What would you pay for a restoration??

[HardcoreZ28]

As I said I am literally waiting to finish up this T-bird. I have to keep my current job for a while because I have money to pay back to my parents and then to save up some starting capital. As far as employees willing to hold off for a future payoff, that's not a big concern. I really think at first I am going to go solo. It will take me longer to do a car, but atleast it'll be done to my standards. Eventually I would like to pick up a good bodyman and maybe some part timers to do things like strip parts and such. As soon as the bird is done I'm going to take that and my father's Datsun to a lot of shows and put signs in the window advertising.


On a side note as some encouragement.....get your hands on last fridays Wall Street Journal...there was an article in there on investing in classic cars....quite inspirational.

[jims69camaro]

yeah, those guys at WSJ are on the cutting edge...

it all depends on how much you hate your job and how much you really can afford to seperate yourself from the weekly paycheck. my situation may be unique in that i've already done that. i'm waiting on some things to happen in order to decide where i'm going to spend the rest of my life, but that doesn't preclude an investment opportunity, should one surface.

i've always been into the muscle car scene, since before i could drive. my dad would take me out to the shows and i'd daydream for 8 hours or so until it was time to head back home. how awesome would it be to get paid for doing something you've always loved?

[HardcoreZ28]

Oh don't worry it'll happen. I just know I need to pay off my debt first then I'll start my advertising. If I can get even one person to commit for like $25k plus parts then I'll probably leave my job and go full speed into the resto business. Although it would be a decent cut in pay, I'd love it a lot more and would find a way to get by for the first year or two.

We'll see what happens come spring.

[Untamed]

Heh, hope you aren't married. Nothing worse than listening to your wife complain about being unable to buy new shoes. Er... maybe that's just me.

When you're ready to call a meeting of the minds to discuss how to make it happen, give out a shout. Maybe we can set some time aside next month at Fudd's to discuss it. I missed the last one, but should be able to make the next one.

- Dave, who has a small mountain of paperwork that would begin a resto / used car business.

[jims69camaro]

Originally Posted by Untamed

Heh, hope you aren't married. Nothing worse than listening to your wife complain about being unable to buy new shoes. Er... maybe that's just me.

When you're ready to call a meeting of the minds to discuss how to make it happen, give out a shout. Maybe we can set some time aside next month at Fudd's to discuss it. I missed the last one, but should be able to make the next one.

- Dave, who has a small mountain of paperwork that would begin a resto / used car business.

i agree. although buying your wife a new car can quell the itches for new shoes... i figure i'm good for another year or so until she starts up again. a new car == 2 years of wedded bliss. we've been at it for 7 now, so i figure i've got a pretty good record.

yeah, i wouldn't mind being involved in that discussion. i'd make a trip out to fudd's for that.

[HardcoreZ28]

We can definately talk about it at Fudd's the next time we meet up. I am definately interested in talking about this as much as possible.

As far as the wife issue, I don't have to worry about that one. I'm too young and luckily my girlfriend has 2 years of college left and even then I doubt she'll be ready to talk about marriage if we're still together......but she's the best and already promised to support me if I go ahead with this.

[HardcoreZ28]

In fact I'm game for meeting up somewhere another night if it's good for those interested. For the next month tuesday's and thursday's are no good for me due to rugby, but any other night during the week is, including friday.

Let me know if you guys want to do something sooner.

[Untamed]

Unfortunately I'll have to wait for the Fudd's meeting. My wife does her Mom's Club dinners once a month, so the Fudd's thing will become my chance to get out (have 3 kids). Isn't that terrible? Gotta find her something to do so she owes me. *facepalm*

Jim - Seven years huh? I'm through my ninth. The new car thing doesn't work anymore because she sees cars like vacuums - a necessary evil. Shoes, clothing, vacations... those are special, and in some cases, more expensive.

Anyway, looking forward to October. I'll bring the abbreviated versoin of paperwork for people to puruse to see what it might take (as of Feb 2004) to launch a new business in NJ and get the licensing to sell used cars (if that becomes part of the business).

- Dave

[jims69camaro]

Originally Posted by Untamed

Jim - Seven years huh? I'm through my ninth. The new car thing doesn't work anymore because she sees cars like vacuums - a necessary evil. Shoes, clothing, vacations... those are special, and in some cases, more expensive.

yep. i know about those other things, as well. the vacation thing was going to be once a year, but waiting on social security and twidling my thumbs until then...

Originally Posted by Untamed

Anyway, looking forward to October. I'll bring the abbreviated versoin of paperwork for people to puruse to see what it might take (as of Feb 2004) to launch a new business in NJ and get the licensing to sell used cars (if that becomes part of the business).

- Dave

yeah, i guess selling used cars is going to be part of it, as it becomes part of any mechanic shop. if the parts car has a vin, i would imagine that qualifies...

[HardcoreZ28]

I would definately like to see as much info as possible on starting the biz. I don't plan on selling used cars, but who knows. What form of business did you look into starting? LLC or something else? I was looking to start an LLC last year but it fell through for reasons out of my control.

[HardcoreZ28]

Well guys, the newspapers are taunting me again. After the article in the WSJ last week, today there was one in the Courier News. I didn't get a chance to read it yet but my father pulled it out for me. Being in debt sucks! If it wasn't for the $10k I still owe my folks I'd be out advertising my work.

By the way anyone have any ties to the owner at Thul's machine shop? I'm preparing to go see them about the hack machine work they did on my old engine and I am willing to sue if needed. Their negligence cost me over $4k and the guy who did the work says I'm SOL because it was almost 4 years ago and I assembled the engine myself. I feel I still have a valid case though because things like improper line bore tolerances and improper rotating assembly balance don't change over time.

[Untamed]

Originally Posted by HardcoreZ28

I would definately like to see as much info as possible on starting the biz. I don't plan on selling used cars, but who knows. What form of business did you look into starting? LLC or something else? I was looking to start an LLC last year but it fell through for reasons out of my control.

Nah, my plan was to go for a full S Corporation (Incorporated) to protect my personal assets should someone decide to sue me. (look to your own experiences, ironically enough)

As for the used car idea, it doesnt have to be used for a pure restoration business. I had high hopes of re-selling cars that were at least made usable, for those people who had limited budgets but enough skills to take the car the next step.

[jims69camaro]

i tripped across this site this morning. interesting.

[Untamed]

Jim, good example of a "backyard" business. There's a lot of merit in being less choosey about the type / make of cars that you restore, giving you the opportunity to bid on more restoration jobs. Plus working at home reduces the cost of operation (but increases the risk of financial exposure later).

However, my personal opinion leans towards specializing. Less opportunities to work with, but a far better chance of building that all-important reputation. Look at www.texastransams.com , Dave Mars built it from the ground up with his father. While he doesnt get many resto's a year (maybe two orders, taking 12-18 months for a full frame-off) his quality is suposedly the best, and people around the country seek him out.

There's a trade-off that needs to be discussed - bid on all muscle car resto opportunities to get more deals per year, or specialize and build a reputation as an expert in your limited space? Tough choice.

- Dave, no F-body, no P-body, and a minivan parked on the driveway. I'm so whipped!

[HardcoreZ28]

I'd love to specialize in Chevy in general, but my love for most if not all classic American musclecars would insure that I do just as good of a job on them all.

I know it's not show winning or anything, but I took 3rd place at E-Town yesterday in the 70-89 F-Body class. This was a stock class that I lost a lot of points for since I have many non-stock performance parts. The first place car was great and there's no way I could have matched it on my college student budget that I had when doing my car. The second place car probably only beat me due to it's completely stock buildup. Just more inspiration for me.

[Untamed]

Here's a taste of irony: Had chinese for lunch today. Fortune cookie fortune - The secret of getting ahead is getting started.

There ya go.

[HardcoreZ28]

Hahahahah....ironic indeed. So when is that next meeting at Fudd's that you wanted to sit down and talk a little at?

[Untamed]

If it's every second Tuesday, then Oct 12th would be it. As far as I know, I'll be there. I still dont own an F body, so I'll just oggle everyone elses like some young newbie.

Maybe i should join the growing ranks of the P-bodies. Plenty of Fiero husks lying around....

[jims69camaro]

i'll plan on being there 10/12, then. you can ogle my car.