Margaritaville (I've Bought A Golf-Course!)

[SteveO]

Will you have a "Pro"

Yes. We have not met him yet. He is only here during the prime season.

 

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[MJ DeMarco]

Buying a golf course is a tremendous accomplishment thats put you in league with the 1% of the 1%. Thread title changed to reflect this-- not sure how many people know what went down in here.

 

[SteveO]

Shannon and I have the ongoing joke... "We bought a Zoo"

 

[SenGracic]

Legendary move SteveO !
Congrats on your purchase, I hope we can see some pictures soon !

 

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[Johnny_Hopkins]

This is just an awesome move. Congrats @SteveO

My mind is officially racing with ideas now!

 

[shubham525]

Old and disabled people who cannot play real golf can play virtual golf.( just stuck my mind )

 

[IrishSpring600]

I feel like real estate is right.

Owner sells a property either he/she is no longer passionate about or wants to profit from, investor buys said property and improves it, then owner profits of property from cash flow (or appreciation) or new client comes in to buy it.

Everyone walks away happy!

 

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[SteveO]

I feel like real estate is right.

Owner sells a property either he/she is no longer passionate about or wants to profit from, investor buys said property and improves it, then owner profits of property from cash flow (or appreciation) or new client comes in to buy it.

Everyone walks away happy!

My process...

 

[theag]

Owner sells a business either he/she is no longer passionate about or wants to profit from, investor buys said business and improves it, then owner profits of business from cash flow (or appreciation) or new client comes in to buy it.

Everyone walks away happy!

That works too .

 

[DeletedUser394]

I feel like real estate is right.

Owner sells a property either he/she is no longer passionate about or wants to profit from, investor buys said property and improves it, then owner profits of property from cash flow (or appreciation) or new client comes in to buy it.

Everyone walks away happy!

All businesses are 'right' and all transactions end up this way. That's the neat thing about it.

Take something as innocuous as a chocolate bar. I buy the chocolate bar because I'm hungry or want a sweet. My life is marginally improved by the purchase of the chocolate bar. The Hershey company gets my money, which they can then use to either pay their employees (who in turn support their own families) or use that money to improve something about the business to make even better or more efficiently produced chocolate bars in the future. It is a constant progression forward.

I value the chocolate bar more than the money (just like SteveO buying the course), and Hershey wants the money more than they want the chocolate bar (like the dude/dudette that sold the golf course to him).

Capitalism is beautiful, haters gonna hate.

 

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[SBS.95]

I'm an absolutely terrible golfer, but I'd love to play on the course if I am ever in the area.

 

[RHL]

Gotta feeling this is going to turn into a legendary thread.

@SteveO got to the point where he could pay cash for his own 18 hole and club-house. If this shit was any deeper into legendary territory Homer would have written a poem about it.

 

[SteveO]

The transaction is now closed. We own the course!

 

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[MJ DeMarco]

The transaction is now closed. We own the course!

Congrats man!

 

[Bearcorp]

Fantastic effort SteveO congratulations, and thanks for sharing with us.

The idea to turn the clubhouse into a fun place for the community is something not enough golf clubs invest in, look forward to following your progress [emoji106]

 

[Catalyst]

Your account is setup and I'm on my way with stock congrats man fun move

 

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[jon.a]

Your account is setup and I'm on my way with stock congrats man fun move

Did you just get a big sale?

 

[Catalyst]

Did you just get a big sale?

Nope, just messin with steveo, green grass accounts are usually only about 10 stocking units and independants usually want to consign , so to put in perspective 200 units went out before breakfast yesterday

 

[MKHB]

@MKHB
"You must be very real estate savvy. This is very exciting, yet complicated endeavor-you got some big ones."

Nope. All the golf balls are the same size...

So you were able to depreciate over 10M of the 15M purchased assets (not including land) at a faster rate?

I am hoping to do a reverse exchange as well.

That's great. I wasn't sure if it was Ancala in Scottsdale, the Havasu Course or the one in Yuma you were after.

Did not want to ask, until it went thru. Small world! That cost segregation spread sheet I sent you was
the one we did for CNL for Ancala, before they sold it to the new owners ( CF/Fortress) the guys who own the hockey team down there).

 

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[SteveO]

That's great. I wasn't sure if it was Ancala in Scottsdale, the Havasu Course or the one in Yuma you were after.

Did not want to ask, until it went thru. Small world! That cost segregation spread sheet I sent you was
the one we did for CNL for Ancala, before they sold it to the new owners ( CF/Fortress) the guys who own the hockey team down there).

I was actually interested in the one in Havasu (36 holes). My wife tends to throttle me back a bit. I have played Ancala before. It is a very tough course! Too expensive for me right now. Most of those courses in Phoenix don't cashflow very well. I need the cashflow to make a transaction like this work.

 

[MKHB]

I was actually interested in the one in Havasu (36 holes). My wife tends to throttle me back a bit. I have played Ancala before. It is a very tough course! Too expensive for me right now. Most of those courses in Phoenix don't cashflow very well. I need the cashflow to make a transaction like this work.

Well said, most people don't understand that really picturesque courses are not big money makers. I know of no less than 5 Pete Dye courses that are absolutely magnificent but are also in "quiet" receivership stage.

Your course is gonna be a monster.

Can't wait to come down there and play it winter of 2016.

Good luck @SteveO

 

[Bellini]

The transaction is now closed. We own the course!

Congratulations @SteveO !

I'm seeing a Fastlane Golf Course Party coming at some point.....

 

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[Fox]

Congrats SteveO!

Can someone point me to SteveOs original progress thread(s)? I keep seeing hints dropped that he has made some massive progress but I can't figure out how to search for peoples old posts. I am sure its an excellent story.

 

[iAmTrade]

Really great work- you bought a GOLF COURSE! Sheesh, one can dream or he can make it happen.

Looking forward to see what else you have up your sleeve in the future.

 

[ryanbleau]

Would have been pretty cool if you picked up the Havasu Course...2 minutes from my house. But I guess the 2 hour drive might be nice just to check it out.

 

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[SteveO]

Can someone point me to SteveOs original progress thread(s)? I keep seeing hints dropped that he has made some massive progress but I can't figure out how to search for peoples old posts. I am sure its an excellent story.

I am a real estate guy. I had already had some success when I started posting here but also had a full meltdown during the downturn. There are posts from me dating back to the beginning of this forum. In fact, I may have had the first non-MJ post on the forum.

https://www.thefastlaneforum.com/community/threads/first-post.4/

 

[SteveO]

We just took over on Friday. It is only Sunday now but it is a holiday weekend. I am embarrassed by the overgrown grass on the course. The greens keeper just let two people go on Friday which seems to be bad timing. I trust that he knows what he is doing. We have new people playing the course this weekend that I am sure will not come back with what they are witnessing.

We are meeting first thing Tuesday morning to discuss. We have a stack of resume's for people willing to take the entry level lawn mowing position. I told the GM to hire the three most aggressive people from the stack immediately. We will move to the next person if they don't work out.

 

[jon.a]

We just took over on Friday. It is only Sunday now but it is a holiday weekend. I am embarrassed by the overgrown grass on the course. The greens keeper just let two people go on Friday which seems to be bad timing. I trust that he knows what he is doing. We have new people playing the course this weekend that I am sure will not come back with what they are witnessing.

We are meeting first thing Tuesday morning to discuss. We have a stack of resume's for people willing to take the entry level lawn mowing position. I told the GM to hire the three most aggressive people from the stack immediately. We will move to the next person if they don't work out.

Offer anyone who shows up tomorrow 2 for one for their next visit free.

 

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[SteveO]

Offer anyone who shows up tomorrow 2 for one for their next visit free.

Done... Thanks!!!!

 

[LeftBench]

You bought a golf course... amazing! Congratulations on your new endeavor. I look forward to reading of your progress. Thank you for the inspiration @SteveO !