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  1. Michael Burgess

    Is it possible to find a very small workshop

    Not that you'd necessarily want the headaches associated with it... but if you could find a larger property (whether office space, industrial yard you put shipping containers on, or warehouse-type building), you could keep some of the space for yourself and rent the rest out. That could be...
  2. Michael Burgess

    Anyone in Waste Management Business??

    I'm in the waste management business... indirectly. As a contractor and landscaper I'm always moving materials around - construction waste, soil, branches, etc. I've considered adding a truck with detachable "bins" to add to my list of services as a way to manage others waste, but haven't...
  3. Michael Burgess

    Should I invest in stock market if I am trying to start a fastlane business?

    HOT! MINDSET 
    If I were in your boat, I think I would: 1) Keep some cash liquid for security and peace of mind 2) Invest heavily in your own education; learn more about the business you intend to be in, or the vehicles you intend to invest in, before throwing money around 3) Use as little cash as possible to...
  4. Michael Burgess

    Michael's Progress Thread: three businesses?!?

    EXECUTION 
    Here's a little update from the last couple months; I have recently sold two of my properties, the 7 acre farm, and my personal residence / workshop in guelph. Bought the farm for $150K one year ago, selling it for $260K this month. Bought the house for $315K in January, selling it for $451K...
  5. Michael Burgess

    C0VlD-19 Effects on Rental Properties

    REAL ESTATE 
    Canadian here. From what I've heard, a lot of my landlord peers are a little on edge but things are still working fairly well - no unusual payment or tenant issues. Personally, I had one tenant that stopped paying months prior to covid - by the time I could take him to the Landlord Tenant...
  6. Michael Burgess

    Question RE Listing site startup

    EXECUTION 
    Just to clarify, how is your site different than the MLS or classified sites where people list FSBO's? Without knowing much, I'd guess you'll have a hard time charging anyone until you have a useful site with a fair number of users. I'd focus on building a useful website for users first and...
  7. Michael Burgess

    Finding and Hiring Rockstars. I need advice.

    PEOPLE 
    Another option is to find employees already working for another company and poach them? Not that I've had great experience finding reliable and ambitious employees, but could be worth a try.
  8. Michael Burgess

    Gold & Silver Megathread

    INVESTING 
    FWIW, silver is actually largely an industrially-used metal; up to 60% of silver mined is consumed for industry. (according to these guys, anyways: What does 2018 have in store for silver? | Thomson Reuters) Silver also isn't easily recovered, once used. There isn't enough of it in any given...
  9. Michael Burgess

    Looking for the Technically Minded

    Do you mind sharing a bit more detail about your project? I own a small vegetable farm myself, and see a number of businesses that already serve as liaisons between farmers and consumers. Door to door delivery, weekly baskets, distributions to local food co-ops and grocery stores, etc... What...
  10. Michael Burgess

    How do you guys start organized with multiple businesses?

    I'm nobody to look up to or emulate in this matter, but I recently opened up corporations #2 and #3 - they're all managed separately, despite the fact they are integrated in some ways. Keeping clean books, separate bank accounts, credit cards, CRM's, and KPI's for the companies allows you to...
  11. Michael Burgess

    New from Detroit

    INTRO 
    Hey Michael, thanks for the intro! I've loosely considered getting into the Detroit market myself - I have a couple properties in Chatham, ON (one hour NE of Detroit) and have helped some friends with residential flips in Windsor as well. I've been sort of turned away from Detroit because of...
  12. Michael Burgess

    Building a billion dollar enterprise

    GOLD! EXECUTION 
    That's a big a$$ project! Good luck, and definitely keep the updates rolling.
  13. Michael Burgess

    Flipping Land

    "Flipping" in my mind implies actually improving the asset - eg flipping a house would involve new flooring, a kitchen, tile in the bathroom, landscaping, etc. Mind you, if you get anything cheap enough - land in this case - you can always find a buyer for it. Just consider that many lenders...
  14. Michael Burgess

    Michael's Progress Thread: three businesses?!?

    EXECUTION 
    Hey everyone! Long time (mostly) lurker here, and by request of @Ronak and @ecommercewolf I've decided to start up a thread dedicated to my business progress. I'll do my best to summarize close to a decade of business and life progress in a relatively short period of time, haha. Warning: it's...
  15. Michael Burgess

    STOP Paying Rent: Live For Free

    GOLD! REAL ESTATE 
    Bump on this thread! I sold my 4 unit building (see a page back for the story of buying it), and here's what I cleared after selling it - and this is AFTER I put a 2nd mortgage on it for another $30K a few months back, which I got to keep in my pocket. Bought for $156K, sold for $225K...
  16. Michael Burgess

    The Quickest Way I Know of To Make $10k If You Are Dead BROKE!! SERIOUSLY

    EXECUTION 
    Thanks for the post, @Yussef. I have no idea why so many people are shitting on this idea. I know plenty of people personally that have & still do wholesale real estate, and have built serious businesses around it. It's a pretty simple thing to do, just requires basic information and a lot of...
  17. Michael Burgess

    Generally speaking, how much should I pay myself?

    HOT! 
    Do you mind me asking what type of business or industry you're in? Put another way, would your business benefit from keeping the capital, and owning more equipment / marketing for more leads / hiring employees, etc.? If you think you could put the capital to good productive use, I would pay...
  18. Michael Burgess

    Anybody from Canada? It's highly likely you are about to be hit extremely hard by the coming recession..

    OFF-TOPIC 
    I'm in Canada too, and definitely won't be surprised that we'll be hit hard; not that I want to see that happen. From what I understand, and have seen myself, Canadian's are some of the most indebted individuals per capita, compared with any other country out there. The Federal government is...
  19. Michael Burgess

    Any Canadian Real Estate lawyers here?

    REAL ESTATE 
    Something I put into my contracts is the right to assign the purchase to any person or corporation before closing. Do you know if there was a clause in your agreement for this? If so, if you can find another investor / wannabe homeowner to take over your contract, you should be able to get all...
  20. Michael Burgess

    Never been good with money..like ever!

    I would suggest paying down whatever bad debts you have (eg. high-interest credit cards, auto loans, etc) ASAP. While doing that, try to keep your personal expenses as low as reasonably possible. Build up whatever "emergency fund" you need (say 2-3 months expenses), so if something catastrophic...

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