Look all of you haters™ are not really listening to what I say to you. I will give the details so you can see that what I am planning to do will be a sweet™ way to put together a win-win™ deal for all involved.
I actually have 2 new corporations. The idea is that C1 will (once I establish my corporate credit™ - days away!) buy a property. I am thinking that C1 will buy either Larchmont™ or Burdet™ from the lender, because a) I can get a really sweet™ deal as an REO purchase, and b) I am familiar with these properties. I feel strongly that I have learned from my mistakes™ on these properties and if I can now but them at 30-45% below market allowing me instant equity!
OK, so C1 buys Burdet™ and immediately executes a sale/leasback to C2 thus establishing an asset for C2. C2 can then collateralize that asset in order to buy Larchmont™ from Lender2. Lender2 will only be very happy to have Larchmont™ off of their books and thus will give C2 an extremely favorable purchase price.
I plan to use the services of Darnell da Realuhter™ (I met him last week and he’s really cool) so that Lender1 and Lender2 never learn of my identity (I am not so sure that they woud want to complete the transaction if they knew, but this is my plan so I can pay off every dirty penny™ that I owe.
I came to meet Darnell early last week durng my team building™. He is kind of a physically imposing figure, sort of like Mr. T, but without the mohawk and with more “bling”. After we discussed the particulars of the transactions, he suggested that as a goowill gesture he would discount his commission to 7.5%. That seemed reasonable given the circumstances.
Once C1 and C2 have assets, I will form C3 as a holding company. The holding company will then seek private equity™ (much as a hedge fund) to make an offer to purchase C1 and C2 as independent subsidiaries. The structure of C3 will either be an LLP or a Limited Partnership (I’ll decide for sure once I get to the end of the book, I’m only on the chapter about Partnerships now) and with the new structure of a holding company with private equity investors™ It will be a slam dunk to get a revolving line of credit from a bank (I may want to use Wells Fargo as a way to pay some of their dirty pennies™ back).
In any event I feel blessed™ that I live in a country that allows an individual to have multiple business entities under single control. Also, I am completely indebted to the many highly qualified™ members of my business team™. Without their singular expertise, none of this would ever have been possible.
I now feel confident that I can close on my first (of many!) apartment buildings by July (I have my eye on one in Norwood that is extra sweet™)
