Matt Wurth, I Cycle Bike Shop, Houston, Texas
"We're buying our own historic building after renting since 2006," Wurth said. "It's the Oak Forest Masonic Lodge, built in 1962. It's right on the White Oak Bayou bike path and includes two acres of forested land. We're planning lots of community cycling events there.
"Our best year before COVID, we grossed $1 million. Our best COVID year, we broke $2 million and we're projecting $1.6 million this year. Our lease was about to expire and the rent was about to double, which got me shopping with my COVID bonanza. I saw a "For Sale" sign on the Masonic Lodge a mile from my house before the pandemic, $1.2 million. Oh my God, I can't do that. Then March 2020 came, and it all seemed possible.
"I called the seller and it was already under contract to someone who wanted to cut down the old-growth oak forest and build condos. I was second in line and when the condo deal fell through, I got it for the 3-year old price. Our mortgage payment is less than the rent we were paying."
Originally posted 8-22-22