• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. The forum software will be upgraded on Sunday May 26th and may not look normal during the transition. Some functionality may be offline. This is TEMPORARY and is expected to last up to 8 hours.
  2. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

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

Discussion in 'General Mindset, Motivation, Beliefs' started by SteveO, Jun 4, 2015.

  1. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Not really wasting away though. Too bad that I don't drink alcohol!

    My wife and I have just gone under contract to purchase a golf course in Arizona. It is a major decision for us.

    We are sitting in the prime situation of having enough income to live off of from our properties. So, it makes sense for us to dive into a business that we love!

    It is a full golf course with eighteen holes, a practice range, and clubhouse.

    The course is in bad condition with a large investment fund owner that does not seem to understand that you need to put money in to get money out.

    There is still a full range of due diligence to be completed but we have done a lot of it already.

    Seems that just sitting or goofing around is not in the cards....
     
    Jsoh, DaDream, handog and 70 others like this.
  2. DeletedUser394
    Offline

    DeletedUser394 Bronze Contributor

    Messages:
    0
    Likes Received:
    357
    Joined:
    Mar 24, 2008
    Rep Bank:
    $2,060
    When I grow up, I want to be like SteveO
     
  3. AllenCrawley
    Offline

    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,904
    Likes Received:
    15,891
    Joined:
    Oct 13, 2011
    Gender:
    Male
    Location:
    Scottsdale, AZ
    Rep Bank:
    $75,305
    Wow, very exciting. Can't wait to break it in.
     
    Eskil, Vigilante and SteveO like this.
  4. Mrs. BRKb
    Offline

    Mrs. BRKb Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    703
    Likes Received:
    971
    Joined:
    Apr 27, 2008
    Gender:
    Female
    Location:
    USA
    Rep Bank:
    $5,109
    Nice, @SteveO !

    I'm eager to hear every detail along the way.
     
    SteveO likes this.
  5. Vigilante
    Offline

    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    9,810
    Likes Received:
    56,792
    Joined:
    Oct 31, 2011
    Gender:
    Male
    Location:
    Gulf Coast
    Rep Bank:
    $197,790
    A sideshow to the meet up next year could be a charity golf tournament held at Steve O's golf course
     
  6. YoungGun
    Offline

    YoungGun Contributor Read Millionaire Fastlane

    Messages:
    29
    Likes Received:
    32
    Joined:
    Jun 2, 2015
    Gender:
    Male
    Rep Bank:
    $187
    What an investment you have!
    Not only are you starting a business and contributing to a great game, the land is a great asset as well!
    Good luck to you.
     
    Chitown and SteveO like this.
  7. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    28,045
    Likes Received:
    93,345
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $404,701
    Admin Post
    Does this mean you are moving to the SW?

    A note for some of the younger folks...

    I doubt there are many books on how to buy and revitalize a golf-course. Life isn't about looking for the instruction manual first before doing something... sometimes, you just do it, and find your way as you go.

    Congrats whether it happens or not, just being able to have it as a choice is freaking incredible.
     
  8. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,322
    Likes Received:
    7,555
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,171
    There was an old PC game called SimGolf. Suggest picking it up. LOT of cool ideas on holes, sequencing, keeping patrons happy, creating a story..... deep stuff.

    Maybe we could have a secret password for fastlaners coming out to play......
     
  9. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Okay. Just an update.

    We have sifted through hundreds of pages of reports on, water viability, environmental, and property condition. Fun reading! Have not found any major issues yet.

    The bank is on board pending the appraisal. I met with the top bank officials last week. They are even going to loan us 400K on top of the purchase price to do the improvements.

    We have not yet put any money into our dd as we are waiting for signatures on the contract. We are dealing with a large company as a seller and they seem to have many layers.

    All of our preliminary data is checking out though and we have strong confidence that this it going through. So much in fact that we have put offers on houses in the other city.
     
  10. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Yes, we would be moving.

    I can't talk about the golf course or location yet per the confidentiality agreement that we signed.
     
    Chitown likes this.
  11. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Our plan is to do something a little different. We want to turn this place into a hang-out with food, games, and drinks. It is already located in a community so we want to draw people in for the environment.

    As far as the revitalization goes, I think it will be easy compared to what I have done with apartments. The first company that I ever started was a landscape construction business. I love gardening and have studied it as a hobby for many years. There are many employees here. A general manager will deal with the issues from them. But, I have many years of experience managing employees to fall back on.

    There is a large mechanical component to this job with all the equipment. I worked as a mechanic in an auto repair shop for a period. I also supervised a group of technicians that kept a multi million dollar automated assembly line maintained and functioning.

    This project is right up my alley!
     
    TheCj, WildFlower, Almantas and 12 others like this.
  12. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,322
    Likes Received:
    7,555
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,171
    What's your handicap?
     
  13. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Ha! It varies depending on the frequency of play. Mine will vary between 12 and 18 although I do not track it regularly. I have been taking lessons for the past few months and expect to improve. My wife has an index of 7.5. She outplays me from the men's tees. She is the reason I took up golf in the first place. :)
     
  14. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,322
    Likes Received:
    7,555
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,171
    With my boys newfound wealth, they have now begun to take up golf and get me back out on the golf course. Look forward to coming out and playing your course one day!
     
    Kingmaker and SteveO like this.
  15. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Just an update.... We are still in the due diligence stage of the game. We have done 80% of our investigation and plan to proceed forward with the purchase.

    As a result, we have found a house to purchase that is on the golf course. Our current house went on the market for sale a week ago and is already under contract to sell.

    We have all our apartments up for sale. I am considering selling our strip center as well. There is a small possibility that we could own this course "free and clear" of any mortgage. This all depends on the tax hit from the sales. I can only 1031 exchange a small portion.
     
    WildFlower, Greg R, Chitown and 8 others like this.
  16. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    28,045
    Likes Received:
    93,345
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $404,701
    Admin Post
    Dude, you know what that means? You have secured the F*ck YOU stage! (OK, maybe you're already there.)

    :rockon:

    Congrats.

     
  17. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    I'm still shaking my head and saying "F*ck ME!"
     
  18. Get Right
    Offline

    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,247
    Likes Received:
    5,338
    Joined:
    Jul 16, 2013
    Gender:
    Male
    Location:
    Sunny Florida
    Rep Bank:
    $36,336
    I'll fly out there with you for opening day! Go SteveO!
     
    SteveO likes this.
  19. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,322
    Likes Received:
    7,555
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,171
    Thinking you keep some of your cashflowing properties. Golf is not on an upswing. Feel strongly that you will make this thing profitable, no matter what. Just think I would be akin to keeping some 'other' revenue sources.
     
    Martin Tale, Chitown, SteveO and 2 others like this.
  20. MKHB
    Offline

    MKHB Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    291
    Likes Received:
    419
    Joined:
    Jun 26, 2015
    Gender:
    Male
    Rep Bank:
    $2,795
     

    Attached Files:

  21. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    @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.
     
  22. MKHB
    Offline

    MKHB Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    291
    Likes Received:
    419
    Joined:
    Jun 26, 2015
    Gender:
    Male
    Rep Bank:
    $2,795
     
    SteveO likes this.
  23. SimonP99
    Offline

    SimonP99 Contributor

    Messages:
    28
    Likes Received:
    35
    Joined:
    Jun 19, 2015
    Gender:
    Male
    Rep Bank:
    $199
    Seems to me that SteveO may be the guy to write that "How to buy a Golf Course and Live Your Dream" book when the deal is done, the rehab is finished and his business is thriving. How any golfers would LOVE to do what you are doing? Good Luck to you mate...
     
  24. SteveO
    Offline

    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,494
    Likes Received:
    13,864
    Joined:
    Jul 24, 2007
    Rep Bank:
    $96,028
    Just a quick update.

    We are set to move on Monday. Our house purchase on the golf course is now closed. Our current house sale should be finalized next week.

    Our loan for the golf course has been a challenge. We were originally trying to get an SBA loan. The plan was to borrow $150K on top of the loan. This combined with our reserves would allow us to put $300K into upgrades and repairs. The SBA program had a hiccup when it ran out of funds to be able to commit to loans a few weeks ago. This issue was fixed about a week later but our lender felt that the whole system was disrupted. The thought was that we would not be able to close by our scheduled date. Closing on time is very important to the seller.

    We are now looking at this as a standard commercial loan. This changes will mean much more money down and no extra on the reserves. We will be scraping the bottom of the barrel to start the operations. We have two apartment complexes up for sale and one of them in under contract. That will help us with the funds needed.

    Only two weeks from the scheduled close date. We are scrambling to get everything setup for large employee jump. We also need to make some large purchases for equipment. The golf season starts in October here in AZ so we will be very busy.
     
    handog, WildFlower, lucasb and 19 others like this.
  25. SimonP99
    Offline

    SimonP99 Contributor

    Messages:
    28
    Likes Received:
    35
    Joined:
    Jun 19, 2015
    Gender:
    Male
    Rep Bank:
    $199
    FOUR!! Game on, You've hit the rough, chipped out and hopefully in October you'll be hitting the "green" Good Luck man...
     
    SteveO likes this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page