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Appraising a Gentlemen Club

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I am sending out a letter of engagement Monday to appraise a gentlemen club with attached motel and restaurant. This could be quite an interesting appraisal. It is out in the boondocks.

The owner says he keeps separate books on each part of the business

Would you value the club part by its self, the motel by itself and the restaurant by its self? Or would you combine them together. If there are any other types of activities would you value the income from that as well?

The last one I did was out of business and all we were putting a value on was the land and buildings. No value on what the income had been from the club and the motel part.

What type of comparables would you be seeking and why???

I will be calling one of my retired CG mentors to back me up on this one. :clapping:

:new_multi: :new_multi:​

PS Question. Should I appraise the stable as well? Would it be wise to sample the quality of product? :shrug:

This a for real offer to appraiser coming from one of the real banks I do business with.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Ray,

Value the real estate only. If you mix in the income streams from the different business entities then you are straying from your appointed job.

I don't think the wife would like you checking on the stable, leave that to someone younger with no lady friends.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Ray .. does your license level allow you to appraise a restaurant and a hotel? Just asking as I dont know.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Appraising a gentleman's club is a losing proposition, due to the extended hours of inspection, not to mention losing money 1 dollar at a time during those long grueling hours.:icon_mrgreen:
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
Ray,

I would suggest setting the inspection appointment for a Friday or Saturday night around 10-11pm.

:rof:
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray .. does your license level allow you to appraise a restaurant and a hotel? Just asking as I dont know.


Yes and I will have a CG Sign off as well. A licensed appraiser in Wisconsin can do commercial. With me slowly working towards my CG test I also have my old mentors sign off. I have already called one and he willing to do it. thinks it will be quite interesting.

Last count I really have enough hours to take the CG but I don't know as I want to. I am, as stated shifting my business away from appraisal and more into retirement. My wife said the other night I seem more relaxed and I now have time to read in front of the fire in the evening, go to the gym in the mornings, and time to sit and talk with her. Did a way with Dish Network and we only get a two TV Stations. So don't watch more then an hour a week now. Thats been nice. But I still like working with numbers and research. I am really exploring many different options right now.

My ole mentor said he is getting cabin fever with all the snow and cold. Today it started out below 0 got to a high of 7 here and tonight will be -10 with wind chills of below -30. Got 8" to 9" of new snow yesterday and last night. Lots of drifting again. This has been an old fashion winter for sure. I think we have somewhere around 24 inches of snow still on the gournd and forecasting more for next week with cold temps.

Been lots of birds around the feeders the last few days. I just counted 28 cardinals for the evening feeding. The come just at first and last light. May see a few durning the day but not really like morning and evening.

I think this will be an interesting appraisal.
 
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USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Gentleman's Club. Kinda like "adult film star", slick terms to put some smell good on th pig.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray,

I would suggest setting the inspection appointment for a Friday or Saturday night around 10-11pm.

:rof:


Thats about right, but I don't know that the mentor can stay out that late. Matter of fact his wife and my wife may have serious questions for us when we get back from the inspection.

Yep, a buck at a time, I am a cheap ole coot. By the way I use Ike dollars, there more fun to drop down:rof: you know where.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
I'll volunteer to hold the tape measure and shoot the interior pix if I get commercial hours credit. :rof: Oh heck I'll just do it because I'm a nice guy. :icon_mrgreen:
 
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