First deal didn't go through.

[Stephanie Terry]

Hello everyone,

I am a little sad right now. The opportunity that my husband and I had has been sold. I am not sure if we will keep pursuing the dream of owning rental property in Victor. We are leasing our current building and have been running a successful bar and restaurant there. We are talking with the bank and trying to work out a deal that everyone will be happy with. Right now the current owner is asking way too much for the building. It needs a lot of expensive work to be done to it that we can't really afford. Owning a bar is the hardest thing we have ever done with very little reward. Our lease is up in February and I don't think we will continue with the business. There is another bar about to open right across the street. We don't have a lot of profit and any competition will cut into what little we make. I know that any property in Victor that we would be interested in is going to take a lot of money to bring it up to par. Our town was built in 1899 and all of the buildings have been neglected for years. Does anyone have any encouraging words for us? 

[Jon Holdman]

Failure is an inevitable step on the path to success.  On another forum where I participate one member used the tagline "Patience and persistence will resolve most problems."  Now you have at least one data point of what doesn't work.

IMHO, you should consider moving if you want to be in either the real estate or hospitality business.  You're in a very out-of-the-way spot.   Running a restaurant or bar is hard when you have a good customer base.  You don't.  Cripple Creek was allowed to open casinos in an attempt to get something going on there.  Victor might be a great place to live, but I don't see have much success there with any sort of business.  I suspect the rental business might be difficult there, too.

If you want to have a small business I strongly recommend "The E-Myth Revisited".