Well Im for anything that doesnt take ten years to do, Ron.
I think thats the most important thing.
And if you cant get bank financing and don't want to take partners, then what is your plan?
Ten years? I agree….. that’s too long. That’s why I’m glad my project, once started, will take only around two years. My 215 N. Laura Street project, the bookstore/café building, took me two years and four months from purchase to opening. That time includes the six months in the beginning when I did almost nothing to the building. Therefore, one could say that once started, the 215 building took me less than two years.
Not having the assets to do more than one semi-major project at a time, I have delayed starting the 225 project, and probably will not begin any work until April. Therefore, if the two year duration for the project is realized, I will finish it in the spring of 2015.
Of course, the most important thing is not the objective of finishing a project within a set period. The most important thing is to finish it. The second most important thing is to finish it within a reasonable amount of time. Two years is within reason in my view.
A bank loan? Given my background of having paid every penny I’ve owed to all creditors for over fifty years, of never failing in a business, of consistently expanding in my current business for almost forty years while many others in the same business have failed….. I think any reasonable bank will seriously entertain a loan to me for the project.
Although I’ve suggested that the loan might be as high as $800,000, further thought allows me to say that two things will allow the loan to be less. The first is that I will be able to do more of the preliminary work on the project myself, using my own money, than I had at first thought. And secondly, I anticipate selling my house so that I can contribute perhaps $200,000 additional to the project. Therefore the loan might be as low as $400K to $500K.
In any case, thanks for the questions Stephen, but somehow, I am confident about the project. My plan? I have the same attitude as many people do about things like this…… which is simply that … “For many of us, no matter what some mediocrities or idiots place in front of us, we will force the son-of-a-bitch to completion.” How or why? Through the same process that allows many people to finish projects. I can see within my mind the entire process of renovation, from beginning to end, with all the details.
Chuck Norris once ate an entire factory of sleeping pills. They made him blink.