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Author Topic: Great opportunity. But my dilemma...  (Read 5203 times)

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Great opportunity. But my dilemma...
« on: October 01, 2007, 12:49:50 pm »
I placed a little ad on craigslist saying I would buy arcade cabs. I received only one response (as expected) from a guy who said he has 40+ cabs in his garage. I went out to check them out and it turns out this guy works for Stern Pinball so not only does he have a garage packed with arcade cabs that he never got around to restoring, but he also has pinball playfields (many of them populated) up the wazoo. He has one stack of playfields that goes from floor to ceiling (they're no more than 1" thick each). Super nice guy wants to sell me all of the cabs.
Partial list of the cabs that I remember off the top of my head...
Missile Command (bought and brought it home for $100 not working but complete)
Nibbler
Rally X
Ms. Pac x 2
Punchout
Tutankam
Mario Bros
Gorf
Tron
Pleides x 2
Dig Dug
Stunt Cycle
9 Williams cocktails (don't know what games, couldn't get to them)
Timber
Can't remember all of the others - total of cabs and cocktails is around 45

So here's my first dilemma. I'm unsure what works and what doesn't. He is unsure as well so I have to assume that none of them work. They all appear to be complete and in decent shape, just dirty. He wants $100 each so a total of like $4,500. That's a lot of cash for unknown conditions. Also, storage costs a bit more than I had hoped, like $150 per month minimum. Plus renting a giant truck for the day is never cheap. So first dilemma is big $$$.

Second dilemma. If these cabs aren't working, what then? Do I spend the time and effort restoring each one and then selling dedicated cabs for $300-500 or do I MAME them and sell them for $900-$1,000 (I have sold 4 MAME cabs already at this price). I would never destroy a classic cab so don't worry about me painting over side art or anything. I would most likely replace the original control panel completely and keep it with the cab when it is sold for future restoration. Some cabs I wouldn't consider MAMEing (Timber and Tron come to mind).

What I was thinking of doing was offering $3,500 up front for everything. Grab one cab per week in my van (he lives 30 miles away). Pick up everything else on Dec. 1. This way I save 2 months of storage (really 3 because the first month of storage is free at Public Storage). He wants a MAME cab so I was going to offer to MAME one for him right away for his house.

Thoughts?
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #1 on: October 01, 2007, 12:53:33 pm »
Why can't you spend a few hours there and just test them?

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Re: Great opportunity. But my dilemma...
« Reply #2 on: October 01, 2007, 12:58:54 pm »
That would work with some of them but they are literally packed in tight to where I could only reach about 10 of them before having to move everything out of the garage. I've also kind of missed that window since I feel like I need to make him an offer now before someone else swoops in and grabs them all or grabs the good ones.
I've got a fever...

shardian

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Re: Great opportunity. But my dilemma...
« Reply #3 on: October 01, 2007, 01:01:35 pm »
Why can't you spend a few hours there and just test them?

I agree with that. Just spend a whole day and go over each machine and take thorough notes and pics. Then you can prioritize. You could have the working ones sold before you even pick them up (if there are working ones.

As long as you made an agreement with the guy, I wouldn't think he would have a problem with spacing the removal out over two or three months. I mean, they weren't going anywhere anyways. ;D

ChadTower

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Re: Great opportunity. But my dilemma...
« Reply #4 on: October 01, 2007, 01:03:11 pm »

If you're going to do it, do it fast.

Get details on the pinball stuff... that's where the money always is.  Especially if this guy works for Stern.  The immediate and profitable turnaround of those playfields would pay for everything else in short order.

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Re: Great opportunity. But my dilemma...
« Reply #5 on: October 01, 2007, 01:07:37 pm »
The pinball stuff isn't incuded in the pricing. He wanted to handle that sepearately. I saw probably 10 populated playfields and at least 100 unpopulated playfields. There were also several boxes of parts. If that's all you had to go on, how much would you offer keeping in mind a total price to pretty much empty out the garage?
I've got a fever...

ChadTower

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Re: Great opportunity. But my dilemma...
« Reply #6 on: October 01, 2007, 01:10:54 pm »

There isn't nearly enough info to give much of an estimate, but at $100 a game, I'd expect them to be either good titles or mostly working or near working.

Given how much you say you can get for a MAME cab, I'd say buy the lot, convert 4 of them to MAME so that the purchase is paid for, and then maybe do 2-3 more to pay for storage for a few months.  That way you're not losing cash on the deal and still end up with nearly 40 cabs to deal with as you see fit.

shardian

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Re: Great opportunity. But my dilemma...
« Reply #7 on: October 01, 2007, 01:14:24 pm »
Are you saying you have the capital to invest in the pinball playfields?
Even assuming you made an offer of $50/playfield, that is $5000 for the pin stuff. Meh, offer him $7000 for the whole kit and caboodle, And AGREE to move everything at once. Figure this, you are saving at least $1000 of the offer price, which would cover the storage price for a few months. If you had the fundage, he would probably bite at that.

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Re: Great opportunity. But my dilemma...
« Reply #8 on: October 01, 2007, 01:16:15 pm »

There isn't nearly enough info to give much of an estimate, but at $100 a game, I'd expect them to be either good titles or mostly working or near working.

Given how much you say you can get for a MAME cab, I'd say buy the lot, convert 4 of them to MAME so that the purchase is paid for, and then maybe do 2-3 more to pay for storage for a few months.  That way you're not losing cash on the deal and still end up with nearly 40 cabs to deal with as you see fit.

That was my thought too. It's just hard to see past the initial investment. I know I can MAME at least 10 of these cabs as not all of them were classics (especially the cocktails). The rest would be gravy.
I've got a fever...

ChadTower

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Re: Great opportunity. But my dilemma...
« Reply #9 on: October 01, 2007, 01:18:29 pm »

That is why you need to do two things, IMO:

1)  Spend 4 hours in his garage getting an inventory list of everything included in the deal and condition based on visual inspection.

2)  Find a partner to go halves.  Where are you located again?

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Re: Great opportunity. But my dilemma...
« Reply #10 on: October 01, 2007, 03:46:35 pm »
Chad, first go fix up those vectors...



 :laugh2:





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Re: Great opportunity. But my dilemma...
« Reply #11 on: October 01, 2007, 03:47:33 pm »
Chad, first go fix up those vectors...
 :laugh2:

I hear he has more than a few pin projects too... ;D

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Re: Great opportunity. But my dilemma...
« Reply #12 on: October 01, 2007, 03:48:53 pm »
Oh, I know he's not in my area.

Plus for all I know there are more vectors in his list.   ;D

My priority right now is the house, sadly.  Gotta finish up some projects before winter rolls in and have a little work to do on the windows.

Yes, I have many game projects already.   :cheers:  I'll be busy all winter.

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Re: Great opportunity. But my dilemma...
« Reply #13 on: October 05, 2007, 01:08:37 pm »
I like Nibbler.
I wouldn't agree to anything without inspecting EACH and EVERY machine (in his presence). Get it all on paper and signed too...  You don't know what's missing parts on the inside.....
NO MORE!!

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Re: Great opportunity. But my dilemma...
« Reply #14 on: October 10, 2007, 11:44:30 am »
So if you ever get the playfields, let me know, I'd probably need a couple. I have a few pins and would never hurt to have spares for them.

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Re: Great opportunity. But my dilemma...
« Reply #15 on: October 10, 2007, 11:48:03 am »

He said they weren't included.

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Re: Great opportunity. But my dilemma...
« Reply #16 on: October 10, 2007, 01:11:49 pm »
thats why I said "IF" you ever get the playfields.

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Re: Great opportunity. But my dilemma...
« Reply #17 on: October 10, 2007, 01:14:24 pm »

He won't.  Not at his price range.  Not from a guy who actually works for Stern and knows exactly what he has.

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Re: Great opportunity. But my dilemma...
« Reply #18 on: October 10, 2007, 05:54:20 pm »
Now why can't I find a deal like this?  :(

Damn I have a little extra money and would pick up 3 or 4 of those at that price.


Encryptor

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Re: Great opportunity. But my dilemma...
« Reply #19 on: October 11, 2007, 12:12:45 pm »

He won't.  Not at his price range.  Not from a guy who actually works for Stern and knows exactly what he has.

Chad knows all.   :blah:
Challenge accepted. I'll be there this weekend to pick up a few more games and I'll see what he's willing to do with the playfields. Last time we talked he said he is willing to part with the pinball stuff but wants to handle one thing at a time (arcades first). He also said we could possibly work something out to where I take care of selling them and take a cut since he has no interest in starting eBay auctions and following up on them all and shipping and etc. etc.
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #20 on: October 11, 2007, 01:23:42 pm »
Sounds promising Cowbell.  Good luck and keep us posted.

TTFN

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Re: Great opportunity. But my dilemma...
« Reply #21 on: October 11, 2007, 02:09:20 pm »
Chad knows all.   :blah:

Wait, you think just because Chad hasn't seen the stuff, doesn't know you, doesn't know the guy, and doesn't know lots of stuff that he can't make statements like that?
 :dunno

=J
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Re: Great opportunity. But my dilemma...
« Reply #22 on: October 11, 2007, 02:15:21 pm »

What he's describing now is different than $4500 for all of those playfields.

What I said is that he's not going to get them in that price range.  That statement will be true.

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Re: Great opportunity. But my dilemma...
« Reply #23 on: October 11, 2007, 02:46:26 pm »

What he's describing now is different than $4500 for all of those playfields.

What I said is that he's not going to get them in that price range.  That statement will be true.

True. I'm actually glad he's thinking in terms of partnership since it means no money out of pocket and I still get in on the profits. He's also not going to have a problem continuing to store the stuff as long as he wants to do one thing at a time.
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #24 on: October 11, 2007, 02:47:42 pm »

And if you want to cherry pick the items, you are free to do so, which is cool.


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Re: Great opportunity. But my dilemma...
« Reply #25 on: October 11, 2007, 03:55:57 pm »
NTTAWWT

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Re: Great opportunity. But my dilemma...
« Reply #26 on: October 11, 2007, 05:46:19 pm »
Cowbell,
IIRC, you're in Chicago right?  I would love that Mario Bros. and another generic one to MAME.

JimmyU

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Re: Great opportunity. But my dilemma...
« Reply #27 on: October 23, 2007, 04:39:35 pm »
He won't.  Not at his price range.  Not from a guy who actually works for Stern and knows exactly what he has.
And on the other hand, oh great Kreskin, people like this who get stuff for free or at wholesale might not necessarily care about market value if all they want is to get rid of stuff.
NO MORE!!

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Re: Great opportunity. But my dilemma...
« Reply #28 on: October 23, 2007, 04:52:07 pm »
Any recent news on this?


Encryptor

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Re: Great opportunity. But my dilemma...
« Reply #29 on: October 23, 2007, 06:04:45 pm »
And on the other hand, oh great Kreskin, people like this who get stuff for free or at wholesale might not necessarily care about market value if all they want is to get rid of stuff.

Yeah, you try talking someone really inexpensively out of something they know is worth many thousands to rabid collectors.  It's not like he is sitting on old washing machine parts. 

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Re: Great opportunity. But my dilemma...
« Reply #30 on: October 24, 2007, 05:41:43 pm »
Cowbell,
IIRC, you're in Chicago right?  I would love that Mario Bros. and another generic one to MAME.

JimmyU

I picked up and sold one of the Mario Bros already. There is another one I'll keep you posted on. I'm in Naperville. My big dilemma now is finding storage space for all these cabs. $150+ a month for public storage is still nuts.
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #31 on: October 24, 2007, 06:02:44 pm »

Try private storage... you can get someone's garage cheaper sometimes.

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Re: Great opportunity. But my dilemma...
« Reply #32 on: October 24, 2007, 07:00:47 pm »

Try private storage... you can get someone's garage cheaper sometimes.

Sure, Come put them in my garage.  ;D

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Re: Great opportunity. But my dilemma...
« Reply #33 on: October 24, 2007, 09:16:57 pm »
Quote
I picked up and sold one of the Mario Bros already. There is another one I'll keep you posted on. I'm in Naperville. My big dilemma now is finding storage space for all these cabs. $150+ a month for public storage is still nuts.

I'm in Aurora; we're pratically neighbors ;)

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Re: Great opportunity. But my dilemma...
« Reply #34 on: October 25, 2007, 10:43:58 am »
I am only about 4 hours away in Cedar Rapids, IA  Give me a month and I could have space for about a dozen of them. ;D  Seriously though I would love to get my hands on a MAMEable cab.

TTFN
Kaytrim

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Re: Great opportunity. But my dilemma...
« Reply #35 on: October 25, 2007, 11:38:22 am »
Jimmy and Knave, I'll be there with the truck full tonight!  :o

I posted an ad on craigslist a few weeks ago for anyone who had garage space or extra warehouse space. A few promising responses but nothing solid so far. I'm offering cash or a cabinet. I'm looking to turn these around fairly quickly so I wouldn't need the space more than 6 months I'm guessing. My other option is clearing out my garage as much as possible to make room, getting an auto-start installed in our van so the wife and kids don't freeze in the mornings when the van gets parked in the driveway, then profit! 
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #36 on: October 25, 2007, 11:49:09 am »
I've got a friend who manages a warehouse in the south suburbs.  I can check with him to see how much it would cost to store them for a few months.

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Re: Great opportunity. But my dilemma...
« Reply #37 on: October 26, 2007, 12:00:01 pm »
I've got a friend who manages a warehouse in the south suburbs.  I can check with him to see how much it would cost to store them for a few months.

Excellent! Let me know. I'm really lucky the guy is not giving me a hard time about getting the whole lot out of his garage. I think as the weather gets colder, he'll start making more noise. I'm shooting for Dec. 1 to have a plan to get them all out of there.
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #38 on: October 29, 2007, 04:52:43 pm »
Picked up Tron, Timber, and 3 cocktails. Two of the cocktails have no pcb but are Arkanoid setups, the third has a broken monitor but the Elevator Action inside works perfectly. I hooked up a little 13" monitor and it worked great. Sold Timber already and have interest in the cocktails and Tron. These are moving faster than I expected since I'm not jacking the prices up too much, just enough to make it worth my while. We all profit!
I've got a fever...

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Re: Great opportunity. But my dilemma...
« Reply #39 on: October 29, 2007, 05:26:32 pm »
Hey is there by any chance a midway coin door he has around that isnt needed?  :'(
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Re: Great opportunity. But my dilemma...
« Reply #40 on: October 29, 2007, 08:04:35 pm »
Cowbell:

Any sit down or 4 player cabs?

=J
Well, that's where we go a-ridin' into town, a whampin' and whompin' every livin' thing that moves within an inch of its life. Except the women folks, of course.

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Re: Great opportunity. But my dilemma...
« Reply #41 on: October 30, 2007, 12:34:45 pm »
No and no. No extra Midway coin doors and no sit down or 4 player cabs. Most of them are either the classics that I listed and then there are several Shinobi conversions (2 Dig Dug cabs converted  :banghead:).
I've got a fever...