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Old October 31, 2007, 08:21 AM
GordonJ's Avatar
GordonJ GordonJ is offline
Join Date: Aug 2006
Location: West Palm Beach, FL
Posts: 2,568
Default OK. Let's start the damage control. First thing...a clear eyed assessment.

Originally Posted by killarney View Post
I've been a member for a few months now and am amazed by the amount of profitable things people have shared. I love this board. I wish I had more to contribute and I will try to do so.

But I come to you now in extreme pain. I'm a real estate investor by trade and have been burned badly by the market. I can't sell my properties. Plus I started a speculative strip center in another state that has been difficult to lease up. I've put thousands of dollars into this thing and need more money to build out the spaces for the tenants.

Plus I paid a well known copywriter who has since passed away thousands of dollars to put together a promotion that he had started. He sat on it for a number of months and then died unexpectantly and the estate told me too bad so sad.

Before that this copywriter convinced me to invest thousands of dollars with his friend who told me in person that this other promotion had already been tested and just needed money to roll out. To appease this well known copywriter I gave the money and then found out this other guy blew the money.
This promotion was not tested and he was using my money. I was the guinea pig.

All of you may be saying he is naive, dumb, stupid for trusting all these people. You'd be right - I come from a Catholic background where we're supposed to believe in the goodness of people. And I was honored that this well known copywriter would even work with me. But as I found out other people also lost money.

Forget it. I've now come to my senses. No more trusting. Due diligence. All that stuff.

Anyway these past 7-8 months have been a total disaster and I'm leveraged to the hilt. Now to get to the point.



P.S. I wasn't going to post this because I was so embarrassed by my mistakes. However, the reality is I need your help.

Hey Killarney,

As a "first responder"...I have to look around and make an assessment. What is going on? Is there immediate danger? What is taking place?

I could be wrong, but your "hit" isn't over yet. What did you get from the well known high profile "gurus" you worked with? Anything at all?

Did they discuss their plan? Or supposed plan?

I'd start with the out of state project...can you dump it quickly and take the loss or would that be devastating? What dragon or wolf is knocking on your door and can not be put off any longer?

Do you have a clear NEON SIGN view of what is going on, or are you too close to the subject?

Grab a piece of paper and list what happens today if NOTHING happens today? Is someone going to sue you? Will you lose your home, your car, or any personal property?

Which of your real estate specs can you get out of without loss? Although it may feel that way because they didn't perform up to expectattions.

Killarney, you start with a clear headed assessment of where you are standing. And then take a deep breath.

You have learned a lot (which at the present doesn't pay the bills, but in the not too distant future, it certainly could)

Put each property on a 3 x 5 card with the price you paid, how leveraged you are...and put them in front of you to look at.

What do you need to do to turn the corner? Get tenants? Will that work? IS that the answer the gurus had for you?

Let us know a few of the details, and this group of "thinkers" can and may come up with some viable steps you can take.

Gordon Jay Alexander
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