so now December 13 I am back. The only reason that it takes me so long in between posts is that I get so caught up in my day to day ops.
Last month I had a week or so that I didnt work on the cabin due to cabinet delivery. I used that time to pour some concrete in my driveway (I had a crack in it). while I was in the middle of that I had one of my guys do some grading in my patio and then I had an idea----why not put in an outdoor fireplace------so I had a guy build a wall --It is about 50 feet or so long.
Then I thought to myself---why not put in another wall in my horse corral and put in a car lift? So I had some guys start that. I am still in the middle of those projects. I also am having the tile done in two bathrooms-----talk about a whole house makeover in 6 weeks! I am doing it because nobody is working right now and labor is really cheap so I figured why not do it now?
Oh yeah--I also bought a new truck --an 08 ford f250 KING RANCH (yeaah) and an 04 jeep sahara for the cabin. I should have the truck and jeep some time this week as the truck is coming from TX and the jeep is coming from N. Carolina.
Now for the fun stuff---BIZ:
Last week was exciting. I looked at a deal that the fed was auctioning off---73 Million in debt in 9 housing developments in 6 locations. The deal consists of 44 complete houses----16 partial houses --543 finished lots ranging from 7K SF to 9KSF. There are also 403 paper lots (not yet graded dirt). Indymac and M&I banks were carrying 73 million in debt that was completely non-performing. We looked at the deal and offered them 5.2 million for the projects ---they TOOK it! There are 6 of us doing the deal and we intend to sell off the houses for 140-150K each which should net us 6.6Million-----we get paid back and have 1.4 or so left over. We are going to create a slush fund to maintain the lots until we can find a buyer for them. Hopefully we can get 20-30K a lot which is the cost to develop the dirt--------lets see 543 lots times 25k Equals 13,575,000! and we still have the paper lots. I wont say out loud how much of the project I own but, it should be a pretty good deal for all of us.
will keep everyone updated-----or hey if you want to buy 10 lots around Yuba city where my good friend Randy J lives let me know---I have some I can sell.
Monday, December 15, 2008
Friday, October 31, 2008
Oh man--last post was july 23--way too long.
I have missed August, September and Ocotber. I will blast thru what has happened. On the business front--Pinnacle Realty and my buddy Tim Eppler formed a new company COF capital and we did a 10MM bridge loan in Aug and another 12.2MM bridge for Nehemiah in September. With the interest earned from those last 2 months I hit my yearly nut--thank you Nehemiah.
As you know I have been in talks with Dr. Horsepower to take the CEO spot. Sometime late August I told them that I would take the position. I spent a lot of time in between working on the cabin re-thinking a lot of what they had already done. re-doing company focus and realiging corporate structure. Everybody was pumped and we even went to the firm's law firm to announce that I would be taking control. Right at the last moment when I had decided that we needed to raise 5MM for first year operations----I started asking them for all the details on the deals they have done and are in the works---two weeks go by and I dont get the information. I was thinking something was a little weird and when I started pushing them they got a little screwy and started saying that we needed to close my deal before they gave me the details. And then it happened----they changed the deal. These crazy guys wanted to give me the company for 3.7MM dollars and 50% of the net profits. They even asked for a board seat! I was shocked that these guys turned a start-up into a sale. They were getting nervous that if they put me into the drivers seat that somehow I would eventually push them out----so they were trying to put this huge collar around my neck so that they could always ensure thay they got paid. Needless to say I walked away and then they started to get a little nasty. I will tell you that without me or someone like me they are sunk. They are too old and too late for the market.
On the cabin---I have been working feverishly to get my combo inspection which will allow me to start doing drywall. I finally got it last week October 26. Drywall is going in now and I hope to have the cabin done (or mostly) by the end of November.
In november I am going to spend the bulk of my time on the cabin and focusing on legally reducing my taxable income. I need to spend some time with my accountants.
In december I am going to be figuring out what I am going to do in terms of business for 09'. The building market is still doing poorly and that will not change in 09. I will keep BNT erosion control corp. open; although it costs me about 100K a year to keep it operational. I am hoping some of my competitors will be going under and I hope to capitalize on their failings when that happens. Pinnacle and COF has been talking with me about joining the firm as an investment banker working on distressed portfolios----In the next few weeks I am going to start looking at that option more intently.
Thats it! Its halloween and we are having some people over tonight---we were late in telling people so we will see how it comes out.
I have missed August, September and Ocotber. I will blast thru what has happened. On the business front--Pinnacle Realty and my buddy Tim Eppler formed a new company COF capital and we did a 10MM bridge loan in Aug and another 12.2MM bridge for Nehemiah in September. With the interest earned from those last 2 months I hit my yearly nut--thank you Nehemiah.
As you know I have been in talks with Dr. Horsepower to take the CEO spot. Sometime late August I told them that I would take the position. I spent a lot of time in between working on the cabin re-thinking a lot of what they had already done. re-doing company focus and realiging corporate structure. Everybody was pumped and we even went to the firm's law firm to announce that I would be taking control. Right at the last moment when I had decided that we needed to raise 5MM for first year operations----I started asking them for all the details on the deals they have done and are in the works---two weeks go by and I dont get the information. I was thinking something was a little weird and when I started pushing them they got a little screwy and started saying that we needed to close my deal before they gave me the details. And then it happened----they changed the deal. These crazy guys wanted to give me the company for 3.7MM dollars and 50% of the net profits. They even asked for a board seat! I was shocked that these guys turned a start-up into a sale. They were getting nervous that if they put me into the drivers seat that somehow I would eventually push them out----so they were trying to put this huge collar around my neck so that they could always ensure thay they got paid. Needless to say I walked away and then they started to get a little nasty. I will tell you that without me or someone like me they are sunk. They are too old and too late for the market.
On the cabin---I have been working feverishly to get my combo inspection which will allow me to start doing drywall. I finally got it last week October 26. Drywall is going in now and I hope to have the cabin done (or mostly) by the end of November.
In november I am going to spend the bulk of my time on the cabin and focusing on legally reducing my taxable income. I need to spend some time with my accountants.
In december I am going to be figuring out what I am going to do in terms of business for 09'. The building market is still doing poorly and that will not change in 09. I will keep BNT erosion control corp. open; although it costs me about 100K a year to keep it operational. I am hoping some of my competitors will be going under and I hope to capitalize on their failings when that happens. Pinnacle and COF has been talking with me about joining the firm as an investment banker working on distressed portfolios----In the next few weeks I am going to start looking at that option more intently.
Thats it! Its halloween and we are having some people over tonight---we were late in telling people so we will see how it comes out.
Wednesday, July 23, 2008
I have sent V.1 of my blog to a few friends asking them what they think. The response has been "What is your blog about"? To put some clarity on that issue----the blog is just about what I have been doing. It is not about my business, social, hobby or family life. It is simply about my daily/weekly activities. This is meant to be a quick update for anyone I have not touched in the last few weeks. Think of this as a quick "update" phone call. Although, I do think that it will be business centric as this progresses. If any readers would like to hear more about any one topic than another just drop me an email or post a comment and I will elaborate.
Back to the blog:
This weekend Hudson wanted to go fishing so I took him to Lake Murray. Lake Murray is a medium sized lake its about 10 minutes away from me and has about 85 acres of surface water. Brandy got him a "Rocket Rod"--I am sure you have seen it on TV and he wanted to try it. You load it and it shoots your bait about 25 feet or so. We fished on the dock for anything that would bite and he got some bluegill. After going to the dock Sat and Sunday (he loved it) I realized why people buy boats. The dock was full of people that you would not want to mow your lawn. Think of the local county fair at 11pm. The worst of the bunch were dirty Hmongs fishing for catfish. I dont know why but, Hmongs just seem to be a crude people---talking loud, smoking and picking their nose any chance they get. I might rent a boat next time.
Sydney wanted to go and I took both of them on a half day fishing boat on Monday. It was a pretty good time------they both caught at least 5 fish each with Hudson taking the prize with a 5lb Barracuda.
Friday, July 18, 2008
I have been in the mountains for a week working on the cabin It is coming along nicely and will begin stucco next week. Hopefully it is all down hill from here.
When I got back I checked on the deals I have been doing. I am working on a 10MM bridge loan with friend of mine (Tim Eppler). We loaned Nehemiah Corp. 10MM for a 4 month term. I only raised 1.75MM, Tim raised approx. 6MM and we got another 2MM from a canadian private equity firm. We are getting our interest paid monthly and in June I netted 78K with another 17.5K bump for participating. I am looking forward to July's payment.
Dr. Horsepower ended up giving me 20K shares for my private placement memorandum. 20K for a few days brain work is not bad; hopefully they can make something of the company. They came to me today and wanted me to buy either a race car or a Navigator for promotion purchases. They will make the payments and I get half the cars value in shares.
Airi.ob is still languishing. For those of you--who do not know--that is a private placement I did a few years ago. They were successful in going public on the Bulletin Boards and have grown from 36MM in revenue to a run rate of 80MM annual revenue. We are still looking for them to close an acquisition called Blair HSM. That should significantly boost the PPS but, it has been very slow in coming along. Once Blair closes the company should reverse split the stock and get a listing on the Nasdaq or Amex. Hopefully the CEO can get this done quickly.
Aperto private placement has been very quiet but, apparently are considering some offers at this point. I will keep you updated.
On the race car front----nothing new except that I am taking my Porsche in to get painted today. I am thinking of doing it in either a WRX Blue or a Davey Green. I am supposed to drive Laguna Seca in August but, my brother in law is getting married that same weekend. I am not sure which event I will miss.
My new son Blake is 2 months old and is a champ. Sydney and Hudson are getting more interesting everyday.
When I got back I checked on the deals I have been doing. I am working on a 10MM bridge loan with friend of mine (Tim Eppler). We loaned Nehemiah Corp. 10MM for a 4 month term. I only raised 1.75MM, Tim raised approx. 6MM and we got another 2MM from a canadian private equity firm. We are getting our interest paid monthly and in June I netted 78K with another 17.5K bump for participating. I am looking forward to July's payment.
Dr. Horsepower ended up giving me 20K shares for my private placement memorandum. 20K for a few days brain work is not bad; hopefully they can make something of the company. They came to me today and wanted me to buy either a race car or a Navigator for promotion purchases. They will make the payments and I get half the cars value in shares.
Airi.ob is still languishing. For those of you--who do not know--that is a private placement I did a few years ago. They were successful in going public on the Bulletin Boards and have grown from 36MM in revenue to a run rate of 80MM annual revenue. We are still looking for them to close an acquisition called Blair HSM. That should significantly boost the PPS but, it has been very slow in coming along. Once Blair closes the company should reverse split the stock and get a listing on the Nasdaq or Amex. Hopefully the CEO can get this done quickly.
Aperto private placement has been very quiet but, apparently are considering some offers at this point. I will keep you updated.
On the race car front----nothing new except that I am taking my Porsche in to get painted today. I am thinking of doing it in either a WRX Blue or a Davey Green. I am supposed to drive Laguna Seca in August but, my brother in law is getting married that same weekend. I am not sure which event I will miss.
My new son Blake is 2 months old and is a champ. Sydney and Hudson are getting more interesting everyday.
Monday, July 7, 2008
For starters:
I took on a consulting gig with a private firm called Dr. Horsepower. They are a new energy drink company that wants to be a branding platform. The firm was started by some old muscle car racers and heavily rely on their logo and slogan ("your prescription for winning") as the foundation for building the brand.
They are looking to raise 1MM dollars and have retained me to write the PPM (Private Placement Memorandum). I almost have it complete and in the middle of document creation---the company cut a deal and may not need the money.
I am asking for 20K shares for my work----hopefully they pay for my work whether they need the money or not.
I took on a consulting gig with a private firm called Dr. Horsepower. They are a new energy drink company that wants to be a branding platform. The firm was started by some old muscle car racers and heavily rely on their logo and slogan ("your prescription for winning") as the foundation for building the brand.
They are looking to raise 1MM dollars and have retained me to write the PPM (Private Placement Memorandum). I almost have it complete and in the middle of document creation---the company cut a deal and may not need the money.
I am asking for 20K shares for my work----hopefully they pay for my work whether they need the money or not.
Overview
Just started this blog. I am not sure whether it will be activity focused or daily goings- on.
Topics to include:
Racing my Porsche
Business life: Erosion Control Company, private equity investments, bridge loans (that make me scads of money), or new ideas.
Personal: Including my 3 kids and the cabin in Big Bear I am currently building.
There is a lot of stuff going on and trying to figure out a direction. I am sure that once I get going it will all start to take shape.
Hopefully this will be fun!
Topics to include:
Racing my Porsche
Business life: Erosion Control Company, private equity investments, bridge loans (that make me scads of money), or new ideas.
Personal: Including my 3 kids and the cabin in Big Bear I am currently building.
There is a lot of stuff going on and trying to figure out a direction. I am sure that once I get going it will all start to take shape.
Hopefully this will be fun!
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