is high, but you could turn and sell it or lease the space for income and probably not take a loss. By the looks of it, you could live out of it if needed! When you get it let me know, I will pop over for a tour!

[Henry Ambrose]

Other than the real property you are buying a business that is not a business and that doesn't fit any business plan. You already have a business and a plan. So the real question here is: Can you pay for this from your current business and plan?

If you can buy it for the value of the real property and can certainly maintain a mortgage on that amount, then go ahead and give it a try.

[dsphotog]

Sounds like you know you want it!
His family wants you to have it.
All that's left to do is the numbers.

Best wishes for your new addition.

[Kodachrome25]

Other than the real property you are buying a business that is not a business and that doesn't fit any business plan. You already have a business and a plan. So the real question here is: Can you pay for this from your current business and plan?

If you can buy it for the value of the real property and can certainly maintain a mortgage on that amount, then go ahead and give it a try.

My current business would easily take care of a monthly of 2K.

Buying this property would make it cost less in the long run / big picture than trying to find a home that would allow for a darkroom of even 1/3rd the total space of this one within 40 miles of the same area. Because then the pressure to find a home under a million that would provide such a space would be gone, it would be a commercially dedicated space free of the home office deduction which happens to increase audit risk btw. I currently rent office space in town on an excellent lease due to this reason, easier to write off, no audit risk associated with the home office deduction. I would get rid of the office space if I got the studio / darkroom.

With two properties in an optimal sense at 350-400K a piece, this gives us a *much* better living and working situation than finding that local property for
an affordable price. I had considered renting commercial space but could not find anything less than $1,200 per month and for longer than a year. Unless you can build a business as a pop up that is easy to move around, this makes it hard to create a long term plan given how flakey landlords can be once the lease is up.

It's an exciting and sobering prospect at the same time, this is going to make or break my career couple of years ahead.

[Michael E]

My current business would easily take care of a monthly of 2K.

I am definitely doing something wrong :-(

The numbers are staggering, but you have put them well into perspective. My income is a fraction of yours, but my house only cost a fraction of your upcoming project. I have spent a lot of time and money working on the house and (currently) the workspace, studio and darkroom. Two things I have come to appreciate: The luxury of space and the luxury of nobody to answer to. Don't let your emotions get the best of you, do the math and also don't underestimate the toll the property will take in the future. But if everything fits, go for it!

Best,

Michael