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  1. White8

    Fast Lane Financing

    REAL ESTATE 
    A) Hard bridge with bank lined up after the stabilization period. Should be 12-18 months max based the the appraisal for the first project. There is enough fluff in the loan to put downs on the next two properties. (Thank you volatile lumber market) B) I'm looking for money to build the units...
  2. White8

    Fast Lane Financing

    REAL ESTATE 
    I'm about 30 days out on starting a mini storage project and have a bridge loan in place for it. I've since found a couple of additional properties that I think I can get for next to nothing to develop another mini storage facility and a tiny home village. Since I would have a low equity...
  3. White8

    Creative Financing

    I read an article the other day about Evan Holladay and how he has been able to creatively finance 100% of several affordable housing projects using a combination of grants, tax credits, and low rate financing. I've got a commercial project about to start with significant LTV but I stumbled...
  4. White8

    Starting Over

    Back in 2008 I made a horrible mistake and bought a construction industry business just before the great recession. After spending everything I had to keep it alive, in 2016 I finally shut it down after being stiffed $35,000.00 by a general contractor on a BLM job. The only good thing to come...
  5. White8

    Hold or Sell?? 100k profit on Duplex

    HOT! REAL ESTATE 
    I'm a big fan of the long term hold. Leverage what you have and buy the next. I know of a small complex built here in 1972 for $12,500 that's worth $1.3m and would sell in a few days. The one across the street was 1976 for $26,000 and would go for $1.5m
  6. White8

    Starting an Electric Company

    I bought a shop in Oregon just before the "Great Recession" Some things to consider: 1. Does your state allow a Journeyman to run his own shop? In Oregon, each shop must have a supervising electrician who has x number of hours in the industry and passes an additional test. I know some...
  7. White8

    Opportunity to Buy B&M Biz for $575k

    In my experience with buying someone else's business: 1. Books can be cooked. A valuation is based on data given to the person doing the valuation not hard data. Even a CPA will tell you that someone who is familiar with the company can bury data so deep that it would be hard to find. What...
  8. White8

    Brand Recognition Problem

    MARKETING 
    I'm an electrical contractor and have contacted my former general contractor customers and although most have been polite they are not particularly interested in coming back. One summed it up the best when he said he didn't have anything against me, he just likes the other guy.
  9. White8

    Brand Recognition Problem

    MARKETING 
    Already in the process...
  10. White8

    Brand Recognition Problem

    MARKETING 
    A few years ago I purchased a business. The seller's son stayed with the company for a period of time as an estimator and then left to concentrate on a competing business that he purchased despite a non-compete (which should be resolved in a few months..). Along with stealing all of the...
  11. White8

    Buying first warehouse.... words of wisdom?

    REAL ESTATE 
    That seems high to me for warehouse space. I would take a look at loopnet and wvmls.com as well as craigslist and see what else is out there. I'm sure if you talk to the right people there are properties that have been either on the sale or lease market that have been sitting for a long time...
  12. White8

    Question on Whole Sellers and Retailers

    The biggest thing to remember with wholesale is it's just that, whole sale meaning most manufacturers only offer that level of pricing to companies that can buy in quantity. That quantity might be a case, a pallet, or a container. If you have the capital to sit on inventory for a period of...
  13. White8

    building business systems - recommendations?

    Regarding estimating, give your estimator a range of profit margin and then give him a percentage of the profit on each sale. It's amazing how people hold margin when there is a benefit to themselves. It also takes some load off of you. I have also shared my cost per hour with some trusted...
  14. White8

    Is He Crazy?????

    Be sure to check on local garbage franchise laws. Someone opened a 1-800 Got Junk franchise in my area and within about six months the local garbage companies had him shut down because he was in violation of the franchise agreements they had with the city.
  15. White8

    Where to find REAL investors?

    PEOPLE HOT! 
    At this point you have 50% of nothing and if you invest $10k you could potentially end up with 100% of a negative $10k. I'm not a fan of partnerships but if you can't write the code and don't have the cash, this would seem like a really good option especially if you can get him to take less...
  16. White8

    I think I got screwed

    Sorry to hear that you're having a bad time too. Housing isn't a problem as my Dad was a developer and Mom has the last set of apartments he built so I have a free apartment in exchange for helping her with the property. I've also really cut staff to the bone but expenses are still fairly high...
  17. White8

    I think I got screwed

    No wife, no kids, no girlfriend. My mom lives close by and my dad died seven months before I bought this thing. As far as my health, my blood pressure is now a consistent 160/100. I'm no longer actively flying as my flight surgeon would give me a lot of grief over that blood pressure. It...
  18. White8

    I think I got screwed

    It's been several months since my last post and business has been dead slow and I don't see it improving in the next few years as the housing market here is horrible. There was a recent article showing home values for the area have dropped another 10%. I contacted the lender Friday to see if...
  19. White8

    I think I got screwed

    Thanks for the reply. I have my CPA working on it and plan to try to go from the angle that the broker cooked the data to make the business look much better than it was. When I showed the office manager his spreadsheets several months ago she said that it wasn't accurate. Hopefully he or...
  20. White8

    I think I got screwed

    So basically I'm just F%$#ed. I just can't see how it can go from +$370k to -$130k in two years without any changes from me. Hell, the seller is even still doing some part time estimating.
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