I don't like being threatened so here it is I'm Bankrupt This is what happened to me.

So seriously, Scott - did JMan have anything to do with this?

who are you and why are you slamming Jman?

Don't even get me STARTED on the 50k becoming 100k, then 300k.. don't even fucking get me STARTED on THAT. No fucking WAY. Map the project out into STEPS and PAY AS YOU GO. PERIOD.

I am whatever you say I am. And I'm not slamming JMan. I asked a question.

1. The bar didn't make rent in the first place. In spite of the vision you had and what you were able to turn it into. The club didn't cash flow in the first place. Of course, you're thinking, well I don't have to make rent to myself, right? WRONG. You were paying whatever you could rent it for by not receiving it. See.

2. The contractor got his hand in two of your pies in one oven. This means it would have been fine to have him work on two projects at two sites. It's NOT okay to let the same guy have two simultaneous projects at one site. PERIOD. You let him complete step 1- however many you have. Or you hire two. And if you hire two they better be COMPLETELY ISOLATED and even then it can be trouble.

I am not clear on how the financing went and my eyes are too tired to read in detail.. but you had alot of this on plastic? No. Next time use the plastic for 20% of whatever you were going to put on it in order to get hard money. If you're not dreaming, LTV was right... hard money and 80% less plastic used. PLASTIC CONTRACTS ARE UNINTELLIGIBLE AND THEY ARE ALLOWED TO CHANGE THE BOGUS CONTRACT AT ANY TIME AND THEY DO SO WITHOUT GIVING NOTICE. PLASTIC YOU HANDLE WITH CARE AND USE SPARINGLY.

i only answer to people, not cowards making blind accucations not based on any facts

Jesus H Christ and come into my property and steal tools and money?
Would you prefer .357 or 12 gauge on the way out?
Christ

Sorry to hear mate...I am sure their are complexities involved with your situation that would be impossible to cover in a GFY post... the one thing I didn't understand was you had a 400k mortgage, and the property was worth 1.2, 30k off being worth over 2.? Couldn't you have just closed shop, and sold out? Or did the amount on credit cards/loans from friends exceed equity in the property.

I am mainly a lurker on GFY, but you seem like a smart guy. I am sure you will make a come back

Your lack of comprehension seems to indicate you'll be one of those who was simply lucky with his timing, and you won't recover. I could be wrong I suppose. Your intellect being on the low side of the totem pole, I'm not surprised you see accusations where none were made. Jumping to incorrect conclusions is usually what the under-educated and superstitious have in common.

2 years ago I bought a 24,000 sq foot commercial building. Three major players in the adult business lent me money and I still thank them for that. I still owe them all money and am paying them back. One is mostly paid back, just some interest owning which should get cleaned up with the building lean when it sells (that doesn't work I'll put in more payments) and the other two are being paid back slowly. I also put in a lot of my own, and lost all of that. Had this not gone badly I'd be retired today (second time as I could have done it if I didn't divorce 6 years ago too)

The building had a nightclub in the basement. Honestly I didn't care about the nightclub, I bought it for the second and 3rd level which I planned to put a business center in with 30 offices for rent. With most contractors I work with I offer a bonus on a job if it's done on time and under or on budget. Anyway - long story short the bar tenant didn't' pay their rent, I evicted them and my contractor convinced me to open the bar with him. I didn't want to run a bar, but it was there and he said it would only be $50K to revamp it and open it and then once he paid me what I put in I'd hand it over to him and just collect rent. Anyway, the $50K became $100K, then $200K then $300K and on in reno (scam)... and it was a case of keep going or loose what was already put in... anyway the bar opened, and the guy went power nutty with the bar and decided before he finished the offices that i owed him the bonus. Totally went to his head and he started stealing from me big time and doing a LOT of coke. As I looked over the books it wasn't right and within a couple months I fired him (which became another nightmare in itself as for the next year or more he bugged every police, liqueur official, city agent, etc to have me shut down, it was constant) and then he stole $15K worth of tools from me with the aid of a police officer.

That went to court - long drawn out thing, finally won a judgment against him and the police officer is pending a trial examination on it in November. In the mean time a couple months later he broke in and stole another $30K + of money and stuff which ending up in hell pending the insurance as he had been a partner. He was arrested for that and is pending trial in November as well for that incident. He made death threats and such, blah blah blah it was very stressful...... s000000 I had this bar and knew nothing about bars and it was EATING money like crazy. With the old partner it didn't even make the rent, when i took it over it started making the rent and a few bucks on the debt. Slowly I learnt, and in the last few months I had the several hundred of the highest drinking crowd in the city as friday night regulars. Everyone THOUGHT I was rolling in it but times were bad though financially as the building was worth 1.2 in current state (when the offices were to be done it would value out at about 2.2 and we were VERY close to having those done, like 30k close). I only had a 400 mortgage on it but with the bar in the basement it was impossible to refinance at reasonable rates. Just needed to refinance from 400k to 800k on the building to be fine at a reasonable interest rate 10% or less. Had I been able to refinance I would have been able to hold out to sell for a decent profit .

I was paying 30% or more on a lot of the loans to CC companies and others with the idea that I would have been able to refinance. Even though the bar was busy, I couldn't sustain those kind of interest rates and the bar too up all my time running it. I realized I didn't like it. I had women all over me, but the wrong kind. Never been a big fan of drunks. Do have some cool stories I will share later though that happened in it. Anyway, economy went bad, was making my credit card payments but suddenly they dropped my limits and hugely raised my monthly minimums - which fucked my credit even more making refinance even harder. I kept hanging on, even though money was extremely tight to the point of not affording food for my family but I kept my 20+ employees paid hanging on to finish this out. I did that for over 6 months. I don't give up easily.

Then someone brought a gun into the club. I don't know how it got past my metal detectors and pat downs at the door, but it happened. My security guards were older and amazing, many ex boxers and such, and they got it off the guy as he pulled it out. I decided there and then no amount of money was worth getting someone innocent killed in a stupid bar fight. I've had my life threatened many times and never worried about that, but the idea of risking someone else's life over something soo stupid as a bar fight wasn't worth it. So I ended it. I needed the money from the bar to keep it all floating and I wasn't risking an innocent's life so my ONLY option out at that point was bankruptcy. As far as I could see it it, it was either that or risk having an innocent person shot in the bar over something stupid as once one gun shows up - more come. My financial gain wasn't worth it.

I wrote off my back taxes, my credit cards and one asshole who thinks I owe him money on a rent to own land deal I was in on with him. The contract said (in writing) if he was 3 months behind in rent he's loose everything he put in and was 5 months behind, also he would get increasing equity based on payments over 15 years upto 49% from 0. He was about 3 years in. For the last 5-6 months I made this person's payments right up to my bankruptcy forgoing food and medication for my family when he went out partying it up not making his payments. That idiot wants ALL his rent back now, and he's the only person from this industry who I completely wrote off as he's now threatening me. He still owes me money on other things too, but I've written that off as he's always says he'll pay but never does.

So there it is. I went bankrupt. I was upfront with the bankrupsy trustee with everything I own, including my sites, and have done it legally. I lost my house, my toys, my timeshares, my lakefront land, my bank accounts, many of my investments my benz, etc. I had a few assets in legal trust which were exempt so I'm not living in a dumpster. To be honest I'm in about the same position as when I left my ex wife 6 or so years ago minus the credit cards. It's not that bad.

I'm starting over and back in online adult full time as I love this business and most of the people in it.

Assuming you'll have me back, I still hold a lot of shame about this inside and cut myself off from the world for a while dealing with it.

I am prepared to accept all the 'deadbeat' comments as I deserve them except in the land deal case - that one I did give to the trustee and they even found no merit in it for the guy.

There are some VERY amazing people in this industry that have helped me move back into this game. I'm not going to list them there, I don't want people bugging them with their hard luck stories, but I do have to say there are some VERY amazing people in this industry and ALL my really true friends work in this field.

THANK YOU. I will always be grateful for your help and I will do everything I can not to let you down again. You can't even begin to imagine how grateful I am for your help.

you obviously never built a damn thing, people who build shit for decades always find themselves spending way more than they planned, permits, problems you didnt see coming and a million other things

Yeah, that is my big question, you're 400 into a 1.2-2.x prop and you don't have donald fucking trump on the phone saying.. look... about this quick 500k.. .. All I can get from it is that it was a case of "held on until the last drop of blood was out of the patient and the powers intervened" .. some guys will NOT give up, they WILL run it right to the end of being 100 feet under before they'll let go.

all sounds good when you say it, once you're in for an extra $100K and it's not done what do you do? walk away and not finish?

he had a bunch of dirty cops back him up on stealing the stuff at the scene, it's why i'm taking the lead detective to court in november. went though a long review process and a judge saw it fit to have a real trial on it..... i believe the winnipeg police are corrupt

i have no idea what you just said there. I'm assuming you cut and pasted it from someone who you think is smart from somewhere else

i have that problem.

you getting sued too?

http://www.cbc.ca/canada/manitoba/st...-winnipeg.html

he had a bunch of dirty cops back him up on stealing the stuff at the scene, it's why i'm taking the lead detective to court in november. went though a long review process and a judge saw it fit to have a real trial on it..... i believe the winnipeg police are corrupt

he had a bunch of dirty cops back him up on stealing the stuff at the scene, it's why i'm taking the lead detective to court in november. went though a long review process and a judge saw it fit to have a real trial on it..... i believe the winnipeg police are corrupt

Sounds like you failed in mainstream business

But you're online attitude hasn't changed much at least.

Good luck suing a bankrupt (HOPEFULLY IT WAS OWNED THROUGH A CORP? AT LEAST AN LLC?)

You could insert any city name in that statement. Sorry to say, but nightclubs and bars are tough businesses to get into in major cities. Cops and politicians have major control over those types of businesses and can bury you in a heartbeat. You have to be well connected or have pockets deeper than the city to win at that game.

Not a knock on you, just saying that it's the same way in Chicago. Had a friend who owned a bar here and his ex-wife started dating a guy who worked for the alderman in the area. Magically he was getting fines left and right for bogus violations and constant threats to pull his liquor license. Caused him to just sell and not deal with the headaches.

Good luck on your case against the cop, but it's tough to take them down.

Indeed it's a sad story, regretfully the times and people aren't what they used to be anymore... or I am getting old... someones says there will come a time when a man will not trust its own farts anymore
DISASTER!

Nice to see you have a long list of people/reasons why you failed.

I've seen you blame about 6 different people so far. Basically everyone involved, except for you and the 'friends' who you borrowed money off.

You were such an asshole online, Karma is a bitch isn't it.

Have you tried begging your ex-wife to come back to you?

" Basically everyone involved, except for you..."

I also picked up on that.

there's an IDEA!!!!!!!!!!!!!!!!!!!!!!

cept she's remarried last I heard

that was the previous tenant that I evected for non payment of rent.

no

the reason I failed was me. I was responsibe, buck stops with me.

I lost everything.

my fault.

I've come to terms with that.

So there was a gun incident BEFORE you got into it?
You thought you were going to have a completely different type of people set.. right?

She'll leave him for you.