First off, I confess that I have never paid for one of Ron Legrand's books, seminars or other instructional material, which may explain why I have not gotten rich quickly. I have, on the other hand, done a pretty good job of remaining poor.
But if I were going to try to make quick money off the mall site in Bristol, I'd probably do something like this:
Offer a plan that sounds really great and a price that's really, really low.
Then I'd scrounge around with city and state officials to see what kind of public cash could be thrown on the table to pay for roads, lights, parking garages, waterfalls, ampitheaters, iconic archways, trolleys, parks and more. After all, it's much easier to spend someone else's money to improve your property than it is to fork over your own. Even I know that.
Once some of that stuff is on the table, it ought to be possible to leverage the property itself to borrow more -- this time from a private entity -- and use that money to start building some revenue-producing stuff, like a new McDonald's or maybe a medical office or something.
The more that goes up, the more there is to leverage to get more money.
With a little luck, the only money that Bristol ever sees from me is that initial lowball offer or maybe another pittance a few years into the whole thing.
Meanwhile, if the government proves generous and private lenders not too skeptical, it would be possible -- not likely perhaps, but possible -- that the site could be turned into something that would bring in some serious cash someday that would go to none other than me.
I knew I should have put in a bid.
Trouble is, of course, that everyone on the Bristol Downtown Development Corp. knows me and probably all of them suspect that my access to high finance goes no further than occasionally reading someone else's copy of The Wall Street Journal.
Still, it might have worked.
Copyright 2008. All rights reserved.
Contact Steve Collins at firstname.lastname@example.org