We have been working on deal four for a while. We bought a property at auction that required a full renovation. We traveled out to the city, signed the docs and then booked a bunch of bids for the weekend that I was there. Some of the bids were reasonable and some were not.
I ended up getting started with one of the more reasonable contractors.
We started with the roof and the electrical. He did some electrical work and then they repaired the roof. They were both crap jobs. We moved on to the kitchen and then all of a sudden he disappeared. We didn’t know where he was. Turns out that Tyrone had been arrested and now we had to find a new contractor.
We reached out to a few guys and got a bunch of crazy rehab numbers. 40k, 50k 100k. Finally we found someone that gave us a quote of 20k.
Given that we were already halfway in the project this was even more expensive than we had planned. I knew we had 10k but had no idea how we would get the rest. Instead of figuring that out I told the contractor to get to work.
As he was working I was slowing coming into more and more cash to fill the gap. I had some options that hit, I had some business income hit and some partners stepped up. The final push was a line of credit we got approved for under Todd Capital LLC. We are now able to get this done and the project is 75% finished.
When we were sitting with low cash and a high bid I didn’t know how I would get the project finished but I knew it would have to get finished. I had a choice to sit there and try to figure it all out or get moving knowing that as the project got closer to completion we would find a away. I chose progress.
The moral of this story is get in the game and find a way. The moral is get in the game even if you don’t fully see the way. If you are in the game you will make yourself more attractive to wannabe players, investors, funding sources etc. But if you are sitting there you will likely just continue to sit there. Jump in the pool and tread water. The stress, pressure and insecurity will make you scrap together a solution that perfect world you would never consider.
I wasn’t expecting the business credit or the investments but I knew that I would find a way to close the gap. I knew that I would get the project 95% of the way there and either keep the contractor in the deal until we sell during which we would list the property before sold or we would get a loan from by rich uncle or I would have to liquidate my own investments, but I knew we would find a way. Winners always do.
I encourage you to get started doing what you set out to do even if you don’t see the full stair case. Know that it will reveal itself to you as you get closer but you must move toward the goal.
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