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Good news, everyone, I survived!

Dominus

Dominus

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I'm sure you guys have heard that many small businesses went permanently belly up because of the pandemic. Well, I'm happy to report that after months of operating at a loss as well as many many many many sleepless nights (I have poured my heart and soul into this business and have lost 10s of thousands), I'm finally back at net positive. :gogirl:

Back when this whole thing started, I had 2 choices to make: (1) pull back and hope for the best or (2) spend the remainder of my resources to expand expand expand to look for other sources of revenue. After considering everything, I decided to go with #2. I spent the rest of my liquid assets to expand expand expand. The new sources of revenue really helped me stay afloat. But when all said and done, I was still operating at a loss.

I just ran the numbers today and woohoo I'm back in the net positive. And because of the interruptions due to the pandemic, I have built in some safeguards against another shutdown.

Just thought you guys would like to know. I no longer have to eat out of the garbage to survive. I literally was down to my last dollar not too long ago. I kept telling myself I had no where to go but up as I watched my bank account go into the negative to keep the bills paid. Scary times...

Anyway, :wheee::wheee::wheee::cowboy::cowboy::cowboy:
 
Congratulations!

This has been a tough year - I see closed businesses and for rent signs everywhere I go -

Wonderful to hear about someone who made it!
 
Can you lend me some money?
 
It's all about cash flow.

But I think that unless you are hooked in with predatory lenders, they would have helped you out.
 
rareboy said:
It's all about cash flow.

But I think that unless you are hooked in with predatory lenders, they would have helped you out.
Click to expand...

It really is all about cash flow.

What are you talking about predatory lenders? I'm staying the hell away from predatory lenders. Which is why I have had such a hard time getting a loan.

See, banks are in the business of lending money to people who don't need it. The more you tell a bank you need that money to survive, the more unlikely they will approve a loan.

Furthermore, banks are the most traditional, the most conservative entities out there. If you start a business, they want to see you use a cookie cutter business model. In my case, I'm in real estate. The cookie cutter model for this is I hold a full time job while getting 1 rental unit. The rental is meant as a side gig, something that is not serious. Get a 2nd rental unit in 2 years or so. Keep full time job. That's the cookie cutter strategy that they wanna see.

In the last 2 years, I have gotten 16. I have quit my full time job to go all in on this venture. This is as far away from the cookie cutter real estate strategy model that banks know and love. Hence, they are waiting for me to fail. Everybody is waiting for me to fail. Most people are used to seeing it as a side gig, not something real unless you're a conglomerate like the Trump organization.

I have a meeting with the bank either later this month or next month, pending on when they feel like seeing me. I'm going to tell them remember me from 2 years ago? Well, I'm still alive, kicking, and I got a shitload more properties than last time. Here is my financial statement. Let's talk.

If they still don't approve a loan, I got a backup plan. It ain't pretty, but I will do whatever to keep this company alive and expanding. Hint: There are storage units and apartment complexes coming soon to a city near you LOL.
 
Dominus said:
See, banks are in the business of lending money to people who don't need it. The more you tell a bank you need that money to survive, the more unlikely they will approve a loan.
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Hahaha.

This is so true.

When we went to a bank to get a loan to purchase our farm in 1988, because I only had one other rental property as equity and was a self-employed consultant, the bank wanted me to have my father co-sign on the mortgage.

I told them to go fuck themselves and got some private financing to bridge the gap.

A decade later, after we had paid the full mortgage off and I was buying more property, the bank called to offer financing.....but again, I went to a private lender I could trust.

Over the years, they periodically try to get us to borrow but we pay cash for everything now.

Yup. They only love you when you have money.

But cash flow from rent is almost just as good if the balance sheet shows the income covering the mortgages and taxes.
 
Why did you have losses? Were your tenants unable to (or refuse to) pay you? Were you unable to lease your units? Did you buy properties during this period that you were subsequently unable to lease?
 
Latimer said:
Why did you have losses? Were your tenants unable to (or refuse to) pay you? Were you unable to lease your units? Did you buy properties during this period that you were subsequently unable to lease?
Click to expand...

Imagine a tribe of hunters and gatherers. Their economy is entirely based on buffalos. Winter is here and they got 3 buffalos. The tribal bean counters propose they have to ration the 3 buffalos to last them the entire winter. The hunters have a different proposal. They say "give us 1 buffalo to eat so that we may have the strength to go out and hunt for more buffalos".

Here is how I see it. It doesn't matter what they ultimately decided to do, the fact remains that trying to live on only 3 buffalos for the entire winter just means everyone will die slower, because 3 buffalos are just simply not enough to keep everyone alive through the winter. By the time this fact is obvious, no one will have enough strength left to go out and get more buffalos.

Or you can see this from a military point of view. A city goes under siege. The people of the city has the choice of hunkering down and hope for the best or fight now when everyone has the strength.

I had a choice to make. The shutdown + eviction moratorium = more than half my revenue going away. For a little while, there was relief in sight when the republican controlled congress passed a stimulus package to help small businesses survive this thing. Then I found out that since the IRS considered my business' source of income as "passive", I wasn't qualified for any help at all. Nothing. Nada. Not even a penny.

This was when I realized something. I couldn't be the only landlord facing extinction. So, I started looking around and sure enough there were other landlords (mom and pop landlords) who were already always 1 rental payment away from losing everything. This was when I dedicated the rest of my liquid assets and everything else I had to gobbling up these GREAT DEALS. And you'd be surprised how low a home owner is willing to sell the house for when they are desperate enough. Yeah, I'm a dirtbag :lol:

I'm not going to go into details because every W-2 person I know thinks they have better business sense than an entrepreneur like myself. But suffice it to say, I am finally passed my hardship trial period. And during that time, I have gobbled up a bunch of properties from desperate mom and pop landlords for penny on a dollar. And through some creativity, my lawyer and I have managed to circumvent the eviction moratorium and got rid of all the trouble tenants during that time. Again, I realize there are a lot of people who don't agree with me on this one. But I did what I had to to turn a crisis into an opportunity.

My only regret is I was incapable of taking more advantage of the situation. As you can imagine, I really stretched myself to the limits.
 
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As long as you do no harm to others, you should be able to live with yourself, without regrets.
 
Another good news, everyone!

A few months ago, I got served with an injury lawsuit. It is one of those ridiculous, frivolous lawsuits that they hope I'd settle just to make them go away. After consulting with my litigation lawyer, he agreed with me that they have ZERO chance of winning. I had 3 choices: (1) File a counter suit and keep pounding it to the end to make a big deal out of it, (2) write them a check to make them go away, and (3) file a counter suit and focus on the other side's lawyer to make him understand he has ZERO chance of winning. Personal injury lawyers only get paid if they win. If they understand they have zero chance of winning, there is no reason for them to drag it out. Nobody wants to work for free! I decided the choice that makes the most sense is #3.

Well, I just got off the phone with my lawyer. He has forwarded everything we have to the other lawyer. The other lawyer just told him that he and his boss will have a talk with their client where they will strongly advice their client to drop the case. If their client doesn't agree, he heavily hinted that they will drop their client. So, even the injury lawyer on the other side thinks they have ZERO chance of winning this.

It looks like I'm going to walk away from this unscathed (minus lawyer fees).

God, I hate people who file frivolous lawsuits to see what sticks.
 
Dominus said:
Another good news, everyone!

A few months ago, I got served with an injury lawsuit. It is one of those ridiculous, frivolous lawsuits that they hope I'd settle just to make them go away. After consulting with my litigation lawyer, he agreed with me that they have ZERO chance of winning. I had 3 choices: (1) File a counter suit and keep pounding it to the end to make a big deal out of it, (2) write them a check to make them go away, and (3) file a counter suit and focus on the other side's lawyer to make him understand he has ZERO chance of winning. Personal injury lawyers only get paid if they win. If they understand they have zero chance of winning, there is no reason for them to drag it out. Nobody wants to work for free! I decided the choice that makes the most sense is #3.

Well, I just got off the phone with my lawyer. He has forwarded everything we have to the other lawyer. The other lawyer just told him that he and his boss will have a talk with their client where they will strongly advice their client to drop the case. If their client doesn't agree, he heavily hinted that they will drop their client. So, even the injury lawyer on the other side thinks they have ZERO chance of winning this.

It looks like I'm going to walk away from this unscathed (minus lawyer fees).

God, I hate people who file frivolous lawsuits to see what sticks.
Click to expand...

I try to anticipate all of these.


Glad to hear you've dodged another bullet.
 
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