![]() With all the inventory we have, we also have a lot of vendors who we talk to and order from. When I bought the store the previous owner was using Quickbooks POS and it was very difficult to use and I could not hook up to it virtually. I use Clover Point of Sale (POS) and it has been great to keep track of everything and to be able to use it virtually when I am not at the store. I need a specialized system to manage everything at the store. I can manage my real estate with a whiteboard and maybe some Excel spreadsheets. We also have thousands of products in the store. ![]() At my store, we will have hundreds of orders each day, and it is a small store! I may need to sign 10 to 20 leases a year for my rental properties. When I flip houses, I will sell from 15 to 25 a year which is a lot in the house flipping industry. The biggest difference is the frequency of sales. There are many differences between real estate and brick-and-mortar businesses. I was able to experience that when I bought the liquor store and mini-mart. I loved figuring out prices, how many to build, etc. Real estate has been amazing to me but I loved my entrepreneur class in college where I was able to run a factory and make widgets. Their real estate is a business but I always wanted a business that sells a product and operates on a day-to-day basis. Technically a real estate investor owns a business as well. What is the biggest difference between a business and real estate? I bought the building which came with the business and ended up paying another $59,000 for the inventory that came with the stores. ![]() The buyers backed out and I had the chance to buy the property, so I made an offer of $605,000 which was accepted! ![]() I had a hunch it would come back onto the market and I was right. I was starting to get interested in the building when it went under contract with another buyer. The building never sold but the price was lowered a few times to below $700,000. I watched it but never went to see it or made an offer. I was interested in the building but thought it was a little overpriced at $795,000. While we were working on that deal, a building came up for sale with 3 apartments on the second floor and a liquor store and mini-mart/grocery store on the main floor. We were moving forward with the process but it was taking forever. We decided to move the bar around a little too much and the city required us to get an engineer and architect involved. ![]()
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